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Chapter Code : SMMC01
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Marketing is the process of identifying and developing products that suit the needs of the customer even as the organization makes profits. The marketing mix is a unique combination of the four P's of marketing namely product, price, place, and promotion. After taking into consideration the other factors that affect business, another three P's – people, physical evidence, and process management have been added to the four P's.
The marketing concept focuses on customer satisfaction and customer requirements. The societal marketing concept focuses on the ethical issues of an organization while marketing. For an organization to be successful the marketing plan has to be aligned with corporate strategy.
Strategy means to lead. Strategy helps an organization to use the resources optimally. Business strategy helps to plan with the objective of achieving long-term objectives. A good strategy answers the questions of what needs to be achieved, where it needs to be achieved, and how it needs to be achieved. The components of a well-defined strategy are size, goals, resource utilization, sustainable competitive advantage, and synergy. There are three levels of strategy namely corporate level strategy, business level strategy, and functional level strategy. Corporate strategy deals with strategy formulation and planning at the top level. It is about coordinating activities across various businesses. Business level strategy deals with the strategies that allow a company to deal with competition in its industry or business. Functional level strategy deals with the strategy for a particular product or market. The strategic management process involves strategic analysis, strategic choice, and strategic implementation.
Strategic marketing is the process of strategy development by regularly considering the marketing environment and customer satisfaction. It gives an organization the competitive advantage over its rivals. Marketing strategy involves identifying the marketing objectives and developing and implementing marketing programs. The strategic marketing process involves the marketing analysis, analysis of the marketing situation, formulating a marketing strategy, market program development, and implementing and managing marketing strategy.
Concepts in Marketing
Role of Marketing in Business
Definition of Strategy
Components of a Strategy
Levels of Strategy
Evolution of Strategic Management
Components of Strategic Management
Advantages of Strategic Marketing
Strategic Marketing Process