Defining the business involves setting the vision of the business. The vision outline the broad goals that the company would like to achieve in future.
Secondly, the process of setting the mission tries to define why the business exists and how it will meet the needs of its target market in order to meet its long-term objectives Schnaars, Thirdly, developing functional plans is involved with outlining the tasks that will help the business in achieving its objectives.
Finally, budgeting is concerned with the resources that the marketing department will have to implement the marketing plan. A good strategy must outline the marketing mix objectives that it wants to achieve.
The four elements of a marketing mix are the product, price, a place, and the promotion strategies. Firstly, product strategy is involves deciding the product or services that the business will offer to the customers and the need that this will satisfy.
For restaurants, the marketing mix will involve determining the menu mix that the business will offer to its clients. The product mix should also take into considerations like the customer service and quality to satisfy all the needs of the clients Percy, Secondly, the place involves determining how the customers will access the business so as to consumer its services.
The business must locate the business in a convenient place so the customers can access the restaurant easily. The managers must also look at the location of similar business in order to come up with a good location for the business David, Thirdly, the price is concerned with the price that the customers must pay to acquire the service. Pricing is an important component of the marketing strategy because it helps the business in its branding and positioning efforts.
For example, a luxury restaurant will price its services above those of its competitors in order to position itself in the market. Finally, promotion is concerned with the strategies that the business will use to bring clients to its business.
This will involve determining the appropriate promotion mix. Some promotion strategies include advertising, personal selling and sales promotion David, In conclusion, the marketing strategy is an important strategic undertaking. This qualification is for those organizations that are able to be knowledge-based, formulate its marketing strategies and sustain its competitive advantage based on its own knowledge. In other words its marketing strategy is intelligent.
Organizations must consider innovative knowledge as a new input to sustain competitive advantage and to develop intelligent marketing strategy more than internal capability and external position as existing inputs. In this paper, we are going to contribute a new perspective to develop marketing strategy. It is sustaining competitive advantage and developing intelligent marketing strategy IMS through innovative knowledge to achieve superior performance.
One of the ways that an organization can improve its return on investment for marketing is to base its marketing activities on a well-considered, empirically-based strategy .
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Philip Kotler defines strategic marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Strategic Marketing Plan research papers discuss the part of business that deals with the overall business strategy, and lists actions based on corporate mission.
Free strategic marketing papers, essays, and research papers. Free Essay: Strategic Marketing Process The purpose of this paper is to briefly explore the strategic marketing process, specifically the key phases of.