Last Updated 06 Jul 2020

Strategic Marketing Management Narrative Essay

Category management, Marketing
Essay type Narrative
Words 318 (1 page)
Views 159

Your organization operates in a dynamic marketplace—competition, consumers, technology, and market forces redefine your industry every day. Staying competitive means continuously adjusting and adapting your customer approach to meet changing needs and expectations. Strategic Marketing Management provides a comprehensive examination of all major components of marketing strategy and their integration. By completing this program, executives will have the ability to enhance their company's profitability and marketplace position.

Strategic Marketing is the way a firm effectively differentiates itself from it’s competitors by capitalising on its strengths (both current and potential) to provide consistently better value to customers than its competitors. In principle it’s that simple, but it means a lot more than getting creative with the marketing mix. Armed with a thorough understanding of the firm’s capabilities and aspirations, the customer market and the competitive landscape, the Goal of Strategic Marketing (and the job of the strategic marketer) is to maximise a firm’s positive differentiation over competitors in the eyes of its target market.

It does this by answering 3 key questions; where, how and when should the business compete. In understanding this, it’s no surprise that a Strategic Marketing Plan will often lay a framework for fundamental change in the way a firm works and how it engages its markets. Business-to-Business (B2B) Marketing, like any area of management, has both strategic and operational components.

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While operational marketing (marketing management) is concerned with developing a suitable marketing mix to realise 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. Simply put, the Role of Strategic Marketing is to decide: * Which markets to compete in (where to compete). * What the basis of the firm’s competitive advantage is going to be (how to compete), and * When and how the firm will enter each market (when to compete)

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Strategic Marketing Management Narrative Essay. (2017, May 29). Retrieved from https://phdessay.com/strategic-marketing-management-2-117438/

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