Marketing is the act of promoting a product, service or business to attract customers and buyers with the goal of increasing profits and sales. A marketing department can use various strategies to reach the target audience, who will be willing to invest in the products and support the business. However, effective marketing must include strategic planning and effective management.
The term “strategic marketing” is used to describe the approach a company uses to market a business or product that gives them a competitive advantage over competitors. For example, a company may use a spokesperson for a product line that gives the business a clear advantage over direct competitors that are trying to market a similar product or product line. Strategic marketing also includes using or exploiting available resources to increase the competitive advantage over competitors.
Marketing strategies differ from strategic marketing, as marketing strategies refers to the strategies or methods the business uses to market a chosen item. For example, print campaigns, online marketing, television commercials, broadcasting spots and hosting events are all marketing strategies. Each marketing strategy can be used in a strategic marketing plan, as discussed in the previous section.
A strategic marketing plan is often written as a report so the marketing manager can approve it with the board of executives. The strategic marketing plan must include a summary of the strategic plan and provide a situational analysis that includes the benefits and market opportunities for the business, a list of marketing strategies or approaches to get the message across and a marketing budget for the plan. The plan may need to be revised several times before it is approved.
Marketing management refers to the group of professionals who are responsible for planning and directing the marketing strategies that will benefit the business. This includes managing the strategic marketing plan. The marketing strategies must follow certain policies and company objectives. Managing marketing work includes delegating tasks, doing research about different strategies and analyzing the techniques that other companies are currently using. Part of the marketing management is ensuring that a business does not copy existing strategies used by competitors.