Question

: What is Strategic Marketing Management?

In this topic select ONE of the marketing principles you recall from prior MRKT courses.  

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Seems like a basic enough question. It is, after all, the title of this couse. Can you describe strategic marketing management in your own words? Do you need to go to some of the reading resources to get an understanding of what it is all about. Share your thoughts.

Answer 1

Do you need to go to some of the reading resources to get an understanding of what it is all about. Share your thoughts.

Yes, and here is what I've chosen to show you.

Strategic Marketing Management is an immersion in the core principles of successful marketing. You'll uncover the winning formulas of market leading brands, learn how to use analytics to pinpoint your most profitable customers and package solutions that fulfill their unmet needs.

Strategic marketing management is fundamentally designed around your target customer. Identifying your target customers will generate more profits and helps to establish a loyal customer following. Strategic managers will study your vertical and horizontal markets to generate ideal customer profiles. The profiles can then be used to tailor marketing programs. These customized marketing ideas may deliver more compelling core messages that, in turn, increase your company’s revenues.

Organizations conduct a situation analysis, also known as a SWOT, to evaluate and prioritize their strengths, weaknesses, opportunities and threats. This second step in the strategic marketing process helps managers understand the resources they can build on and the challenges they will encounter. Strengths and weaknesses are considered internal factors, under the firm's control. For example, a good image in the fashion press would be a key strength for a dress manufacturer, while a poorly maintained relationship with clothing retailers would be considered a weakness. Opportunities and threats arise from the external environment, such as a strong economy or a new payroll tax.

These are clear, measurable goals that give decision makers a basis for making choices and assessing progress. Objectives are typically expressed in terms of one or more quantitative targets like revenue, profit, sales or market share. Importantly, each objective must be achievable within a fixed period of time. For example, aiming for a five-percent increase in profits might be realistic within a year, but probably not within one quarter.

At the core of strategic marketing management is effective plan implementation. Executing strategic marketing initiatives involves giving useful and frequent feedback to your team to keep them progressing towards goals. Moreover, it constantly adjusts the current marketing mix to maximize profitability. Once milestones are achieved, strategic managers may further dissect the process to identify success catalysts and incorporate those methods in other marketing opportunities.