Question

What is the role of marketing in strategic planning process? Explain how marketing works with its partners to create and deliver customer value.

Answer 1

Strategic planning can be defined as the managerial active that deals with the development and maintenance of strategic balance between the organizational goals and various resources and its dynamic market opportunities. This can also be used for implementing some sort of control mechanism so that the implementation of the strategies can be ensured. Thus we can say that marketing is one of the important elements that can control the organization and direct it towards the accomplishment of the organizational goals and objectives with the various associated functions of marketing, for instance, launching the certain product in a specific type of market, targeting a certain customer segment, using the different types of pricing, distribution, sales promotion, and advertising strategies. All these vital questions can be answered with the help of marketing. Marketing is an ideal source of facilitating a win-win situation and offerings to the customers and to the different stakeholders.

When we talk about creating the customer value, the basic and most fundamental responsibility of the marketing is to generate or create the values for its customers as the prime task of the marketing is to look for the needs and wants of the customers and stakeholders with the help of marketing research and internal research and then developing the product with the help of R&D so that can fulfil the unsatisfied needs and wants of the customers and thus providing a solution that adds value to their lives.

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