Strategic Marketing Planning (Definitions (Market (The aggregation of…
Strategic Marketing Planning
Challenges in today's market
Increase in product selection
large amount of products and services on the internet and traditional stores, customers can now purchase cars, houses online. Internet has changed the way we communicate, read the news and entertain ourselves.
Privacy and Ethical concerns
as customers appreciate the convenience of e-commerce, they want assurances that their information is safe and confidential as businesses collect routine information on them.
Power shift to customers
rather than businesses having the ability to manipulate customers via technology (asymmetric information), customers can manipulate businesses, comparison shop etc.
The aggregation of all the alternative products which customers regards as being capable of satisfying the same customer need
Cluster of closely related goods and services that center around a specific consumption activity (house cleaning product include, homeowners and cleaning service companies)
Provides single access point where buyers can locate and contact many different sellers in the metamarket
the process of obtaining something of value from someone by offering something in return; usually entails obtaining products or money
Marketing activities include
Social responsibility and ethics
maximizing the positive impact on society while minimizing its negative impact, philanthropic activities.
Research and analysis
review of internal information referring to firms current strategy and performance
involves analyzing capabilities, vulnerabilities, and intentions of competing businesses
analysis of PESTLE trends that may affect marketing efforts
collecting and interpreting internal, competitive, and environmental information
Strategic and tactical planning
concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets
Challenges in developing a marketing strategy
Increasing demand of customers
Unending change- customers change, competitors change, market and organizations change
Overall decline in brand loyalty and an increase in price sensitivity among consumers