Strategic marketing concept is a broad approach that enables an organization to focus its limited resources on the most potential opportunities to boost sales and reach a sustainable competitive edge. It is a means of managing and implementing the best practices in marketing that provide an unrivaled opportunity for business owners and managers to improve sales performance and overall profit margins. The idea behind this is to create a strategy that focuses on the future rather than the past. This is especially important in an economy where most businesses are finding it difficult to capitalize on opportunities and make long term investments in the long term viability of their businesses. Strategic marketing is the art of making the most of what is in front of you and your business by tailoring marketing efforts to capture or leverage the most desirable aspects of present circumstances.
The core elements of a strategic marketing plan include defining and measuring the purpose of the marketing mix, identifying the resources available in the marketplace and creating a marketing plan that will support the achievement of the purpose. A key element in a strategic marketing plan is the creation of a target market or a niche, drawing on knowledge and experience of the organisation. Other important aspects of a strategic marketing plan relate to the identification and evaluation of competitors and the implementation of a tested and effective marketing mix. Strategic marketing plans also involve the measurement of certain marketing variables such as pricing, promotion, advertising and public relations. These variables are then used to provide an accurate picture of the profitability of a business and the relative effectiveness of different marketing strategies.
The objective of this mixture is to provide a unique selling proposition (USP) to a prospective customer. The marketing goals are to build a sustainable competitive edge over similar companies and to drive sales higher while reducing cost and waste. A key aspect of this is the use of a well developed and tightly focused USP that is communicated clearly to customers, and which is easily recognizable as a result of a cohesive and attractive packaging or promotion. The swot analysis identifies the assets of the organisation that could be utilized for this purpose and the strength and weakness of each one, in turn producing the right marketing mix strategy.