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Purpose of strategic marketing
Strategic Marketing is the use of marketing disciplines to achieve organizational goals by developing and maintaining a sustainable competitive advantage. It helps in assessing the positioning and performance of an organization. Strategic marketing addresses high-level considerations such as what markets to target, which services to offer, and how to price and promote them. Having a strategic marketing plan in place helps in establishing achievable marketing objectives. The objectives should have a specific time frame and should be measurable.
Marketing planning process
The marketing planning process outlines the plan of a company as to how they will make their product successful. It comprises the five main steps: The first step is to set the goal for marketing, defined by the vision and mission. In the second step, data is collected to define the current internal and external market position based on a SWOT analysis and PESTLE analysis. Then the firm develops marketing strategies and objectives to gain its overall objective. The final step is to allocate the resources, design the budget for the implementation of the discussed processes and design some action plans.
Marketing concepts
The production marketing concept argues that consumers will buy readily available products at a reasonable price. The product concept is a perception or image of how consumers imagine and understand their experiences with a product or service when making purchasing decisions. The selling concept is based on persuasion. It takes place when businesses persuade customers to buy their products instead of those of their competitors. The aim is to convince customers that they need your product, rather than your competitors. The marketing concept focuses on both needs and wants, which enables you to understand how the market sees your product, what they want out of it, and how they want it to serve their needs better than competitors products do or can do in the future. The societal marketing concept proposes that businesses are, or should be, motivated by more than just profit. They should also be concerned with the well-being of society as a whole, including their employees and consumers, as well as the environment and other stakeholders. This marketing mindset argues that corporations should act in the best interests of society to survive.
Significance of branding for Amazon
Branding makes a memorable impression on consumers but it allows your customers and clients to know what to expect from your company. It is a way of distinguishing yourself from the competitors and clarifying what it is you offer that makes you the better choice. Branding not only creates loyal customers, but it also creates loyal employees. A quality brand gives people something to believe in and something to stand behind. When a company professionally presents itself, and when there is social proof that its products and service are quality, prospects will trust that company and feel more comfortable giving it their hard-earned money.
Brand concepts
A brand pyramid is a framework or tool that answers the fundamental questions related to the brand and its operations in the market. It is one of the most crucial and integral aspects when the brand is on the verge to embark on the journey in the market.
Brand positioning is the process of positioning a brand in the mind of the customers. More than a tagline or a fancy logo, brand positioning is the strategy used to set a business apart from the rest.
Brand management involves maintaining and bettering products, services, and brand perception. Brand management, when practiced correctly, gives cost leverage, increases customer loyalty, and establishes meaningful brand awareness.
Integrated marketing planning
It is important to integrate branding and marketing to be able to create visibility and entice more sales. This can start by tweaking existing strategies, assets, and brand features to produce a more comprehensive and effective plan. A thorough marketing analysis is conducted to set priorities for the overall marketing operation. When this analysis is complete, it helps to have a clearer understanding of the marketing tactics that are likely to produce the highest ROI. Align vision, branding, and marketing efforts helps to identify with the ideal buyers.
References
Aaker, D.A. and Moorman, C. (2018). Strategic market management. 11th ed. Hoboken: John Wiley & Sons, Inc.
Baines, P., Fill, C. and Rosengren, S. (2017). Marketing. Oxford City: University Press.
Banerjee, S. (2017). Strategic Brand-Culture Fit: A conceptual framework for brand management, Journal of Brand Management, 15(5), pp.312321.
Dibb, S., Simkin, L., Pride, W.M. and Ferrell, O.C. (2019). Marketing Concepts and Strategies. 8th ed. Andover, Hampshire, United Kingdom: Cengage Learning.
Etzel, M.J., Walker, B.J. and Stanton, W.J. (2017). Marketing. Maidenhead: Mcgraw-Hill Education.
Fahmi, A.M. (2018). Social media marketing, functional branding strategy and intentional branding, Problems and Perspectives in Management, 16(3), pp.102116.
Kotler, P. and Armstrong, G. (2018). Principles of marketing. 17th ed. Hoboken: Pearson Higher Education.
Mandal, P. (2017). Understanding Digital Marketing Strategy, International Journal of Scientific Research and Management, 5(6).
Pride, W.M., Ferrell, O.C., Lukas, B.A., Schembri, S., Outi Niininen and Riza Cassidy (2018). Marketing principles. South Melbourne, Vic. Cengage.
Rosenbaum-Elliott, R. (2018). Strategic Brand Management. 4th ed. S.L.: Oxford University Press.
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