Strategic Marketing

Strategic Marketing

[Author Name(s), First M. Last, Omit Titles and Degrees]

[Institutional Affiliation(s)]

Author Note

[Include any grant/funding information and a complete correspondence address.]

Strategic Marketing

Strategic Marketing Planning

Strategic Marketing Planning is an ongoing process that is a major part of the entire business plan. It works as a framework and process through which a company develops marketing plans and strategies and ensure its implementation in the target market and segments. Strategic Marketing Planning assists and enables organizations to achieve their marketing objectives by helping them in identifying potential marketing opportunities and evaluating these opportunities to utilize and get their goals such as growth accomplished (McDonald, 2016).

The process of Strategic Marketing Planning is covered and done by taking several steps. But the first two and highly critical steps in this process are;

SWOTT

SMART

SWOTT

SWOTT is the very initial and almost the most critical step of the SMP process. This step involves in-depth analysis and evaluation of an organization’s internal factors/forcers which are strengths and weaknesses and external factors/forces that include opportunities, threats, and trends. The trends here include all current purchasing preferences of the customers in the market place. The impact of SWOTT analysis is usually found positive and it is referred to as a positive aspect of an organization as well (Sager, & Dowling, 2009). In short, SWOTT analysis and process play a crucial role in developing a Unique Selling Proposition (USP).

SMART

It is an acronym that stands for Specific, Measurable, Attainable, Relevant, and Time-bound. The step of the SMP process analyzes the marketing objectives in a way to figure out what are these objectives of the organization Specific, Measurable, Attainable, Relevant, and Time-bound (Sager, & Dowling, 2009).

Market Growth Strategies

In general, the main and commonly used marketing growth strategies are;

Market Penetration Strategy.

Market Expansion or Development.

Product Expansion Strategy.

Growth through Diversification.

Acquisition of Other Companies.

Measuring Feasibility of a Marketing Opportunity

The feasibility of a marketing opportunity is measured through using Ansoff's product-market matrix in a way that; we identify the nature of the opportunity, identify the overarching strategy to be used, and then decide the marketing tactic to be used (Gurcaylilar-Yenidogan, & Aksoy, 2018). Sometimes, more than one tactic and strategy are used to measure the opportunity.

References

Gurcaylilar-Yenidogan, T., & Aksoy, S. (2018). Applying Ansoff’s Growth Strategy Matrix to Innovation Classification. International Journal of Innovation Management, 22(04), 1850039.

McDonald, M. (2016). Strategic Marketing Planning: Theory and Practice. In The Marketing Book (pp. 108-142). Routledge.

Sager, B., & Dowling, M. (2009). Strategic Marketing Planning for Opportunity Exploitation in Young Entrepreneurial Companies. International Journal of Entrepreneurial Venturing, 1(1), 88-107.