Strategic Marketing is a comparatively new concept but really important one in the present realm. Strategic Marketing effectively differentiates a firm from their nearest competitors in the market. It is the way of maximizing resource utilization with an intention to put more value on the product or service and add brand loyalty. In principle, it’s that simple, but it means a lot more than getting creative with the marketing mix. Companies adopt strategic marketing with a specific target in mind. These days, students majoring in Marketing often given detail lessons on strategic marketing and then they are given assignments on the same subject. Assignments on strategic management are quite tough, students need in-depth knowledge on the subject to crack these assignments efficiently, otherwise, a professional support from experts in this field can be beneficial for them. Assignments at this level do not just go on writing and completing the word count. Examiners want to see the level of knowledge a student has gained and their writing ability.
Strategic Marketing Overview
Marketing is mostly “operational” in nature. Students learn SWOT analysis or Marketing Mix or Porter’s theory and apply them to practice as a professional to materialize the organizational targets. But in this extremely competitive market, every company has been running to fulfill their own target. So, in the market, a company requires strategy to combat the competitors and gain competitive advantage. This is where a company requires business strategy. This is solely for achieving competitive advantage and quite different from the operational part.
Strategic Marketing has the following role:
- What is the present status of the targeted market in terms of nearest rivals, product features, product pricing, logistics, after sale service, etc? All of these points are important for a company because these are the major parameters on which the competitive advantage depends. Finding the market status and relating the same to the top management is the primary role of strategic marketing. This is not just one-time responsibility but a continuing process.
- The next role is to assess how competitive the company is in the targeted market and whether the resources and infrastructure available are sufficient for the target market and company’s own goal. This role is too important the entire foundation of marketing depends on it. On the basis of this report, the top management takes necessary steps or decide whether to alleviate the present resources for maximizing their utility of new resources are required in the market for competitive advantage.
- Another vital responsibility of strategic marketing is to find when and how to enter in a targeted market. Every company looks for opportunities and the right In a new market, the first impact is very much important. It makes a long-lasting impression on the customers and also helps to enhance brand loyalty remarkably. So, the timing and process both are important.
As a whole, the strategic marketing needs to meet these following objectives:
- Setting realistic objectives for the company in a new market as also in the existing market.
- Creating effective business tactics that can provide a competitive
- Taking into account the weaknesses of the company and suggesting means to the management to overcome those weaker areas.
- Learning from past market failures and inform the management why the company failed in those areas in past.
- Find out ways to improve performance and skull of the employees.
- Looking ways for the maximum utilization of existing resources as far as the marketing is concerned.
- Identifying the most vital and urgent areas where the business needs certain changes.
To do all these, the marketing management specialists need intensive knowledge on different areas including the most important methods that are frequently used for market analysis. As such strategic management is an interdisciplinary subject and a strategic marketing professional need to work in collaboration with finance, operation, and HRM departments.
Strategic Marketing Assignment Help in Singapore
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