Principles of Strategic Marketing Management Essay, UAE

In this essay, we will be discussing regarding Strategic Marketing Management Principle.

Strategic marketing management is an approach to executing a business’s mission through specific and strategic methods to maximize the ongoing marketing program. Typically, it is the deed of forming strategic judgments within the marketing plan.

Strategic marketing management principles are the guidelines businesses use while launching and marketing their products and services. These guidelines generally support a distinct order.
Marketing managers begin by determining the depth of demand is for their intended offerings. Then Marketers introduce their commodities for sales and promotion and accomplish their profitability and business growth.

The principles of strategic marketing will help in guiding managers through their plans, actions, along with decision-making.

 

Strategic Marketing Management Principles

The marketing manager must study the dynamic needs of the customers to nurture in the competing market. According to the principle, the company must develop services and products for customer comfort. Proper research and development can maintain the demand for the services and goods in the market.

According to this article, strategic marketing must concentrate on forming friendlier relations with the consumers. Good connections with customers ensure high returns in the business. The essay brings forward a spirit of overemphasis on the bond between the company and customers.

The principles of strategic marketing management are as follows:

The principle of cooperative spirit

In the world marketplace, fighting competing challenges incorporates various strategies, including relationship management.

Relationship management involves improving communications with consumers and all associated parties to form a reciprocally beneficial relationship.

That ought to do by both company owners and clients boarding on collaborative relation activities to assure mutual interest. Moreover, managing client preservation which, handles creating and managing customers unitedly with customer abandonment, asks for a cooperative spirit between the marketers and customers.

The key operators that identify as critical to developing customer service relations are strategic alliances and partnerships.

Principle of Selectivity and Concentration

Attaining cooperation by making excellent service relations is easy, but that is simply the vague part. Many marketing managers will accept that specificity is essential for the completion of a strategic marketing program. Precise identification of the latent market divisions that ensure the highest profits and consistency in developing relations with them is significant in strategic marketing.

That is the principle of selectivity and concentration tries to convey. Furthermore, It helps marketing managers to decide the number of resources to allocate to the specific ventures.

This principle encourages marketers to develop strategies by assisting them in selecting market segments and resource concentration in the particular market segment.

Selectivity and concentration give rise to micro shopping, where marketers purpose their schemes to individual consumers. Consequently, the niche demand of that specific business expands.

Customer Value Principle

After a firm has classified the market sections that will enhance profits for a long time, drawing and retaining customers becomes the central focus. As mentioned earlier, the ever-demanding customers constantly seek the worth of their bills. Assuring that clients get the merit of their money is an unusual and never-ending strategy for marketing. Many systems present a perspective into what worth of money implies for clients.

According to clients, value is economical price, whatever they want in output, excellence for the money he/she gives, and what they get for what he/she spends.

Consequently, marketers must give attention to the meanings of value by customers to maintain any mutual relationship between business and client and company stakeholders. Here, the famous quote Customer is always right holds correct.

 

Differential Advantage Principle

A differential advantage that a business can experience is significant to the progress of strategic marketing. All companies are in the market to strive for the same customers. However, some companies may have additional resources such as stronger financial footing, economies of scale, or substantial financial backup.

The differential advantages need to be conveyed explicitly to the target market to develop an individual status in their subconscious.

Marketers may track the differential advantage featuring the attributes of the services or goods produced, the package styling and delivery, or the marketing of the service or product. Usually, the differential advantage is applicable once market segmentation has been done.

The principle of integration

Integration marketing is crucial for the success of strategic marketing. Successful integration has a couple of sides, the firm and the customer. The customer side demands firm coordination of design elements and execution of the marketing strategy.

It occurs with the sense that a casually organized campaign can turn away possible clients. On the side of the company, they should organize all its exercises in the particular target market. That requires continuous collaboration within departments of a company that is conducting strategic marketing.

Conclusion

The marketing alliance concentrates vastly on the economic, technical, and social ties of shareholders. However, it does not examine how the business will go around acquiring the market segments. Again, it does not address the principles of strategic marketing as identified to a large extent.

Emphasis has provided for the emotional connection firms should form with clients concerning marketing to succeed.

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You can read more free samples like Strategic Marketing Strategy Tools, Assignment Example for UAE, Relationship Marketing Strategies and Tools, Segmentation Variables in Marketing.