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Strategic Marketing Overview:

Strategic marketing is aimed to incorporate strategic planning rules and ideas for marketing in management students. Strategic planning basically intends to rationalize its resources, organization of production and also satisfy its customer. A sound business plan should have a strategic marketing plan. Customer satisfaction is the first and foremost requirement of a successful plan, along with increasing production and profits. By making a blueprint of outlines of strategies to be followed to keep customers connected, new sales and production methods to increase market domination and organization to flourish.

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Main Components of Strategic Marketing
Success in marketing requires learning as fast as the world is changing

A strategic marketing plan focuses on a type of culture the entity desires to set for the customers to make the sale. This plan should include few basic components in planning to penetrate market feasibly:

  • The current position of the company: This is the foremost important thing to be kept in mind for making future plans. The Current scenario of position and condition of the company regarding the financial stability enables the planning team to outline the strategy and examine the success of the overall plan.
  • Goals and objective: There should be a well defined organizational goal to be attained with the new strategies and plans. It is the centre point to which the strategies revolve around. The strategies transform the target into reality with the rationalization of resources in production, distribution, and marketing.
  • Market demand: Planners should be updated with the latest demand in a market, should always assess emerging and existing market opportunities for better use of resources for the profit of a company.
  • Identification of customers: It is one of the most important things while executing the strategy. Identification of target customers related to your product and services enable you to formulate research on their needs and preferences to flourish sale of your product in the market.
  • Budget and revenue: A strategic marketing plan is considered complete only by the inclusion of realistic and well-managed budget with the proper distribution of duties and responsibility.

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