Strategic Marketing

Strategic marketing refers to a method of selling products directly to customers, therefore bypassing traditional retailers or distributors. It can be noted that the strategy of an organization is the roadmap towards attainment of its long term goals and objectives; hence strategic marketing management involves implementing the principles of strategic management in the context of marketing function in the firm. A strategic marketing approach tries to find ways of offering superior value to the more profitable segments without damaging individual customer relationships. A strategic marketing approach reflects an integrated approach based on research and feedback. Customer needs are first evaluated through market research, an integrated marketing effort is developed to satisfy customers so that the organization achieves its goals, especially those affecting shareholders. This is a customer orientation and stands in direct contrast to a narrow competitor orientation based on sales in which the firm, by capitalizing on the weaknesses of vulnerable competitors or by removing its own competitive weaknesses, tries to obtain high sales and long-run profits. Strategic Marketing is, therefore, both a philosophy and a set of techniques which address such matters as research, product design and development, pricing, packaging, sales and sales promotion, advertising, public relations, distribution and after-sales service. These activities define the broad scope of marketing and their balanced integration within a marketing plan is known as the marketing mix. A modification of a definition of strategic marketing suggests that marketing is the management process that seeks to maximize returns to shareholders by creating a competitive advantage in providing, communicating and delivering value to customers thereby developing a long-term relationship with them. This definition clearly defines the objectives of marketing and how its performance should be evaluated. The specific contribution of marketing in the organization lies in the formulation of strategies to choose the right customer, build relationships of trust with them and create a competitive advantage.