Strategic marketing is a process that involves planning, developing and implementing effective marketing maneuvers to achieve a company's objectives . It is a long-term action plan that guides a company's marketing activities to achieve competitive advantage.
Strategic marketing includes identifying market opportunities , understanding customer needs and expectations , analyzing competition, and defining specific marketing objectives and strategies.
It also requires the continuous evaluation and adjustment of marketing strategy to ensure it remains relevant and effective in the face of market changes and consumer trends.
It is a holistic approach that encompasses many aspects of marketing , such as:
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Brand Positioning : Brand positioning concerns the place a brand occupies in the minds of consumers compared to its competitors. This involves defining the brand identity, its image, its message and its values so that it is unique and stands out in the market. This is what makes a brand recognized and appreciated by consumers for its distinct characteristics.
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The marketing mix: The marketing mix includes the “4 Ps” of marketing – product, price, place and promotion. The product is about design, quality, packaging, brand name, etc. Pricing includes strategies like suggested retail price, discounts, bundles, etc. Place refers to distribution, sales channels, logistics, etc. Finally, promotion includes advertising, direct marketing, public relations, social media, etc. Each element must be carefully considered and balanced to achieve the company's marketing goals .
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Market Targeting and Segmentation : Market targeting involves determining which market segments are most attractive to the business. Market segmentation is the process of dividing the market into distinct groups of buyers who may require distinct products or marketing mixes. This can be done based on various factors such as age, gender, geography, purchasing behavior, lifestyle, etc. Once the market segments are identified, the company can then determine which segments it wants to target.
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Product Development : Product development involves creating new products or improving existing products to meet the changing needs and wants of consumers. This may include aspects such as research and development, innovation, product design, product testing, etc. Product development is crucial to remaining competitive and relevant in the market.
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Planning and implementing marketing campaigns: This involves defining clear marketing objectives, developing marketing strategies to achieve these objectives, and implementing these strategies through various marketing tactics. This can include things like advertising, email marketing, social media marketing, content marketing, SEO , etc. Campaigns should be monitored and evaluated to ensure they are effective and to make adjustments if necessary.
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Ultimately, strategic marketing is focused on understanding customers, creating value for them, and building strong relationships with them to achieve business goals.
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