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Strategic marketing is a process of examining environment, market competition and business factors that affects a company and its business units. It also recognizes market opportunities and threats, estimates future trends in business areas and hence participates in setting aims and formulating company and business unit plans and policies.
The function of strategic marketing is to help a company in getting best economic opportunities, Strategic marketing include 3 major stages:
- Analysis - Examining the company, clients, rivals and the business environment in which it functions.
- Planning - It involves focusing on two steps: developing products and services with a sustainable competitive advantage and designing an attractive brand.
- Execution - It involves advertising, sales promotion, direct marketing, e-marketing etc
Strategic Marketing is the administration process of filling the marketing thoughts into the heart of an organization. The cores of Strategic Marketing are :
The main Role of Strategic Marketing is to decide:
Which markets to work (where to compete). What tactics are to be adopted for getting competitive advantage (how to compete), and When and how the company will enter the market.
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