Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Thus competitive investigation, scanning and analysis consist of two things namely, the “long-term profit- opportunity” and owns one’s competitive position. Thus, top management is not only to say to where to go but how best to go the terminal point. Perhaps this is the simplest way of fighting out. STRATEGIC MARKETING It is because, it is top management that spells out the missions, objectives and goals and the policies and strategies are the ways to reach them. As of this date, Scribd will manage your SlideShare account and any content you may have on SlideShare, and Scribd's General Terms of Use and Privacy Policy will apply. The exact nature of strategy is self evident from the definitions we have gone through. That is why a successful marketer needs to have a comprehensive strategy to tackle competition at any cost. Scribd will begin operating the SlideShare business on December 1, 2020 Marketing performs a boundary role function in the firm’s selection of an appropriate strategy; marketing spares the customer interface and provides the assessment of needs which must ultimately guide all strategy development”. Each situation and event needs a different strategy that is why strategies are revised and recast very frequently to cope up with the changes in a given situation or event. This is another way which is a proactive approach, which is very effective particularly when it is backed by competitive analysis. A strategic decision warrants commitment of right amount of resources to the opportunity and reservation of sufficient resources for an anticipated or “pass through” errors in such demands of resources. The example of this kind is that of. It is because, it is top management that spells out the missions, objectives and goals and the policies and strategies are the ways to reach them. Marketing strategies provide a set direction in which human and physical resources will be allocated and deployed for achieving organisational goals in the face of change environmental pressure, stress and strains and constraints and restraints. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Creating a Strategic Marketing Communications Plan, Marketing management notes NUST ZIMBABWE 2014, Foundations of strategic marketing management ppt @ MBA, Strategic management 1 notes NUST ZIMBABWE, Introduction to strategic marketing planning. The strategic decisions that are basically related with likely trends in the changing marketing changes in govt., policies, technological developments, ecological change over’s, social and cultural overtones. 2. A sound strategy is time bound to be used at the nick of the hour and tick of the opportunity. It pays to differentiate the products. There are certain manufactured products where speed of response as well as quick source is of top significance. Disclaimer 9. It is but, therefore, natural that competitive strategy has to be one that will evoke the much sought after competitive advantage. This is another way out to mitigate competition which is gaining ground. It is because; a high risk very strategy may threaten the survival of the marketing organisation, let alone its success, if calculations go fit. A sound strategy is one which is designed in the background of the available resources at its command. A strategy is emergent of situations or environment. It is the subservient of changing environment of business world. Principles of Marketing - SS2014 - University of Siegen - Paul Marx: Chapt... No public clipboards found for this slide, Assistant Professor at University of South Asia, Lahore. WHAT IS STRATEGIC MANAGEMENT The best example is that of joint venture of Procter and Gamble and Godrej Soaps. The time should be long enough to permit the organisation to make adjustments and maintain the consistency of a strategy. Interval consistency is an essential ingredient of a good strategy as it identifies the areas where the strategic decisions are to be made imminently or in the long run. Instead of moving in the same grow; it should more out of it. Image Guidelines 5. Any marketing strategy to be worth calling as successful or effective must enjoy certain extras which can be called as essentials or requisites of it. Thus, top management is not only to … If you wish to opt out, please close your SlideShare account. Before publishing your articles on this site, please read the following pages: 1. The nature is clearly spoken by the following points: The concept of marketing strategy is relative as it is designed to meet the changing demands of a situation. MKTM 3161 Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. You can change your ad preferences anytime. The example of pre-empting competition is that of. Learn more. It orients towards future. Prohibited Content 3. The statement “a stitch in time saves nine” that aptly applies to the concept of strategy. THE NATURE OF STRATEGIC MANAGEMENT I. Copyright 10. ECTS-6. It sounds well in theory; however in practice it means acquisition of smaller or weaker units which are in competition. The skill in managing the marketing function is to take a broader view than simply designing products and services for sale to target consumers. It is a compendium or complex of plans within plan to out beat the strength and vitality of others in the line are allied activities. A marketing strategy is forward looking. Report a Violation, Marketing Planning: Meaning and Types of Marketing Plans, Building up Competitive Marketing Strategies (8 Strategies), Marketing Strategy Types: Offensive, Defensive and Nice Strategies. Now customize the name of a clipboard to store your clips. Thus, Hindustan Lever acquired TOMACO and Broke Bond acquiring Kissan and Lipton. It is not only ideal but practical. This helps the marketer to distinguish his products though reduced cycle of line and reduced costs. Looks like you’ve clipped this slide to already. It is but natural that any strategy not suiting to .the environment can impound the marketing organisation in the compounds of danger, digress and frustration. In fact strategic planning warrants not only the isolation of various elements of a given situation but a judicious and critical evaluation of their relative importance. Marketing strategies their formulation is the basic responsibility of top management. Clipping is a handy way to collect important slides you want to go back to later. TOS 7. To restate, a competitive marketing strategy should be such that will give sustainable competitive advantage. Though the companies are aware of keeping pace with changing technological tempo they should be well ahead of the same. Marketing strategies their formulation is the basic responsibility of top management. Content Guidelines 2. It can apply at all levels in an organization and pertain to any of the functional areas of management. Good many companies spend heavily barring others to just think of such extravagance a luxury or a dream for them. It warrants the thorough investigation and analyses of competition before one hope to have a competitive advantage. Any strategy involves risks as uncertainty is certain; what is important is that the extent of the risk involved or associated with strategy is reasonably low as compared to its pay-off or returns. In the words of Mr. Robertson and Yoram Wind, “there are three generic strategies for achieving success in the competitive market place.
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