Strategic Marketing Narrative

Explain Strategic Marketing

Strategic marketing is the creative use of the marketing mix with the goal being to align the business plan with the right marketing approach to ensure that the organization is meeting its goals (LSBF, 2021). Strategic marketing looks at demographic behavior of consumers, the competitive environment, and organizational performance. The three phases of strategic marketing are planning, implementation, and evaluation. Goal setting and application of the four Ps should be part of the planning phase. The four Ps oblige one to consider price, place, product and promotionwhich gets to the heart of the marketing approach. In strategic marketing it is important to ask, what price will attract the customer, what product will satisfy market needs, how the product should be placed in a store or online, and how it should be promoted. Strategies that can be used include integrated planning, adwords, social media marketing, user-generated content, content marketing, and multi-channel analytics, as well as other options.

Explain the Marketing Strategy for Value Creation

Value creation refers to the goal of satisfying...

The market strategy for value creation is to offer benefit by choosing to highlight the features and services from which the target consumer is most likely to derive the most value (DeVilliers, 2021). The four Ps are essentially viewed from this same perspectiveso whether it is product, price, place, or promotionthe marketing strategy should always be to focus on those factors that will give the most benefit or value to the target consumer. If the approach taken is something like content marketing or social media marketing, the strategy can emphasize messaging so that the consumer gets a good sense of the value that is being provided.

Explain Competitive Market Analysis

Competitive market analysis is the practice of looking at what competing companies in an industry...

…can be achieved by focusing on the price, product itself, emphasizing the quality of the product or service, how it is used, or why it is better than what competitors are doing.

Explain How to Implement the Market Strategy

Implementing the market strategy begins with identifying the target market and the goals of the business. The two should align and the next step is to discern how best to approach the target marketby emphasizing product, price, or some other aspect of positioning, while incorporating the four Ps into the strategy (Bonoma, 1984). Just like any implementation plan, however, implementing the market strategy needs a team, a goal, reasonable expectations, a timeline of tasks, and the means of communicating the plan. Success has to be tracked and evaluated. The purpose of monitoring is so that the team can make adaptations if necessary. There is nothing wrong with revising the strategy here and there because the goal is to help the company succeednot simply to…