Strategic Marketing Management Samples for Students †MyAssignmenthel

Question: Discuss about the Strategic Marketing Management. Answer: There are two kinds of external marketing environments; micro and macro. These environments factors are beyond the control of marketers but they still influence the decisions made when creating a strategic marketing strategy. Micro environment factors include the suppliers, resellers, customers, competition and general public. Macro environment factors include demographic, economic, natural, technological, political, legal, social and cultural forces. The marketing strategies differ depending on the type of individual business and target market. Michael Porter along with his five forces of Competitor Analysis categorized generic market strategies. His strategy revolves around the dimensions of strategic scope and strategic strength. Marketing Mix is also a very famous term in marketing planning process and also known as 4 P's or in some cases 7 P's of marketing (Pulizzi 2014). With an understanding of the business' internal strengths and weaknesses and the external opportunities and threats, one can develop a strategy that plays to his/her own strengths and matches them to the emerging opportunities. One can also identify the weaknesses and try to minimize them. The next step is to draw up a detailed marketing plan that sets out the specific actions to put that strategy into practice. This includes the changes taking place in the organizational environment, opportunities and threats and more. Before looking at new markets, it is important to think about how the company can get the most out of your existing customer base - it's usually more economical and quicker than finding new customers (Hair Jr and Lukas 2014). When it comes to creating asuccessful marketing strategy, setting clear objectives is essential to the plan's success.Considering the marketing plan or strategy from all angles is necessary when creating your objectives, as there are various distinct types of marketing objectives. There are four main types of marketing objectives: A profitability objective determines the amount of expected income based on the promotional strategy. Market share objective determines how much of the market the company wishes to gain. A promotional objective is the desired level of product or service awareness. Growth objective determines the current business size and how much the company wishes it to grow (Babin and Zikmund 2015). Strategy Formulation begins with an analysis of the forces that shape competition in the industry in which a company is based. The goal is to understand the opportunities and threats confronting the firm and to use this understanding to identify strategies that will enable a company to outperform its rivals. Opportunities arise when a company can take advantage of conditions in its environment to formulate and implement strategies that enable it to perform more profitable. Threats arise when conditions in the external environment endanger the integrity and profitability of the company's business (Jobber and Ellis-Chadwick 2012). Components of Marketing Environment There are two types of marketing environment or it can be said that two such components in which a company operates i.e. the external environment and the internal environment. As required in the question, the impact of the external environment changes is explained in detail below: The external environment is the environment that poses a direct influence on the company. Though the components of this environment are not a framed part of the company, but their existence in itself is either a boon or a threat to the company. The components of such environment are customers, suppliers, shareholders, competitors, political environment, social environment, marketing environment, cultural environment in which the company operates. All these components can be divided into micro and macro components depending on the overall affect they have on the company (Hair Jr and Lukas 2014). Another such tool that analyzes firms internal resources is VRIO analysis. According to this tool, the resources must be valuable, rare, imperfectly imitable and non-substitutable. VRIO analysis stands for four questions that ask if a resource is: valuable? rare? costly to imitate? And is a firm organized to capture the value of the resources? A resource or capability that meets all four requirements can bring sustained competitive advantage for the company (Rollins, Anitsal and Anitsal 2014). The Internal Analysis of strengths and weaknesses focuses on internal factors that give an organization certain advantages and disadvantages in meeting the needs of its target market. Strengths refer to core competencies that give the firm an advantage in meeting the needs of its target markets. Any analysis of company strengths should be market oriented/customer focused because strengths are only meaningful when they assist the firm in meeting customer needs. Weaknesses refer to any limitations a company faces in developing or implementing a strategy. Weaknesses should also be examined from a customer perspective because customers often perceive weaknesses that a company cannot see (Pulizzi 2014). Bibliography Babin, B.J. and Zikmund, W.G., 2015.Exploring marketing research. Cengage Learning. Hair Jr, J.F. and Lukas, B., 2014.Marketing research(Vol. 2). McGraw-Hill Education Australia. Jobber, D. and Ellis-Chadwick, F., 2012.Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education. Pulizzi, J., 2014.Epic content marketing: How to tell a different story, break through the clutter, and win more customers by marketing less(p. 5). McGraw-Hill Education. Rollins, B., Anitsal, I. and Anitsal, M.M., 2014. Viral Marketing: techniques and implementation.The Entrepreneurial Executive,19, p.1.