Analysis Of Strategic Marketing Theories †MyAssignmenthelp.com

Question: Discuss about the Analysis Of Strategic Marketing Theories. Answer: Overview From the study it is seen that the aim of the study is to teach the students the strategic marketing theories. From the study material, it is seen that the students were taught about the theories of market analysis which were introduced by Porter, in the year of 1979, who stated that the essence of the strategy formulation which is coping with competition, and he then he introduced his famous model of five forces. It is seen that a journal related tostrategic marketing was first came in market in the year of 1980 that popularized the idea of strategic thinking in business organizations (Line and Runyan 2014). In the year of 1979 Porter established the fact that essence of strategy formulation is slowly coping with the market competition and he presented his model of five forces. On the other hand, Anderson introduced another paper that had a strong link between strategy and marketing (Foxall 2014). In his journal, Anderson stressed on a fact that strategic preparation needs a clear o bjective that will guide the functional area of policies and the day to day activities to position itself for future survival (West, Ford and Ibrahim 2015). To make sure that the marketers select and carry out the right activities, they should give priority to the strategic planning with a two level plan, one is strategic and another one is tactical. The strategic marketing plan actually lays out the target markets and the organizations value proposition that is based on the analysis of the most excellent market opportunities. Tactical market planning states the basic tactics of marketing that includes the features of the products, merchandising, sales channels, pricing, promotional works and many other services (Hollensen 2015). The distinction between these two shows the resonance with the appropriate definition of the strategic marketing planning. The planning process that yields the decisions and how a business organization can compete in the market the organization wants to operate. The strategic market decisions are generally based on the assessments of the products of market and pertain to the basis of the advantage in the market (West, Ford and Ibrahim 2015). The planning that is the basic output of the process serves as a blueprint for the developmental activities of the skills and the aspect of resources of a business organization, and also specifies the results expected. In many business organizations these activities are referred to as strategic business planning (Wilson and Gilligan 2012). Strategic plans In this section three different plans are discussed that produces the definition of strategic marketing and what is all about planning at the business organizations for commercial success (Line and Runyan 2014). Hierarchy of plans This plan sheds light on the fact that at the corporate level and resulting in markets being responsible to drive the growth for future success of the organization in line with the top level aims. Primarily this growth or success needs to have a specific focus on the clients, not the products as stated in the concept of marketing (Wilson and Gilligan 2012). Resource based view The alternative view to this plan was introduced by Wernerfelt in a journal that primarily focused on the resources of the business organizations those needs to have those resources to imply any strategies that it may desire and the lack of resources becomes an obstacle to enter the participation in the market (Wilson and Gilligan 2012). Strategic branding This plan shows how the branding decisions are made in respect to the marketing and strategic orientation and sheds light on the resource view by stating that it would be possible to look at the brand as a resource and a hub of strategy for the organizations. The concept of brand orientation is the latest approach to brands those focuses on the brands as the main resources and strategic hubs. Particularly, Brand orientation is an approach in which the organizations revolve around the creation, protection of brand identity and development in an ongoing interaction with the target clients with a goal of achieving lasting competitive advantages in form of brands (West, Ford and Ibrahim 2015). Finally it can be said that, as the global wealth and the growth of the brands over commodities are rising, the marketers and the commoners are looking at the rise of demand for the luxurious brands as a form of status symbol in many nations, and the strategic marketing is becoming necessary day by day. References Wilson, R.M. and Gilligan, C., 2012.Strategic marketing management. Routledge. West, D.C., Ford, J. and Ibrahim, E., 2015.Strategic marketing: creating competitive advantage. Oxford University Press, USA. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Foxall, G., 2014.Strategic Marketing Management (RLE Marketing)(Vol. 3). Routledge. Line, N.D. and Runyan, R.C., 2014. Destination marketing and the service-dominant logic: A resource-based operationalization of strategic marketing assets.Tourism Management,43, pp.91-102.