Strategic Marketing Planning (Definitions (Exchange (the process of…
Strategic Marketing Planning
Challenges in developing a marketing strategy
Overall decline in brand loyalty and an increase in price sensitivity among consumers
Unending change- customers change, competitors change, market and organizations change
Increasing demand of customers
Marketing activities include
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
Research and analysis
collecting and interpreting internal, competitive, and environmental information
analysis of PESTLE trends that may affect marketing efforts
involves analyzing capabilities, vulnerabilities, and intentions of competing businesses
review of internal information referring to firms current strategy and performance
Social responsibility and ethics
maximizing the positive impact on society while minimizing its negative impact, philanthropic activities.
the process of obtaining something of value from someone by offering something in return; usually entails obtaining products or money
Provides single access point where buyers can locate and contact many different sellers in the metamarket
Cluster of closely related goods and services that center around a specific consumption activity (house cleaning product include, homeowners and cleaning service companies)
The aggregation of all the alternative products which customers regards as being capable of satisfying the same customer need
Challenges in today's market
Power shift to customers
rather than businesses having the ability to manipulate customers via technology (asymmetric information), customers can manipulate businesses, comparison shop etc.
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.
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.