What is strategic marketing?
Marketing is the foundation of business. Strategic marketing is a procedure that companies and organizations plan and implement in order to serve better facilities to customers as compared to its rivals and competitors with a motive of making profits. Strategic marketing is an approach of centering a company’s resources, assets and spirit in a direction that yields an increased sales and profit from a specific targeted market. One may wonder that what is the role of strategic marketing?, so the role of strategic marketing is;
- To analyze the markets with which the organization will compete.
- To determine and single out the key strengths of company’s service and product.
- To authorize and enact effective area of distribution of goods and services.
Why do you need a marketing strategy?
Marketing Strategy transparently defines and demonstrates the ways in which an organization can predestine its aims and objectives.
- Marketing Strategy caters and delivers the needed information to keep an eye on rival companies and competitors.
- Marketing services helps in flourishing goods and services with leading profit making possibility.
- Adopting a marketing strategy helps in making the fullest and optimum exertion and usage of company’s resources.
There are few Key elements of marketing strategy listed below
- Targeting – Marketing strategy aspires to sell the goods and services to that slot of consumer that will hand over them the highest profits alongwith consumer satisfaction. It is a must for any organization and company to concentrate and work on this key element of marketing strategy in order to yield heavy return and profits.
- Promotional Campaign – An organization must take a step forward to approach their products and services to the ultimate consumer. There are several forms to advertise products and services such as digital marketing, public relations etc.
- Supervision and Assessment – Monitoring and evaluating the current marketing strategy unfolds the path of successful business, this is a significant element of marketing strategy.
Importance of studying marketing
Study of strategic marketing management prevails a chance for students to brush up , investigate and administer strategic marketing concepts with an aim and objective of establishing, preserving , nurturing and progressing of the organization’s competitive eminence. Acknowledged completion of this course enables a student to:
- Develop and enhance the decision making ability between a group of people.
- Indulge in strategic thinking with an involvement of outcomes, goals, application of techniques to acquire those goals.
- To organize marketing theory and correspond effectively about marketing strategy with the usage of correct logics and concepts.
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