STRATEGIC MARKETING PROCESS

Strategic marketing process

Strategic marketing process

ASSIGNMENT 1

a)A strategic marketing planning framework

"Strategic marketing plan is a plan of all aspects of an organisation's strategy in the market place...marketing deals primarily with implementing marketing strategy as it relates to target markets and marketing mix" (2001, p. 656).

Doyle (2002) explains strategic marketing plan is concerned with adapting the organisation to a changing environment more effectively than their competitors. "Organisation succeeds when they meet the needs of customers more effectively than their competitors" (Doyle 2002, p. 92). The market's drivers for change (Drummond, Ensor 2003), some of which are far beyond the organisation's sphere of control. Adaptability becomes an inextricable phenomenon in mainstream marketing environment. The organisation has to monitor key macroenvironmental variables (demographic, economic, technological, political, and socio-cultural) and microenvironment variables (customers, competitors, distributors, suppliers) that affect its ability to retain customers (Kotler, P. 2003). In order for it to achieve and enjoy a comparative advantage, the organisation executes a careful strategic planning, and using marketing strategies to achieve this aim (Dibb et al 2001). Hence, the notion of strategic marketing plan.

The use of strategic marketing planning for developing and sustaining competitive advantages in virtual retailing. It develops and presents a useful practical guide for the development of marketing plans by virtual retailers. The paper first examines the role of strategic marketing planning within an electronic commerce context. The notion of value creation in electronic marketing, the strategies for competitive advantage and positioning in retailing are analytically presented and the concept of the virtual retailing mix is then developed. The paper concludes with the step-by-step presentation of the stages of the marketing plan for a virtual retailer. The implementation of the marketing planning process and the development and execution of marketing plans, can help virtual retailers to sustain their competitive advantages.

b)Strategic marketing process may differ in the international context

Strategy formulation includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. Strategy formulation issues include deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, whether to merge or form a joint venture, and how to avoid a hostile takeover. Strategy implementation often is called the action stage of strategic management. Implementing strategy means mobilizing employees and managers to put formulated strategies into action. Often considered to be the most difficult stage in strategic management, strategy implementation requires personal discipline, commitment, and sacrifice.

"Strategic management is the process of decision making which have high medium term to long term impact on activities of the organization including the implementation of those decisions to create value for customers and key stakeholders and to outperform the competitors"(Hubbard, G., 2000, p-2).

Strategic management has three elements such as strategic analysis, strategic choice and strategic implementation. Strategic analysis gives the idea to understand the strategic position of the ...