Strategic Marketing - 1052 Words

Running head: STRATEGIC MARKETING PROCESS Strategic Marketing Process Strategic Marketing Process In order for an organization to reach its target markets, it must use the strategic marketing process to allocate its marketing mix resources. The marketing mix is elements, such as price, product, place, and promotion (also known as the 4 â€Å"P†Ã¢â‚¬â„¢s) used in the make up the marketing process (Bayne Hardin, 2002). It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan (Bayne Hardin). It is equally important to understand that to accurately utilize the marketing process; the organization must follow another process which consists of three phases†¦show more content†¦Customer loyalty is one of the most powerful weapons an organization has in its strategic arsenal (American Marketing Association, 2003). However, most companies do not fully understand the value of customer loyalty or realize its potential for enhancing customer relationships (Bus inessTown.com, 2003). So how does all of this affect the end customer? A recent trend focused the marketing mix directly on the customer. Instead of the 4 â€Å"P’s†, there is the 4 â€Å"C’s.† These 4†C†Ã¢â‚¬â„¢s customer value, cost to customer, convenience to the buyer and communication (American Marketing Association). Customer value is how much the customer values the product; cost to the customer includes customer’s time and energy, along with the price of the product; convenience for the buyer is similar to place explained earlier in the paper; and communication which is similar to promotion, also explained earlier in the paper (American Marketing Association). Organizations must also realize the importance of using marketing strategies. Some marketing strategies have both long and short term benefits. Short-term strategies create immediate revenue (Kyle, 2001). Sales and accounting people often prefer these to long-term approach es because the results are direct and quantifiable (Kyle). The disadvantage of relying strictly on short-term approaches is the effect is temporary and they tend to be limited-time techniques that do not work well over time (Kyle). Long-term strategies buildShow MoreRelatedStrategic Marketing1098 Words   |  5 Pages Strategic Marketing Lauren Hartshorn Grand Canyon University: LDR 620 October 31, 2012 Strategic Marketing A successful strategic marketing process must be thoroughly developed prior to implementation. A strategic marketing plan according to Vega Rojas (2010) is â€Å"to assign and to coordinate effectively the marketing activities and resources in order to achieve the company’s goals or strategic mission (p. 3). The strategic plan must include target goals consistent withRead MoreStrategic Marketing3492 Words   |  14 Pagesï » ¿Strategic Marketing Contents Abstract Strategic marketing is the plan and roadmap of an organization which help to fit the marketing objectives with corporate vision. An organization’s ultimate target is to achieve competitive advantage in the market. Strategic marketing assists an organization to implement its marketing strategies to create positioning in the market so it becomes easy to achieve competitive advantage. 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The big organisations helped to grown the strategic planning orderly, it called comprehensive structure, later it adopted by numerous big and small organisations, George A. Steiner describes in his book â€Å"Strategic Planning†. There are various definitions of market strategy and every definition has its own aspect (Li et al 2000). According to Wensley (1983) marketing strategy is an act, a practice and a