Learn how to create effective ads, websites, and reports with strategic marketing. Innovative thinking is critical to selling products and services by making people excited about doing business with you. This mindset challenges traditional approaches ad agencies, sales executives, and web admins recommend. Develop an outstanding product/service that syncs up with your passion for it, communicate it with power and precision, and see your target market feel your genius and superiority over competitors.
What is strategic marketing?
- Strategic marketing involves creating effective ads, websites, and reports.
- It requires innovative thinking outside the box to sell products and services.
- The goal is to make people excited about doing business with you.
- Strategic marketing is a mindset for SMB owners who hate dull approaches.
- It’s about genuine superiority shining like a beacon for all to see and experience.
- Strategic marketing challenges traditional approaches that ad agencies, leeches, sales executives, and web admins recommend.
- It’s not a quick fix or a one-size-fits-all solution – it’s the real deal.
- You’ll learn how to communicate your outstanding product/service with power, passion, and precision that syncs up with how you feel.
- Your target market will see and feel your genius and superiority over competitors.
- Strategic Marketing helps businesses release the magic of the absolute genius of who they are
What Is Strategic Marketing Planning?
- A marketing strategy is a plan of attack to win.
- It involves figuring out what products or services to offer and where to sell them.
- Price, place, and communication strategies are also essential components.
- When developing the strategy, the marketing team must consider customers, competition, and the industry.
- The goal is to develop a sustainable competitive advantage.
- Companies must identify their target market and tailor their strategy accordingly.
- Strategies may need to change over time due to changes in the market or competition.
- Various marketing strategy models are available for companies (e.g., SWOT analysis).
- Professor Wolters has other videos on different marketing strategies available for further learning.
- Developing an effective marketing strategy requires careful consideration of all factors involved to achieve success in the marketplace.
What Is Strategic Marketing Framework?
- The Strategic Marketing Framework involves analyzing internal and external market environments, leveraging competitive advantage, segmenting and targeting markets, positioning the brand, and developing the marketing mix.
- A comprehensive situation analysis is necessary to understand the environment in which a company operates.
- Marketers must analyze customer needs and consider how their company can better meet them than competitors.
- The term “company” refers to both for-profit and non-profit organizations in this framework.
- Market segmentation defines customers based on demographic, geographic, and psychographic attributes and consumer behavior relative to usage loyalty and buying decisions.
- Selecting or targeting valuable markets involves weighing characteristics such as size, profitability, resources/competencies of the firm, and nature of competition.
- Positioning involves creating a distinctive marketing mix for target markets using product price, place promotion people (the five Ps).
- Product is the essential element of the marketing mix; it includes tangible/physical aspects and intangible factors like service delivery.
- Place involves distribution channels; technological advances have disrupted this element with direct-to-customer delivery, reducing the intermediaries needed.
- Feedback throughout all stages (situation analysis-strategy execution) is essential for a compelling positioning/marketing mix that ensures success in a dynamic market environment.
What Is Strategic Marketing Management?
- Jennifer Smith introduces the strategic marketing management module in GSB MBA.
- The module aims to integrate marketing theory and knowledge into the work environment.
- Students are expected to exercise expertise, independence, and creativity in their studies.
- Completing the module will enable students to apply marketing management practices as managers strategically.
- Marketing significantly impacts economic and social life in both developed and developing societies.
- The course content covers various aspects of marketing management, such as capturing insights, building strong brands, delivering value through channels, communicating value to customers, etc.
- Integrated marketing communication is also covered in the course content.
- The final chapter focuses on creating successful long-term business growth through effective marketing strategies.
- Marketing is introduced as part of the broader organization’s strategy in a follow-up video by Jennifer Smith.
- The four or seven Ps construct provides a valuable framework for evaluating and planning business marketing strategies.
The Best Marketing Strategy Ever Care
- Marketing is about values and being clear on what a company wants people to know about them.
- Apple is one of the best brands in the world, but it needs investment and caring to retain its relevance and vitality.
- The way to bring back the Apple brand is not by discussing speeds and feeds or why they’re better than Windows.
- Nike sells shoes, but their advertising focuses on honoring great athletes and athletics rather than discussing their product.
- Apple spends a fortune on advertising, but customers still want to know who Apple is and what they stand for.
- At its core value, Apple believes that people with passion can change the world for the better.
- In its first brand marketing campaign in several years, Apple wants to communicate this core value by honoring those who have changed the world by thinking differently.
- The theme of this campaign is “Think Different.”
- The campaign honors misfits, rebels, and troublemakers – those who see things differently – because they often push humanity forward.
- Those crazy enough to think they can change the world are often the ones who do so successfully.
What Is Strategy in Business
- Strategy is a plan to create value.
- Financials are an endpoint, different from where we start with strategy.
- Value is the difference between willingness to pay and willingness to sell.
- Quality, complements, and network effects are the three ways to increase willingness to pay.
- The two ways to be more attractive in the market for talent are paying more money or making the job better.
- Making work more attractive creates value while paying more redistributes it.
- Best Buy increased customers’ willingness to pay by improving shipping times and lowered vendors’ desire to sell by offering store-in-store options at lower costs.
- Employee engagement surveys at Best Buy were at an all-time high after these changes were made.
- By creating value before capturing it, Best Buy went from losing $1 billion in a quarter to having a return on invested capital exceeding 20%.
- Strategy is simple and not just for super seniors with lots of experience; it’s about looking forward, seeing the future, planning for it, and creating value for customers, employees, and suppliers.
Strategic marketing management is the process of planning, implementing, and evaluating the long-term marketing objectives of an organization. It involves developing a comprehensive marketing strategy that aligns with the overall business goals and objectives.
The strategic marketing management process typically involves four main steps:
- Situation Analysis: This involves thoroughly analyzing the market, competitors, and the organization’s internal strengths and weaknesses.
- Developing Marketing Strategy: Based on the situation analysis, the organization can create a comprehensive marketing strategy that outlines the target market, positioning, product/service offerings, pricing strategy, and promotional tactics.
- Implementation: This involves executing the marketing strategy, which may include tactics such as advertising, public relations, social media marketing, and sales promotions.
- Evaluation and Control: This step involves monitoring and evaluating the effectiveness of the marketing strategy, making adjustments as necessary to ensure that it remains aligned with the organization’s overall objectives.
Strategic marketing management is critical for organizations to achieve long-term success by effectively leveraging marketing to achieve business goals, gain a competitive advantage, and drive growth.