Strategic Marketing Process
The purpose of this paper is to briefly explore the strategic marketing process, specifically the key phases of planning, implementation, and control. In addition, the application of mixed marketing to create a market segments as well as customer loyalty is equally explored. Several relevant scholarly sources were identified to provide research and information about the strategic marketing process and its evolutionary development from the industrial to the information technological age.
Strategic Marketing Process and the Key Phases
Tony Proctor, in his book, Strategic Marketing: An Introduction, defines a strategy as a plan that incorporates and integrates an organization’s mission, major goals, policies, decisions and "sequences of action into a cohesive whole" (2000, p. 1). All levels of an organization, including functional areas can have a strategy for achieving its specific goals and objectives (Proctor, 2000). This means that the strategy process is defined according to how a specific strategy is formulated (Proctor, 2000). Proctor suggests several approaches to strategic planning, i.e. rational, flexible, creative, behavioral, and incremental (2000). For example, rational approaches incorporates the strengths, weaknesses, opportunities, threat (SWOT) analysis and portfolio models, while flexible approaches are based on scenario planning. Creative, behavioral and incremental uses imagination, personality and power influences, and small adjustments to previously successful strategies, respectively (Proctor, 2000).
According to Ferrell and Hartline, there are several components of strategic marketing organizational leaders must consider: planning, implementation, and control (2008). For example, marketing planning must incorporate the organization's mission statement, business strategy, and the specific goals and objectives of marketing. Consequently, it is imperative that these essential areas of the organization are developed before pursuing a marketing plan. The marketing plan must also be coordinated with all business functions and tailored for targeting general or specific customer population (Ferrell & Hartline, 2008). This is important because marketing essential about satisfying customer desires and needs, which in turn, permits the organization to achieve its mission (Proctor, 2000).
Ferrell and Hartline posit that marketing implementation is essentially putting the marketing strategic plan into action (Ferrell & Hartline, 2008). The elements of marketing implementation include the planned product, pricing, distribution and promotion activities of the organization (Ferrell & Hartline, 2008). Successful implementation includes systems and processes, resources (tangible and intangible), people and leadership. Unquestionably, marketing implementation is critical to the success of an organization (Ferrell & Hartline, 2008). However, its success is predicated on the integration of...