Strategic marketing is a long-term, consumer-based approach that identifies market segments and provides superior value. It involves market analysis and a written plan that includes product development, marketing communications, sales development, and customer service.
Strategic marketing is a consumer-based approach to product promotion that identifies market segments and seeks to make them more profitable by providing superior value. It uses many of the same theories and approaches as strategic management. This type of marketing often results in a written strategic marketing plan that is developed from extensive market analysis.
The concept of strategic marketing is a straightforward approach to time value planning. Marketing in the corporate context has traditionally been tactical. Resources were raised in response to changes in the sales landscape on an ongoing, even daily basis. Tactical marketing was competitively driven, and promotional strategies and advertising campaigns were designed to capitalize on competitors’ perceived weaknesses in a given market or to emphasize a product’s comparative strengths.
Marketing from a strategic perspective takes a long-term view and extends the marketing process beyond what has traditionally been thought of as the window of engagement. It’s planning from the customer’s perspective by analyzing what drives the purchase decision. Analyzing the decision-making process begins well in advance of the actual purchase. Strategic marketing takes the process back to initial market segmentation, looking for clusters of consumers who not only have a need but can also drive the overall direction of the business.
Long-term planning often results in a written plan, and that goes for the strategic marketing plan as well. The strategic mindset usually includes segmenting the market, defining market potential, and developing a focused consumer-based strategy. This way of approaching marketing takes many of its underlying theories from the study of strategic management, which analyzes management structure and decision-making from the perspective of the employee rather than that of the company.
The process of creating a strategic marketing plan begins with a team going through a thorough analysis. This team does the research and completes a situational analysis that allows them to create the parts of the plan. Identify marketing goals that meet customer needs and brainstorm strategies to achieve those goals.
Typically, the strategic marketing plan that results from the work team’s efforts will include product development, marketing communications, sales development, and customer service. In fact, each of these sections should be treated as a mini plan within a plan and will have a sub-list of sections normally expected in this type of document. Developing a long-term strategy plan will help a business avoid wasting marketing resources or missing out on valuable opportunities.
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