Friday, October 4, 2019

STRATEGIC MARKETING Essay Example | Topics and Well Written Essays - 1500 words

STRATEGIC MARKETING - Essay Example however, it seems that the company’s competitor’s have an upper hand in the market share mainly due to the fact that they have strong marketing strategies. To be at par with, or even at a better position than their competitors, the company needs to reevaluate their marketing strategy. Making use of strategic marketing practices such as strategic thinking will enable the organization to find out what their customers expect form them. Strategic Thinking BT has put in place a marketing plan for its technological products to the mass market. Although the products are doing quite well in the market place, there is room for improvement. Incorporating strategic thinking into the company’s marketing strategy will go a long way in improving the company’s competitive advantage. Strategic thinking can be defined as the process of thinking about transformations and how to prepare for them (Parvinen, Tikkanen, 2007). Strategic thinking will definitely help the company determine and understand the direction of the business and how to create a niche in the competitive marketplace. How can it help my company do a better job of ‘Marketing’? Strategic thinking will help the company be aware of industry changes that may affect its standing on the market and hence, its profitability (Alsem, 2006). The concept of strategic thinking in strategic marketing is very likely to increase the company’s profitability. Before placing products in the market, the company needs to know about the market operates. For instance, information regarding the consumers, pricing and competitors is very important in making a proper marketing plan. At BT Tech, the current marketing strategy can be greatly improved through the incorporation of strategic thinking in the whole marketing process. Strategic thinking will help the marketing team in the organization to know and understand the needs and expectations of the target market (Alsem, 2006). Successful mar keting is not possible without the consideration of how to reach the consumers. Strategic thinking will help the marketing team to not only identify the target market, but also understand their wants, how they reason and even how and where to reach them (West, Ford and Ibrahim, 2010). Knowing the target market well enough is essential if the company wants to reach them before their competitors do. Identifying and selecting a market niche is only the first step in marketing. The managers also need to strategically think about the best way of marketing the company’s products to its target market (Drummond, Ensor and Ashford, 2008). In this respect, the kind of products the company makes should be well designed to fit the needs and preferences of the market. There is no need of making a perfect strategic marketing plan when the product does not meet the needs of the customers (Parvinen, Tikkanen, 2007). Strategic thinking will therefore enable the company to produce products tha t will be well received in the market. In other words, the company will be able to produce and distribute products which will help it get ahead of the competition. Strategic thinking is also important when formulating promotional details for a specific product. In any marketing mix, promotion is a very important step as it is used to introduce products and their benefits to the audience (Drummond, Ensor

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