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  • UKZN INSPIRING GREATNESS

    Strategic Marketing

  • UKZN INSPIRING GREATNESS

    • What Is A Marketing Strategy?

    • Any culmination of activities, whether online or offline, that helps a business to move closer to its short term or long-term strategic sales goals are part of its marketing strategy. It includes a thorough evaluation of the market dynamics, demographics and competitive environment of any industry or niche prior to creating an overall plan of action.

  • UKZN INSPIRING GREATNESS

    • Strategic marketing: A specialised field of study in marketing. • Marketing strategy and market strategy: Organisational strategy

    constructs that are central to the field of strategic marketing. • Strategic management: A specialised field of study in management. • Corporate strategy: An organisational strategy construct that is central to

    the field of strategic management. • Business strategy: An organisational strategy construct that is common

    to the fields of strategic management and strategic marketing (a business’ competitive strategy is a composite of multiple functional area strategies, including marketing strategy

  • UKZN INSPIRING GREATNESS

    Domain of strategic marketing

    • ‘The study of organizational, inter-organizational, and environmental phenomena concerned with (1) the behaviour of organizations in the marketplace in their interactions with consumers, customers, competitors and other external constituencies, in the context of creation, communication and delivery of products that offer value to customers in exchanges with organizations, and (2) the general management responsibilities associated with the boundary spanning role of the marketing function in organizations’ (Varadarajan, 2010, p. 119).

  • UKZN INSPIRING GREATNESS

    Strategic marketing decisions

    • A firm’s marketing decisions that are of crucial importance from the standpoint of their potential impact on the long-term performance of the firm. A firm’s marketing decisions that are the basis for its actions or activities or behaviours in the marketplace.

  • UKZN INSPIRING GREATNESS

    Characteristics of strategic marketing decisions

    Entail resource commitments that are: (a) relatively large in magnitude, (b) made with a relatively longer term outlook

    (c) spread over a relatively longer time period, (d) made with a relatively greater emphasis on the achievement of a competitive cost and/or differentiation advantage and (e) either irreversible or relatively difficult to reverse.

    • Entail trade-offs (i.e. pursuing a particular course of action would entail foregoing other courses of action, in light of the relatively large resource outlays that pursuing any one of these courses of action would involve).

  • UKZN INSPIRING GREATNESS

    • Are made at higher levels in an organisation (e.g. the top management level – the Chief Executive Officer (CEO) and executives directly reporting to the CEO), and/or at higher levels within the marketing function – the Chief Marketing Officer (CMO) and executives directly reporting to the CMO.

  • UKZN INSPIRING GREATNESS

    • Strategic marketing underpins the importance of the various markets, the customers and the competitors within the represented market.

    • Strategic marketing implies that organisations identify the customers’ needs and apply solutions to satisfy these needs. Decisions made and solutions applied are not only to satisfy the needs of customers, but to achieve a competitive advantage and to reach organisational goals set out in the organisational strategy (Proctor, 2008).

  • UKZN INSPIRING GREATNESS

    • Wind and Robertson (1983:12) explain that a marketing strategy focuses unequivocally on the establishment and maintenance for long-term competitive and consumer advantage. They state that strategic marketing can be perceived as an integral part of the business strategy. Marketing strategy functions as an interactive link between an organisation, its customers, competitors and various other stakeholders.

  • UKZN INSPIRING GREATNESS

    • Strategic marketing focuses on the products and services, the market and customers relationships. But seeing that the customers are such an important part of an organisation, it overlaps with various other strategic business units and becomes an active part of the organisational strategy.

  • UKZN INSPIRING GREATNESS

    Strategic Marketing Process

    Step 1 — Strategic Analysis. • Prior to the development of strategy, analyses of

    the environment and role-players of the market must be performed. The sum total of the analyses are used as the platform on which to develop the strategies.

  • UKZN INSPIRING GREATNESS

    Step 2 — Strategy Formulation. • Strategists are required to craft a strategy based

    on the strategic analysis. The organisation's vision, mission, corporate values and the organisational strategic intent play a vital role in the direction of the design. The marketing strategy and the corporate strategy should align in order to achieve greatest advantage and organisational growth. The marketing strategy can be single faceted or have more than one interrelated focus.

  • UKZN INSPIRING GREATNESS

    Step 3 — Implementation, Control, Measurement and Interventions. • Implement the strategy and ensure that

    the implementation is well executed. The success of the strategy and the implementation should be measured and evaluated. If the expectation is not met, an intervention should be developed and implemented.

  • UKZN INSPIRING GREATNESS

    Need Strategic Marketing

    • The intensifying battle for market share • Ferocious competition in world markets • Create new and uphold competitive advantages • Shift to an integrated offer of superior value (competition driven)

    Strategic Marketing Slide Number 2 Slide Number 3 Domain of strategic marketing� Strategic marketing decisions� Characteristics of strategic marketing decisions� Slide Number 7 Slide Number 8 Slide Number 9 Slide Number 10 Strategic Marketing Process Slide Number 12 Slide Number 13 Need Strategic Marketing

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