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The strategic marketing process is a three-phase approach to defining and achieving your company's goals. The steps in each phase of the strategic marketing process help you determine how to best achieve your goals, deliver higher value in a way that drives success, and choose channels and mediums that are right for your business.
Each phase of the strategic marketing process helps you:
The three phases of the strategic marketing process are: formulating goals, formulating a strategy and implementing the strategy.
The three phases are not in a specific order, but they do occur sequentially.
The first phase is goal formulation, which includes defining your target market, identifying your needs and wants as well as those of your customers' needs and wants. The second phase is strategy development (or planning), which takes into account factors such as competition in the marketplace. It also involves establishing company goals for cost control and quality assurance. Finally there's implementation or putting plans into action, which may include advertising or sales promotion activities designed to help sell products or services at various times throughout each year rather than just during seasonal holidays.
The third phase of the strategic marketing process is to determine how to best achieve your marketing goals. In this phase, you'll identify your target audience and define your marketing objectives. You will also develop a strategy for achieving those objectives and select tactics for implementing that strategy.
Deliver higher value in a way that customers want and are willing to pay for. Develop a customer-centric approach to your marketing. Create a marketing strategy that is aligned with the business strategy. Use the right mix of marketing tools at each stage of the buying process.
You’ve heard the phrase “focus on the customer,” but what does that really mean? Customers are the most important players in your business—without them, you don’t have a product or service to sell. So it makes sense that you need to focus on them first and foremost when developing your marketing plan.
Focus on the Business Goals. But just because customers are important doesn’t mean that you should forget about your business goals! A successful company needs both its customers and its bottom line; if one suffers, so does the other (and vice versa). There are two ways of looking at this: either by making decisions based solely on which choice is best for customers or by taking into account how each decision affects profits as well as customer satisfaction over time.
The first method might seem overly altruistic; however, when executed correctly it can help provide long-term benefits such as greater brand recognition and stronger relationships with current customers by providing high quality products/services tailored specifically toward their needs at a reasonable price point while still maintaining profitability through strategic pricing structures etc...
Channels are the ways your customers interact with you. Mediums are the ways you interact with your customers. Channels can be physical or digital, while mediums can be physical or digital.
The three phases of the Strategic Marketing Process are planning, implementation and control. The planning phase involves everything from market research to create an effective marketing plan based on what you learned. The implementation phase is where the plan is executed with all the tactics you've developed over time, while control refers back to monitoring progress along the way so that nothing falls through cracks - or at least not too much!
Not of phases in Strategic Marketing Process?. (2022, Dec 14). Retrieved from https://studymoose.com/which-of-the-following-is-not-one-of-the-three-phases-of-the-strategic-marketing-process-essay
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