STRATEGIC MARKETING MANAGEMENT-MSCSC603The nature of strategic management
Learning ObjectivesTo understand the following:•Definition of strategy, marketing, strategic marketing, marketingstrategy•Levels of strategy•Strategic process•Successful companies•Strategic business units (SBUs)•Strategic marketing versus marketing management•Factors impacting on marketing strategy
Definition and scope•Strategyrefers to a long term course of action that optimises the scarceresources of the organisation in order to achieve objectives of theorganisation•It is a plan that integrates an organisation’s major goals, policies, decisionsand sequences of action into a cohesive whole. It goes beyond efficiency tobe concerned with effectiveness.•Thus, it is the process of analysing the environment, and designing the fitbetween the organisation, its resources and objectives and theenvironment.•Marketingis the management process responsible for identifying,anticipating, and satisfying customer requirements/needs profitably (CIM,1976–2018).•Marketingis the activity, set of institutions, and processes for creating,communicating, delivering, and exchanging offerings that have value forcustomers, clients, partners, and society at large (AMA, 2013–2018).
……Definition and scope•Strategic marketingis concerned withactivities designedto analyse theenvironment (Internal/External),formulate strategies, implementstrategies and control activities in order to meet the objectives of bothmarketing and the organisation.•Strategic marketing management is the management of strategicmarketing.•Strategic Marketing•The term "strategic marketing" is used to describe the approach a company uses tomarket a business or products that gives them a competitive advantage overcompetitors.•Strategic marketing also includes using or exploiting available resources to increasethe competitive advantage over competitors.
……….Definition and scopeStrategic Marketing Management further defined•Implementation of company's mission through focusedprocesses to get the most out of existing marketing plan.•It entails identifying your target customers.•This type of management may help discover other marketingopportunities.•Strong and strategic marketing plans may be built from this styleof management.•Most importantly, it helps your company transform plans intoreality.