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Strategic Marketing Essay

595 words - 2 pages

ContentsAbstract1Introduction1Basic theory of Strategic Marketing2Different Marketing Strategies2Conclusion3References4AbstractThis paper is intended towards the explanation of the term strategic marketing. The first section tries to give a basic definition of the term while the latter section focuses on the various marketing strategies available and their purpose.IntroductionAll sorts of businesses of the world use some sort of marketing strategy to boost their turn over. The Marketing strategy of a company is process by which an organization tries to utilize its limited resources on the best possible options in order to increase sales and achieve a competitive advantage in for a longer period. The main aim of strategic marketing is to ensure customer satisfaction (UK govt businesslink marketing strategy guide, 2009). Strategic marketing is the combination of planning that combines the elements such as the development of products, their promotion and distribution and the firm's approach towards their pricing. The plan also jots down the marketing goals of the company and defines the methodology for their achievement. It also mentions a period for the achievement of the goals. Strategic marketing is targeted towards determining the target segment of the market, arrangement, and the accumulation of resources. However, strategic marketing works at its best when it is a part of the corporate strategy. It is used for describing the method; by which the firm would engage the customers, opportunities and the competitors in the market. Customers are the main source of the revenue of a company and that is why a marketing strategy has a deep impact on the sales. One of the main responsibilities of a marketing strategy is to ensure that the marketing is in synch with the mission statement of a firm (Baker, 2008).Basic theory of Strategic MarketingThe basic theory of Strategic marketing revolves around three main elements:•Target Market or audience•Key factors•ExecutionDifferent Marketing StrategiesStrategic marketing...

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