Questions:
(1) Create an information pack for prospective new clients that outlines the principles of strategic marketing. Your pack must cover the following topics:
Your pack should demonstrate an understanding of the connection between strategic corporate and strategic marketing decisions and choices. You should:
(2) A range of potential new clients have expressed an interest in working with TMS based on the information pack you provided. They would like some further information to understand how strategic marketing analysis may be carried out.
Design a short training session for prospective clients, to develop their understanding of strategic marketing analysis. Your session must cover the following topics:
An explanation of how internal and external analyses are integrated.
(3) Following your training session, a new client has decided to work with TMS to develop their marketing strategy. They have asked to work with you to explore how marketing strategies can be used to give them greater competitive advantage. Your task is to create a report which:
Role of Strategic marketing
Strategic marketing is the catalyst for a successfully rising trajectory of success of an organization build with an aim of collaboration, competence and customization. Strategic marketing is aimed at collaborating all the activities and analyzing all the areas of operations so as to craft suitable and matching techniques as per the requirements. For a company of any scale, it is essentially important to focus and aggregate their resources into one or the other form of strategic marketing to become successful in this flexible era and dynamic market.
So, the formula for success of your organization is to leverage the resource in the domain of strategic marketing. A strategic marketing approach helps in creating services and products having maximum chances of making some profit. This is due to the fact that, marketing strategy is initiated with the marketplace research by analyzing the optimal target and taking care of the competitors to build up changing trends and features.The practices of strategic marketing helps in determining the optimal pricing for the products. It will also guide the organization with the path of effective distribution techniques matching up with the requirements and expectations of different genres of consumers. The forms of strategic marketing in an organization assists with marketing communications to establish a brand value and create a better organizational impact over the operational regions.
Strategic marketing therefore is a secret bridge to map strengths of the products with target audience taking care of market competition. Marketing strategy is a comprehensive plan including the mission and vision statement of the company in addition to business objectives with a unique value proposition and positioning statement.
A major focus of the marketing strategies include development, pricing and distribution of a product or a service. Corporate strategy is more inclined towards profitable initiatives whereas marketing strategy is more oriented towards sales and development of product or service.Amalgamation of principles of product orientation and profit orientation will lead a complete package of strategies deployed in an organization. The alignment of both the strategies is crucially important for every aspect of the organizational success and development. The executive branch of a company must go hand in hand and in complete collaboration with the marketing department so as to devise either of the strategies aligning with each other. For a lack of collaboration is some case studies may lead to a complete loss in the organization. To cite and example, a corporate cost containment strategy including usage of cheap materials for products might contribute in damaging an upscale business having a high brand value. Marketing strategies lack momentum without corporate strategies and on the other hand corporate strategies lack a sense of direction without marketing strategies. Work of both the strategies in close collaboration are the actual keys for success and survival in this competitive environment. Most of the marketing plans devised and formulated by a company are served to go in greater details for the proposed marketing plans.
A corporate strategy comprises of all the functional units with a complete detail of decisions, resources, objectives of the company and further details are given in in marketing plans based over 4 P’s of marketing including analysis of product uniqueness, consumer demographic, brand management strategies, promotions, social media etc.
There is a set and defined procedure for development of marketing strategy including well defined steps.The first step is to define and describe the products and the services that are offered by the company with the intentions of their marketing approach. A complete knowledge of the product should be the first priority to know the market in a better way. A rough draft for the marketing plan is essential after brainstorming session. A market study is required to know about the demographics of the customers. Segmentation, targeting and positioning must be carried out in this marketing strategy for devising profitable plans. Marketing analysis includes knowing about the size of the market, pace of the market, lifestyle of the customers etc. It is really essential to compare and contrast the services of the company with those of the competitors evaluating the positive and negative aspects of it in both of the direct and indirect ways. The unique value of the product should be determined so as to formulate and craft marketing and advertising strategies.Unique Selling Proposition of the company must be described for gaining a competitive advantage. The next step should be mapping up of the marketing budget with the current plans and goals to fit into the parameter. Finally, steps for marketing methods like internet marketing, mail advertising, promotional events etc. must be planned. This marketing strategy must be flexible enough to be modified at regular basis incorporating the changing needs of the customers. Communication of this marketing strategy to the customers and employees of the company.
Corporate decisions shape up the future of whole business and hence must be taken with utter care and focus. Corporate level decisions and strategies give a bigger picture of the organization in terms of marketing products or services being operated upon within the company’s boundaries. Resource management, staffing and capital management are corporate decisions including sense and roles of diversification. The scope of business operations, level of diversity, enterprise activities, nature of diversity, organization of business, structure and culture of the business, business boundaries and limitations, beneficial relationships like mergers or acquisitions etc. all are the key decisions taking up at the corporate level of the organization.
Internal environment analysis
Internal environment analysis is based over a realistic profile of the company determining its competencies and weaknesses.
Development of the profile of the company must be carried out by audits by managers to seek out key operational areas for future policies (Wall, 1991). A comparative basis linked to the external market is analyzed within the organization by evaluating the current competencies.
To formulate an effective strategic management plan, it is highly essential to blend careful planning, efficient execution, coordination of functions of operations, production, marketing, finance, accounting, research, development, human resource management etc.
Collaborative performance by each of the responsibilities have a direct effect and bearing over the performance of the business. According to McKinsey 7S model it is essentially important to make the strategies devised fit into the culture of the organization to have one of the best utilization of resources and key skills.
Value chaining which includes both primary and supporting activities is a tool to identify the moving assets of the company and control the internal environment.
External environment analysis
The external environment and its impact over the internal environment and functioning of the organization is more complex than internal environment analysis.
Demographics and socio cultural considerations of the customers is one of the most highlighting factor for external environment.
Technological trajectories are relevant to the organizations for developing their future strategies and functions.
Suppliers have storehouse of power as they have a control over the necessary inputs to the organizational operational processes (Kotler, 1995). The dynamic and regulating environment is a matter of concern for every organization which when considered seriously will lead to a feasible strategy.
Economic changes in the forms of recessions or booms should be tapped as opportunities by overcoming the threats in the business.
Competition and problems of labor markets must be strategically poised to understand the unique value of the company and to ensure a feasible strategy that is critical to success.
Alliance of Both the features
It is critically important to amalgamate the knowledge and analysis of both the internal and external environment analysis so as to devise some of the most efficient marketing strategies. To blend both of the views a marketing analysis term is SWOT analysis having strengths and weaknesses that are internal to the organization clubbed with opportunities and threats external to the organization. This SWOT analysis is carried out so to review the present strategies of the marketing of a business and to formulate a bunch of further strategies in the field of marketing.
Strategies for competitive advantage
For the company to excel in the field of their functions decisions taken at the corporate level contributes to a greater limit as they have a long term impact over the whole of the business. There can be an endless range of techniques that can be implemented in the business to have a sense of competitive advantage over other companies in the market.
Marketing Communication Strategies
References:
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