Strategic Marketing is the way a firm effectively differentiates itself from its competitors by capitalising on its strengths (both current and potential) to provide consistently better value to customers than its competitors.
Helps in establishing clear marketing objectives: Having a strategic marketing plan in place helps in establishing achievable marketing objectives. Streamlines product development: Strategic marketing helps in creating products and services that provide the organisation with high profits.
Marketing strategy is the part of marketing that deals with STP, Segmentation, Targeting and Positioning. Marketing tactics on the other hand, deals with the management of the 4P’s; Product; Price, Place and Promotions. Strategic marketing is an approach that looks at marketing in the long term.
The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy: product, price, place, and promotion . It sounds simple and it really is (the harder part is implementing it, which we will get into later).
Marketing strategies can also communicate an overall value to their customers. Apple, for example , has invested in creating commercials for television, billboards, and magazines that showcase their products in such a way that their customers feel an affinity towards Apple’s products.
The strategy pyramid is a visual tool to help you act on what your plan says you’re going to accomplish. Strategic alignment sounds simple: bring your activities and spending into logical harmony with your strategy .
The 7 functions of marketing: A field guide (Infographic) Promotion . Selling . Product management . Marketing information management . Pricing . Financing . Distribution .
Some of the strategic marketing issues in organizations include increasing competition, fast paced and changing nature of innovations which reduces the span of the product life cycle, organizational restructuring, increased quality consciousness of customers, lack of a skilled workforce, the changing demographics of
4 Types Of Marketing Plans And Strategies Market Penetration Strategy . Market Development Strategy . Product Development Strategy . Diversification Strategy .
Stages in the Product Lifecycle There are four stages in the product life cycle: introduction, growth, maturity, and decline. Life Cycle: Firms’ products progress through the stages of development, which is indicated by their changing profits over time.
Broadly speaking, the goals of marketing can be broken down into five main areas: to raise brand awareness , to generate high-quality leads, to grow and maintain thought leadership , to increase customer value, and to empower your colleagues to become brand ambassadors.
The 7 P’s of marketing include product, price, promotion , place, people, process, and physical evidence. Moreover, these seven elements comprise the marketing mix. This mix strategically places a business in the market and can be used with varying levels of force.
Following are the different types of marketing strategies available. Paid advertising . This includes multiple approaches for marketing. Cause marketing . Relationship marketing . Undercover marketing. Word of mouth. Internet marketing. Transactional marketing. Diversity marketing .
The 16 Best Marketing Strategies to Try in 2020 Educate with your content. Content has long been king and 2019 was no different. Personalize your marketing messages. Let data drive your creative. Invest in original research. Update your content. Try subscribing to HARO. Expand your guest blogging opportunities. Use more video (again)