The goal of strategic marketing is to implement certain changes required to improve its product and deliver according to consumer needs. An introspective look at a competitive environment is necessary to enhance the quality of the product and services of the organization.
Strategic Marketing is required to improve its prior strategies and maintain Business Growth. BookMyEssay is a platform where students can solve their queries and take assistance for their assignments. Our expert team can provide you Strategic Marketing assignment help to score good grades.
Importance of Strategic Marketing
The collection of data and resources, the schedule to acquire certain goals helps to boost business and the organization to perform well in a competitive environment. It has a clear marketing objective to gain profit in a specific period. Moreover, there are various factors plays important role in maintaining strategic marketing these are as follow:
To attain company objectives a clear and achievable plan is necessary to organize data and modify them if it is required. By analyzing the SWOT (strength, weakness, opportunity, and threats) technique organization can determine the pros and cons of implementing a new set of the target to attain success in a beneficiary order.
After analyzing SWOT strategy Organization must concern over a few marketing tips to achieve its target. They must concern four p’s (Price, place, product, and promotion) and then making a strategic marketing plan to implement it. This will allow the organization to understand the employees as well as customers' needs.
To provide a valuable service to its customers an organization is required to concern about technology where they can communicate with its customers, raw material to manufacture the product and the capital required in making optimal products. The whole process should be executed in an order to attain the desired result.
The evaluation process is a review of the entire steps taken to ensure the success rate of the strategy. Some corrective measures should be adopted by the manager if there is any sort of negative impact of the prior judgment.
The difference between the marketing Strategy and Strategic
The marketing strategy consists of a pre-planned strategy that involves a common marketing tactic for a particular product or service. It works on a promotional plan, distribution of the product, and price of the product. It only focuses on a single product to achieve the organization's target.
On the other hand, the Strategic marketing plan implements certain sets of goals to achieve its target by focusing on its strengths and threat from competitors to enhance its products as per consumer needs. It comprises of all products instead of focusing on one specific product.
There are many external factors should be considered to avoid any kind of disruption in attaining success. A few of them are mentioned below:
Political factor- The government policies, tax guidelines, and trade regulations must be evaluated from time to time for organization stability and maintaining company progress.
Economic factor- The Company should be attentive to minor details of income, exchange, inflation and interest rates. The quality of the product must not be compromised to keep pace with potential consumers.
Social factors- The advancement in technology and consumer expectations must be reviewed to make certain changes.
By adopting strategic marketing methods one can examine the growth rate of the organization. To understand this in a better way you can consult BookMyEssay. We provide custom assignment writing services to the students who find the problem in completing their assignments on time.