Marketing and Strategic Management

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MARKETING AND STRATEGIC MANAGEMENT4 MARKETING AND STRATEGIC MANAGEMENT Marketing Strategies INTRODUCTION Marketing strategy outlines the master plan of actions aimed at achieving the company's marketing goals. Marketing is far more than tactics; it involves strategic management which is the foundation for the success of its tactical elements (Hartley & Rudelin, 2009). A good number of factors have to be considered before creating a market strategy; this includes market penetration, market share, profit margins, capital investment, financial analysis and emerging technological trends (Robert, 2002). An organization has limited human, financial, technological and other resources available to produce and market its offerings- it can't be all things to all people. Every organization must develop strategies to help focus and direct its efforts to accomplish its goals. The process of strategic marketing is divided into three phases that is planning, implementation and evaluation (Armstrong & Kotler 2009). Planning phase The planning phase of the strategic marketing process is made up of three steps, that is Situation analysis Market product focus and goal setting Marketing program Step 1: Situation analysis This step basically analyzes where the firm is right now, where it is headed in terms of the organizational plans and external factors and trends affecting it. In summary situation analysis looks into the firm's strengths, weaknesses, opportunities and threats.
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