Strategic Marketing and Analysis Creative Writing

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Strategic Marketing NarrativeExplain Strategic MarketingStrategic marketing is the creative use of the marketing mix with the goal being to align the business plan with the right marketing approach to ensure that the organization is meeting its goals (LSBF, 2021). Strategic marketing looks at demographic behavior of consumers, the competitive environment, and organizational performance. The three phases of strategic marketing are planning, implementation, and evaluation. Goal setting and application of the four P’s should be part of the planning phase. The four P’s oblige one to consider price, place, product and promotion—which gets to the heart of the marketing approach. In strategic marketing it is important to ask, what price will attract the customer, what product will satisfy market needs, how the product should be placed in a store or online, and how it should be promoted. Strategies that can be used include integrated planning, adwords, social media marketing, user-generated content, content marketing, and multi-channel analytics, as well as other options.Explain the Marketing Strategy for Value CreationValue creation refers to the goal of satisfying both the company and the client in terms of value perceived in the purchased product or service. The market strategy for value creation is to offer benefit by choosing to highlight the features and services from which the target consumer is most likely to derive the most value (DeVilliers, 2021). The four P’s are essentially viewed from this same perspective—so whether it is product, price, place, or promotion—the marketing strategy should always be to focus on those factors that will give the most benefit or value to the target consumer. If the approach taken is something like content marketing or social media marketing, the strategy can emphasize messaging so that the consumer gets a good sense of the value that is being provided.

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Explain Competitive Market AnalysisCompetitive market analysis is the practice of looking at what competing companies in an industry or market are doing in terms…

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…the price, product itself, emphasizing the quality of the product or service, how it is used, or why it is better than what competitors are doing.Explain How to Implement the Market StrategyImplementing the market strategy begins with identifying the target market and the goals of the business. The two should align and the next step is to discern how best to approach the target market—by emphasizing product, price, or some other aspect of positioning, while incorporating the four P’s into the strategy (Bonoma, 1984). Just like any implementation plan, however, implementing the market strategy needs a team, a goal, reasonable expectations, a timeline of tasks, and the means of communicating the plan. Success has to be tracked and evaluated. The purpose of monitoring is so that the team can make adaptations if necessary. There is nothing wrong with revising the strategy here and there because the goal is to help the company succeed—not simply to implement a strategy and be done.….....

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