Strategic Marketing

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Running head: STRATEGIC MARKETING PROCESS

Strategic Marketing Process

Strategic Marketing Process In order for an organization to reach its target markets, it must use the strategic marketing process to allocate its marketing mix resources. The marketing mix is elements, such as price, product, place, and promotion (also known as the 4 “P”’s) used in the make up the marketing process (Bayne & Hardin, 2002). It is important for an organization to have a good understanding of the marketing mix. Each element is important when developing a marketing plan (Bayne & Hardin). It is equally important to understand that to accurately utilize the marketing process; the organization must follow another process which consists of three phases
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Customer loyalty is one of the most powerful weapons an organization has in its strategic arsenal (American Marketing Association, 2003). However, most companies do not fully understand the value of customer loyalty or realize its potential for enhancing customer relationships (BusinessTown.com, 2003). So how does all of this affect the end customer? A recent trend focused the marketing mix directly on the customer. Instead of the 4 “P’s”, there is the 4 “C’s.” These 4”C”’s customer value, cost to customer, convenience to the buyer and communication (American Marketing Association). Customer value is how much the customer values the product; cost to the customer includes customer’s time and energy, along with the price of the product; convenience for the buyer is similar to place explained earlier in the paper; and communication which is similar to promotion, also explained earlier in the paper (American Marketing Association). Organizations must also realize the importance of using marketing strategies. Some marketing strategies have both long and short term benefits. Short-term strategies create immediate revenue (Kyle, 2001). Sales and accounting people often prefer these to long-term approaches because the results are direct and quantifiable (Kyle). The disadvantage of relying strictly on short-term approaches is the effect is temporary and they tend to be limited-time techniques that do not work well over time (Kyle). Long-term strategies build

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