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Strategic marketing and Mapping assignment help Sample by VAH Experts
What is strategic marketing management?
The implementation of the objectives and missions of an organization through carefully curated, specific as well as strategic processes that help to maximize the growth of the organization by maximizing the organization’s marketing plan of the said period is known as strategic marketing management.
In simple words, strategic marketing management is the process that helps to make strategic decisions in accordance with the decided marketing plan in order to improve that marketing plan. It helps to achieve the organizational goals in an effective and efficient manner by keeping up with the dynamics of the environment and by making any required changes in the marketing plan.
Strategic marketing and Mapping assignment help Sample by VAH Experts
What are the types of marketing strategies?
The Ansoff model talks about the 4 types of marketing strategies that assists in the growth of a business. These marketing strategies basically define the strategy that should be used depending on your focus area.
The focus areas that are mentioned in the Ansoff model are:
-
Existing market
-
New market
-
Existing product
-
New product
The following table specifies the marketing strategy to be used when focusing on the combination of any two of the above given focus areas:
Ansoff Model Table
|
Existing Product |
New Product |
|
|
Existing Market |
Market Penetration Strategy |
Product Development Strategy |
|
New Market |
Market Development Strategy |
Diversification Strategy |
Strategic marketing and Mapping assignment help Sample by VAH Experts
List the stages of the strategic marketing management process.
Strategic marketing management is an important process when it comes to the success and growth of a business. It is useful for the business in many ways like evaluating the environment the business is working in, establishing the marketing objectives of the business in a clear way and also by helping in product development. Therefore, it is important that strategic marketing management should be done in a proper and careful way.
The phases that form the process of strategic marketing management are:
Planning phase
SWOT analysis
Strategy regarding the marketing mix
Setting up the goals for both product and marketing
Implementation phase
Collecting resources
Marketing hierarchy
Formulating schedules
Execution of the plan
Evaluation phase
