Strategic Marketing Management
Strategic Marketing Management Definition
Strategic marketing management is a methodical approach to defining a company’s business, mission, and goals, as well as identifying and outlining opportunities, developing product-market strategies, budgeting monetary and operational resources, and reconceptualisation.
Strategic Marketing Management Overview
Strategic marketing management compose of continuous and thorough market research to identify the best place for marketing products and services. Strategic marketing management is often used in place of the word marketing strategy however there is huge differences between these two words. Strategic marketing management counts as a long term tactics to the marketing efforts of a company.
A company must have detail understanding of the market trends and the process of adapting it to gain the customers in order to stay ahead of the competitors. Significantly strategic marketing management seeks the present market trends and the resources available to the business and give direction to the available resources to align with the trend. Let’s see an example of Strategic Marketing Management.
An electric cars manufacturing company Tesla, for example, entered the market with luxury electric automobiles while electric vehicles were just starting to penetrate markets. As a result, Tesla used its resources in such a way that it gained a competitive advantage and expanded its client base. Strategic marketing management is a long-term marketing approach that seeks to mould marketing operations to respond to available marketing possibilities.
Difference Between Strategic Marketing Management and Marketing Strategy
Lets see some of the major difference between Strategic Marketing Management and Marketing Strategy from the table below:
Difference Between Strategic Marketing Management and Marketing Strategy
| Strategic Marketing Management | Marketing Strategy |
| It’s a marketing approach that involves adaptation to the current market trends and optimal utilisation of a firm’s marketing resources. | It’s a plan of segmenting, targeting, and positioning a firm’s products and services in the market. |
| It is a long-term approach taken by companies that can afford to conduct regular market research. | It changes from time to time as the market never stays static. |
| It occupies all marketing activities, including the 4Ps of marketing. | Marketing strategies are formed to provide a direction to the 4Ps of marketing – Product, Place, Price, and Promotion. |
| It focuses on gaining more customers, retaining customers, and customer loyalty. | Marketing strategies focus primarily on the marketing mix and market segmentation, positioning, and targeting. |
FAQs
What Are the Examples of Strategic Marketing Management?
Here are some more examples of successful strategic marketing management:
- Spotify: offering an alternative user experience
- GoPro : Making user feel easy to share their branded content
- Nordstrom : retargeting strategy that includes emails as well as retargeting ad campaigns on social networks
- Starbucks: Making coffee into an experience and a lifestyle
What Are the Elements of Strategic Marketing Management?
The main elements of strategic marketing management are as follows: target market, situation analysis, marketing plan, and feedback loop.
What Is the Difference Between Marketing Management and Strategic Marketing Management?
Scope is what sets marketing management apart from strategic marketing management. Marketing management is just the process of marketing a product or group of products. But strategic marketing management makes sure that marketing efforts are in line with the overall business goals.
What are the five marketing strategies?
The five “Ps” of marketing are Product, Price, Promotion, Place, and People.