STRATEGICMARKETING PLANNINGStrategic Marketing Planning is a process in whichorganizationsevaluate and assess themarketingenvironment to understand the needs and wantsof thecustomers as well as thestrategies of the competitors.It is also a tool used toanalyze the organization'sstrengthsand weaknessesand attempt to develop strategies upon thedictated strengths while coping with the weaknesses (Joosteet al., 2008)
STRATEGICMARKETING PLANNINGCont……..•A continuous process in which the organization developmarketing strategies and plans the implementations in thetarget market.•To be taken into consideration during the process is thecurrent position of the company and where it wants to go,(Lake, 2018).
Questions to be asked before the SMPWhere are we now ?How did we get here?Where are we heading?Where would we like to be?How do we get there?Howare our competitors doing?
MARKETING STRATEGY•A plan that combines all the organisations marketing goalsinto one comprehensive plan•The overall plan designed to sell a product / serviceTargeting•The process of identifying the set of customers for whom theorganisation will direct its marketing efforts•This involves identifying the most attractive segments in terms ofprofitability
Positioning•A strategy implemented to make brand occupy a distinct position inthe market and mind of the customer.•Emphasising the distinguishing features of the brand .Marketing Mix•A set of marketing tools that the firms use to pursue its marketingobjectives in the market•The marketing mix decisions focus on the (4Ps)price , product,promotion and distribution
Sustainable CompetitiveAdvantage (SCA)
Definition•Is a uniqueattribute or ability that places an organization or aperson above the competitors. They can not be replaced orthey are difficult to duplicate.•It can also be defined asthe ability to deliver superior valuetothe market for a protracted period of time.
The need for market strategyOrganizations need to take the following actions tosurvive in ahostile environment;Managing for competitive advantage–an organization in amarket driven economy must provide value to the customersand receive profits in exchange, e.g. , Nyaradzo FuneralServicesViewing change as an opportunityManaging through peopleDeveloping a strategically managed organization