MKTM003(1) Essay Example | Topics and Well Written Essays - 2000 words

MKTM003(1) - Essay Example What is Marketing Before going to discuss the futuristic approach towards strategic marketing, let us get a better understanding of what marketing actually is. Marketing means to promote a product or to make the people aware of the products of the company. Companies launch marketing campaigns for creating awareness among the public about the newly manufactured products. A marketing campaign not only includes defining marketing goals of a company but also includes development of marketing strategies to achieve those goals. Role of marketing in the promotion of new brands can never be denied. Marketing not only helps the companies achieve higher levels of profits but also helps them establish their brands in any international market. Marketing plays a vital role in making any new product or brand popular and successful. According to Perez (2010), creation of an effective marketing plan is extremely important for a company because it helps the company create the entire business plan for carrying out the business activities. It is due to effective marketing plans that most of the new products get recognized all over the world in a very short span of time. 2. The Strategic Imperative - A Future Focus Masters (2011) states, â€Å"Strategic marketing is a consumer-based approach to product promotion that identifies market segments and attempts to make them more profitable by providing superior value†. ... According to Cooper (2000), strategic marketing improves productivity of a company. Productivity of a company depends on some critical factors, such as, customer satisfaction and employee retention. Let us take example of hospitality industry. If the customers will be satisfied from the food and beverages provided to them by any specific restaurant, they will work as a source to attract more people towards the restaurant, which will ultimately help the company achieve competitive advantage in the industry. Tatum (2011) states, â€Å"A strategic marketing plan is an approach to structuring marketing efforts in a manner that identifies and meets consumer demand†. In future, the objective of developing an appropriate strategic marketing plan will only be achieved when all departments of the companies will work in proper collaboration with each other. They will not only need to work together to create a marketing plan by researching customer attitudes and designing metrics to meas ure performance but also they will have to help the authorities in the implementation of those plans effectively. Some of the main factors which marketers consider while developing strategic marketing plans include needs and demands of the customers, ways in which a customer’s needs can be met, potential market segments, and changing trends in the customers’ taste. Marketing professionals develop the strategic marketing plans in three stages. In the first stage, they segment the market according to the geographic, demographic, psychographic, and behavioral aspects. In the next step, managers develop profiles of the market segments by considering the revenue potential, profitability potential, and market share potential of the company. In the last