* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Strategic Marketing
Perfect competition wikipedia , lookup
Market segmentation wikipedia , lookup
Food marketing wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Sales process engineering wikipedia , lookup
Internal communications wikipedia , lookup
Market analysis wikipedia , lookup
Affiliate marketing wikipedia , lookup
Product planning wikipedia , lookup
Neuromarketing wikipedia , lookup
Market penetration wikipedia , lookup
Marketing communications wikipedia , lookup
Youth marketing wikipedia , lookup
First-mover advantage wikipedia , lookup
Ambush marketing wikipedia , lookup
Marketing research wikipedia , lookup
Sports marketing wikipedia , lookup
Digital marketing wikipedia , lookup
Multi-level marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Viral marketing wikipedia , lookup
Competitive intelligence wikipedia , lookup
Target audience wikipedia , lookup
Marketing channel wikipedia , lookup
Direct marketing wikipedia , lookup
Sensory branding wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Target market wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Advertising campaign wikipedia , lookup
Street marketing wikipedia , lookup
Green marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Marketing plan wikipedia , lookup
Global marketing wikipedia , lookup
STRATEGIC MARKETING The Need of the Hour. Strategic Planning • …is the managerial process of developing and maintaining a strategic fit between the organization's objectives and resources and its changing market opportunities. Org Objectives Strategic Fit Changing Environment Resources The Role of Strategy Strategy: Corporate Mission & Objectives •Corporate •Business •Functional •Marketing •Vendor Dvlpmt. Operating Plans Sun Tzu on Strategy “Know your enemy, know yourself, and your victory will not be threatened. Know the terrain, know the weather, and your victory will be complete.” Strategic Marketing “Marketing Strategy is a series of integrated actions leading to a Sustainable Competitive Advantage.” John Scully The Role of Strategy Strategy: Corporate Mission & Objectives •Corporate •Business •Functional •Marketing •Vendor Dvlpmt. •Competition •Environmental Factors •Industry Growth •Future Growth •Etc. Operating Plans Strategic Marketing • Strategic Marketing requires –Detailed understanding of market needs, and –Proactive use of competitive intelligence at the corporate as well as SBU levels • Strategic Marketing –Focuses on what the firm does best. –To secure and maintain a sustainable competitive advantage What is Competitive Advantage? • “Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.” Philip Kotler • “If you don’t have a competitive advantage, don’t compete.” Jack Welch, GE Other Characteristics of Competitive Advantage • Substantiality – Is it substantial enough to make a difference? • Sustainability – Can it be neutralized by competitors quickly? • Ability to be leveraged into visible business attributes that will influence customers (Source: Strategic Marketing Management, Aakers) Seeking Competitive Advantages • Positions of advantage – Superior customer value (perceived) – Lower relative total cost • Performance advantages – Customer satisfaction, Loyalty, Market Share, Profit • Sources of advantages – Superior skills & knowledge, Superior resources, Superior business process Developing Strategic Marketing plans • Research customer attitudes toward your company, your product category, and your competition. • Evaluate the attractiveness of potential target markets • Determine the competitive strengths and weaknesses of your company and your competitors • Develop marketing communications and sales development strategies for each target market • Design the metrics to measure performance • Based on the overall Strategic Marketing Strategy, we need to develop strategies to convert, attract, increase, retain and reconvert customers leading to increased sales, market share and profits. Without a Strategic Marketing Plan a company could waste resources or miss an opportunity. Thank you.