Strategic management answers the question “What factors explain differences in f
ID: 385863 • Letter: S
Question
Strategic management answers the question “What factors explain differences in firm performance?”. Strategic marketing management, thus, identifies what marketingfactors differentiate firm performance.
Create an infographic/diagram that identifies the marketing factors that contribute to firm performance.
Response posts should offer suggestions for enhancing or challenging the diagram.
Incorporate correct citations.
You can create an infographic with MS PowerPoint. You will find that there are several free infographic templates however, be sure that you read the Terms of Use and privacy policy for any web tools you use.
Explanation / Answer
Strategic Marketing Management is a unique approach to understand the customers and then leveraging it to design integrated marketing plans in both offline and online environments to ultimately increase the sales and ensure growth of the company. There are three levels of strategy namely corporate level strategy, business level strategy, and functional level strategy. Strategic marketing is the process of strategy development by regularly considering the marketing environment and customer satisfaction. It gives an organization the competitive advantage over its rivals. Marketing strategy involves identifying the marketing objectives and developing and implementing marketing programs. The process involves the marketing research and analysis, analysis of the marketing situation, formulating a marketing strategy, market program development, and implementing and managing marketing strategy.
The following info-graphic shows how the companies’ consider their marketing strategies based on their products/services and market.
New Market
Market development
Partial diversification
Total Diversification
Expanded Market
Market Expansion
Very less amount of diversification
Partial diversification
Existing Market
Market penetration
Product/Service extension
Product/Service development
Marketing strategies based on the market scenario and type of the product or services offered by the company
Existing Products or Services
Modified Products or Services
New Products or Services
Strategic marketing management is fundamentally designed around companies’ target customer base and the products they offer. Identifying the target customers will generate more profits and help to establish a loyal customer base. Strategic managers study the organization’s vertical and horizontal markets to generate ideal customer profiles. These profiles can then be used to tailor marketing programs. These customized marketing ideas deliver more compelling core messages and increase the company’s revenues. Strategic marketing management helps us to develop a marketing plan that concentrates on maximizing results by focusing on the company’s competitive advantages and amplifying them. Some plans may even call for products to be redesigned to further cater to the target customers.
New Market
Market development
Partial diversification
Total Diversification
Expanded Market
Market Expansion
Very less amount of diversification
Partial diversification
Existing Market
Market penetration
Product/Service extension
Product/Service development
Marketing strategies based on the market scenario and type of the product or services offered by the company
Existing Products or Services
Modified Products or Services
New Products or Services