Strategic Marketing - What is it? features, functions, and more

Strategic marketing

Type of marketing in charge of the analysis and knowledge of the market.

What is strategic marketing?

Strategic marketing is that type of marketing that is responsible for the analysis and knowledge of the market. Thus, he is the one who plans the marketing strategy to be followed to achieve the objectives of the organization.

Its objective is to detect all the opportunities that will help the company to satisfy the needs of consumers in a more efficient and optimal way.

This works in conjunction with operational marketing, which is responsible for carrying out the strategy proposed by strategic marketing.

Characteristics of strategic marketing

Among the characteristics of strategic marketing we can highlight the following:

• It is one of the most important types of marketing within an organization.
• He is in charge of the market study, which analyzes the internal and external factors of the organization.
• Make the marketing strategy to achieve the objectives proposed by the organization.
• It works in conjunction with operational marketing, which carries out the plans established by strategic marketing.
• He is in charge of searching for new markets.

Strategic marketing functions

The main functions of strategic marketing are the following 6:

1. Analysis of the competition: identify all possible information about the companies that participate in market competition, such as the products they sell, their distribution channels, etc.
2. Internal analysis: carry out an analysis of the company in question, its product, communication, production process, etc.
3. External analysis: identify the factors that may affect the organization in marketing matters, such as political, technological, and ecological laws or regulations.
4. Market segmentation: define the target and potential audience for our product.
5. Create a competitive advantage: collaborate with the creation of an advantage that makes us stand out from the competition.
6. Determine marketing strategies: define and establish the correct strategies that marketing must implement to achieve the objectives of the organization.

Elements of strategic marketing

Among the elements and tools used by strategic marketing to fulfill its functions, the following stand out:

• SWOT Matrix: analysis matrix that allows knowing the strengths, weaknesses, opportunities, and threats of an organization.
• Ansoff matrix: matrix allows to evaluate the situation of a certain business in the market.
• BCG Matrix – This matrix allows an organization's product portfolio to be analyzed and evaluated.
• Positioning map: it serves to know in what situation an organization is compared to its competition.
• Value chain: internal analysis tool that allows knowing what the competitive advantages of an organization are.
• Porter's forces: an analysis tool to find out those external forces that influence an organization.

Strategic marketing strategies

Below we propose different marketing strategies that can be applied to an organization.

portfolio strategy

For its execution, the BCG matrix must be used, through which it is possible to make decisions based on the product portfolio. In particular, those related to the profitability and potential of the products.

Positioning strategy

This type of strategy allows knowing the place that a product occupies in the mind of the consumer, compared to the competition. In addition to this, you can add value to consumers.

segmentation strategy

In order to offer a differentiated offer adapted to each of the market groups, market segmentation must be applied. This strategy facilitates the division of the market into sectors with similar characteristics and needs and also makes it possible to discover new markets to adapt to the best offer.

functional strategy

It facilitates strategic decision-making in the 4Ps of marketing (product, price, place, and promotion ),  bearing in mind that these must be related to each other.

growth strategy

For its application, the Ansoff matrix must be used, since through it it will be possible to determine the direction of growth of a company.

loyalty strategy

Here, relationship marketing and customer relationship management strategies should be used, which will help improve the experience for customers and create lasting and profitable relationships with them.

 

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