Marketing

What is Strategic Marketing – Concept, Functions, and More

Strategic Marketing Concept

Strategic marketing is a method of analyzing and knowing the market to identify opportunities that will help the company meet consumer needs more optimally and efficiently than other competitors.

Marketing strategy is a method of researching, analyzing, and knowing the market. The ultimate aim is to identify opportunities and make it easier for the company to meet consumer needs more efficiently and effectively.

In this type of activity, we need to analyze what customers need and then create products or services geared towards meeting the identified needs. It is part of the company’s overall strategy, and before doing it, you need to have general and complete information about what you want to do.

Also Read: Digital Marketing Trends in 2021

What are the Functions of Strategic Marketing?

These are the main ones:

  • Analyze in detail the habits of customers to define the best strategies for them.
  • Study the competition. It is important to know what you do, how to do it, what works for you and take notes to apply it to the company better.
  • Watch how demand evolves to adjust strategy, meet audience needs, and drive sales of services or products.
  • Develop lines of inquiry to identify customer needs.
  • Conduct market research and always consider the business opportunities, threats, weaknesses and strengths of the business. All of this can be originate out by completing a SWOT training course.

Advantages and Disadvantages of Strategic Marketing

The main beneficial contributions for a company are as follows:

It can mean higher and cheaper positioning via social networks.

There is an incentive, motivation and point of support among workers.

And Also it allows the development of effective customer service policies.

We can keep abreast of customer needs through constant research and monitoring, and develop services or products to solve them.

Strategic Marketing defines the sales plan that to be followed to achieve the goals set by the company. No more and no less.

To do this, it analyzes the market to identify weaknesses, strengths, threats and opportunities. It makes it much easier for the company to make decisions and prioritize actions.

Nevertheless, strategic marketing has several weaknesses and threats that speak against it:

Also, Lack of innovation and specific training in this type of strategy.

New competitors and competition can always cause problems in the creation and implementation of strategies. It is why it is important to study the lines they make and improve them.

Once the market has been studied, with its pros and cons, the company needs to get down to work to design and execute a plan of action that will enable it to achieve its goals as optimally as possible. Strategic marketing helps to achieve them.

Also Read: Importance Of Marketing In Companies

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