5 Critical Steps In Strategic Marketing Management
There are five critical steps involved in the strategic marketing management process that includes creating a mission , analyzing the marketing situation , designing a marketing plan , determining the marketing mix and finally implementation and control as elaborated here-under .
Creating a mission
First , define and comprehend the company ’ s mission . Perhaps it is documented and disseminated throughout the company . If not , speak with stakeholders to learn why the company exists . A mission statement outlines why a firm exists and how it can help customers . The mission statement can sometimes be aspirational , encouraging employees and engaging customers . Or it could simply be a statement about who the company is . Remember you cannot develop a marketing strategy unless you know exactly what business the company is in and why .
Analyze the marketing situation
The second practical step in the process is to analyze the marketing situation . This involves the assessment of internal and external elements affecting the company and its market . The marketing team ’ s research will highlight the company ’ s strengths and the obstacles it faces , whether with internal resources or external competition in the marketplace . Situation analysis delivers a clear , objective picture of the company ’ s health , present and future consumers , industry trends , and market position . There are multiple methods to do this . However , a SWOT Analysis might be the simplest and best way to get started .
Design a marketing plan
The third step in the strategic marketing management is to design the company ’ s marketing plan . The company should prioritize and plan out the opportunities the company intend to pursue now that the company found them through the research . A marketing plan will detail the company ’ s target clients and how the company will approach them , and a projection of the expected results . These questions may be useful : What will be your customers ’ response to your marketing efforts ? What is the cost of the plan ? How will your
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While operational marketing ( marketing management ) is concerned with developing a suitable marketing mix to realize a set of defined business goals , strategic marketing on the other hand is concerned with defining what the business needs to ‘ be and become ’ to consistently beat the competitors by delivering consistently better value . competitors respond ? Your market and situation analysis data will support you in implementing these estimates into your plan .
Determine the marketing mix
Another critical step is to make the company ’ s marketing mix . It is time to focus on the “ how ” of planning at this stage of the strategic marketing management process . The company ’ s marketing mix builds around the four Ps of marketing : product , price , promotion , and place . The 4Ps will direct how the company communicates the value of its product to its customers . The firm is defining its product ’ s competitive advantage . The company ’ s marketing team must be clear about what the company want to sell : convenience or quality ? And the company must understand who is most likely to purchase its goods or service .
Implement and control
The last step in strategic marketing management is to implement and control . It is now time to put its strategy into action . The leadership needs to determine how and when it will implement the company ’ s strategy . The company will contact clients at this step of the strategic marketing process to inform and educate them about your product or service . The steps are to get the resources ( finance and personnel ) to promote the company ’ s product , position who will execute the work , develop schedules to keep the job on track , and manage all the specifics for each goal .
Importance of Strategic Marketing
Strategic marketing management aims to respond to the company ’ s market as it changes . The goal is constant , but the path to it can alter . The advantages of adopting strategic marketing management are well known in the business sector .
Some of the reasons for strategic marketing management include : Understand the company ’ s market better - the research required to apply strategic marketing management successfully will eventually result in a deeper grasp of the firm ’ s specific market . The company will learn about domestic and international markets , competition , and market trends : identify the company ’ s strategic direction where strategic marketing management helps the company make more innovative judgments that link your strategy with the company ’ s mission .
Another reason of strategic marketing management will be small Actions , big results : Strategic marketing management , when done right , may deliver some remarkable outcomes for a company . As a result , a company ’ s budget may be better managed , and its overall longevity may rise .
Strategic marketing is the most exciting of all business sports . It is the heartbeat of every successful business . It is continually changing in response to the explosion of information , the expansion of technology , and the aggressiveness of competition , at all levels and everywhere .
Joe Nyutu is a Leadership , Strategy and Culture expert . You can commune with him on this or related matters via email at : Josephnyutu @ gmail . com or reach him on YouTube : joe nyutu .