Strategic Marketing
Strategic Marketing
Lauren Hartshorn
Grand Canyon University: LDR 620
October 31, 2012
Strategic Marketing A successful strategic marketing process must be thoroughly developed prior to implementation. A strategic marketing plan according to Vega & Rojas (2010) is “to assign and to coordinate effectively the marketing activities and resources in order to achieve the company’s goals or strategic mission" (p. 3). The strategic plan must include target goals consistent with the company's mission statement, a plan for implementation, and a process for controlling and correcting deviations. Target goals are met by identifying marketing segmentation, which is targeting a specific market for a particular service or line of products (Weinstein, 2004). Quality and customer satisfaction are built into the program. "Quality – the best guarantee of consumer loyalty, the strongest measure for defense and competitiveness, the only way that helps to hold the continuous economic growth and high income" (Sliziene & Vaitkenen, 2003). Decentralizing management control will engage the employees, empowering them to take accountability and control over individual, team, and organizational goals (Daft, 2009). Decentralization leads to a customer-driven organizational culture that provides high quality goods and services.
Company Mission The mission statement guides the actions of the organization and spells out to customers its overall goal. The strategic mission determines the firm's external focus in terms of what will be produced and marketed (Gomez-Mejia, Baklin, & Cardy, 2008). It is the decision-making guide for the employees. A company should analyze its current procedures and areas for improvement and include these in their mission statement (Daft, 2002).
Planning The planning process for the marketing strategy includes many factors. Companies should consider a market audit to give the plan direction. Any analysis should include competitors,
Lauren Hartshorn
Grand Canyon University: LDR 620
October 31, 2012
Strategic Marketing A successful strategic marketing process must be thoroughly developed prior to implementation. A strategic marketing plan according to Vega & Rojas (2010) is “to assign and to coordinate effectively the marketing activities and resources in order to achieve the company’s goals or strategic mission" (p. 3). The strategic plan must include target goals consistent with the company's mission statement, a plan for implementation, and a process for controlling and correcting deviations. Target goals are met by identifying marketing segmentation, which is targeting a specific market for a particular service or line of products (Weinstein, 2004). Quality and customer satisfaction are built into the program. "Quality – the best guarantee of consumer loyalty, the strongest measure for defense and competitiveness, the only way that helps to hold the continuous economic growth and high income" (Sliziene & Vaitkenen, 2003). Decentralizing management control will engage the employees, empowering them to take accountability and control over individual, team, and organizational goals (Daft, 2009). Decentralization leads to a customer-driven organizational culture that provides high quality goods and services.
Company Mission The mission statement guides the actions of the organization and spells out to customers its overall goal. The strategic mission determines the firm's external focus in terms of what will be produced and marketed (Gomez-Mejia, Baklin, & Cardy, 2008). It is the decision-making guide for the employees. A company should analyze its current procedures and areas for improvement and include these in their mission statement (Daft, 2002).
Planning The planning process for the marketing strategy includes many factors. Companies should consider a market audit to give the plan direction. Any analysis should include competitors,
References: Conover, J. (2007). Customer Loyalty. Sales & Service Excellence, 7(5), 5. Draft, R. L. (2009). Management. Mason, OH: South-Western Cengage Learning. Gomez-Mejia, L., Balkin, D., Cardy, R., (2009). Management: people, performance, change. (3rd ed.). New York, NY: McGraw, Hill, Irwin. Kelz, A., & Block, B. (1993). Global branding: Why and how? Industrial Management + Data Systems, 93(4), 1-11. Sližienė, G., & Vaitkienė, R. (2003). Informational maintenance of quality seeking management in organization using marketing controlling. Management Of Organizations: Systematic Research, (28), 137-148. Vega, R., & Rojas, S. (2010). Knowledge, perception, and application of strategic marketing in MSMEs (micro, small, and medium enterprises) in Bogota. Paper presented at the 1-25. Retrieved from http://search.proquest.com/docview/750960335?accountid=7374. Weinstein, A. (2004). Chapter 9: Enhancing Segmentation 's Value. In , Handbook of Market Segmentation (pp. 155-170). Haworth Press, Inc.