STRATEGIC MARKETING MANAGEMENT

DEFINITION
Marketing Management

The activity, set of institutions, and processes for creating,

communicating, delivering and exchanging offerings that have value
for customers, clients, partners and society at large (American
Marketing Association)
Lancaster and Massingham defines Strategic Marketing as a process of

strategically analysing environmental, competitive and business

factors affecting business units
forecasting future trends in business areas of interest to the
enterprise
participating in setting objectives and formulating corporate and
business unit strategy
selecting target market strategies for product markets in each
business unit
establishing marketing objectives and developing, implementing
and managing program positioning strategies

for meeting target market needs.

OVERVIEW OF MARKETING MANAGEMENT

FUNDAMENTALS
What is marketed?

Goods
Services
Events
Experiences
Persons
Places
Properties
Organisations
Information
Ideas

Who Markets?

Marketers & Prospects

Markets
Key Customer Markets
o Consumer markets
o Business markets
o Global markets
o Non-Profit / Governmental markets
Marketplaces, Market-Spaces & Meta-Markets
 Core Marketing Concepts

Needs, Wants, Demands

Target Markets, Positioning, Segmentation
Offerings & Brands
Value & Satisfaction
Marketing Channels
Supply Chain
Competition
Marketing Environment

COMPANY ORIENTATON TOWARDS MARKETPLACE

Consumers prefer products that are

Production Concept
widely available and inexpensive

Product ConceptConsumers favor products that

offer the most quality, performance
or innovative features
Selling Consumers
Concept will buy products only i
the company aggressively
promotes/sells
Focuses on needs/these
wantsproducts
of target
Marketing Concept
markets & delivering value
better than competitors
The Holistic Marketing Concept Framework

The Holistic Marketing Concept is driving organisations approaches

to marketing in the twenty-first century. The concept recognises the
scope and complexities of marketing activities and acknowledges
that a broad integrated perspective is necessary.
THE MARKETING MIX: OLD & NEW

Mullins, Walker, Boyd and Larrch (2006:18) describes the marketing mix as the combination
of controllable marketing variables that a manager uses to carry out a marketing strategy in
pursuit of the firms objectives in a given target market. Marketing mix decisions must be made
for influencing the trade channels as well as the final consumers.

In recent years the traditional Four P Marketing Mix has been refined and updated, as shown
in Figure 1.4 below, creating 8Ps that firms must consider when developing their marketing
th
strategies. In addition to these 8Ps, two additional Ps play a pivotal role: the 9 P =
Philosophy, the firms products/services should reflect the firms underlying philosophy and the

th
10 P= Payment Options, due to customers on demand nature, the need for easy &
innovative payment options, targeting the poorest in the market in remote areas and increased
levels of fraud, firms are seeking various innovative payment options to suit the diverse needs
of their target markets.
In addition to the Holistic Marketing Framework, Tapinfluence (2015) indicates that companies can use
the concept influencer marketing in their strategies to convince customers to purchase.

Influencer marketing ideally identifies key individuals (influencers) that command influence in the
market/social media and ranks them in terms of importance and influence. Marketers thereby markets
content/products/services to the influencer to increase awareness of the organisation and through the
influencer, increase further awareness in the influencers social circle thereby turning influencers into
brand/company advocates of the organisation with the goal of influencing consumers purchase
decisions towards the product/service. This tactic is not word of mouth marketing, but plays a key
component in the process of influencer marketing. The holistic marketing framework as shown
below
STRATEGY FORMULATION
SITUATION ANALYSIS

Marketing Opportunity Analysis

Accessing growth opportunities according to Kotler and Keller (2012:64) involves planning for new
businesses and downsizing or terminating old businesses. Marketers should begin with an external
analysis, scanning the macro-environment to identify opportunities and threats, thereafter conduct an
internal analysis to identify the companys strengths and weakness and determine possible
opportunities and minimise threats.

Pestle Analysis

The macro-environment is dynamic and constantly changing which often impacts businesses quickly
and at times drastically, thus requiring continuous and vigilant monitoring. Marketers must assess these
factors before making business decisions, namely: political/legal environment, international
environment, physical/natural environment, technological environment, economic environment and the
social cultural environment.
Porters Five Forces

According to Michael Porters framework, the industry is influenced by 5 factors i.e. bargaining power of
suppliers, bargaining power of buyers, threat of new entrants, threat of substitutes and rivalry between
existing direct competitors. The internet and wide easy access to information is reducing the power and
or influencing the factors.

SWOT Analysis

A SWOT analysis evaluates the companys overall strengths (S), weaknesses (W), opportunities (O)
and threats (T).
Gap Analysis

If there is a gap between future desired sales and projected total sales, corporate management would
have to develop or acquire new businesses to fill it. Figure 1.8 illustrates the Strategic

Planning Gap used to ascertain desired sales against the current portfolio. Cant et al. (2014:6) suggest
that these gaps can be classified as a:

Space gap: Porsche motor vehicles are manufactured in Germany. Due to there being few buyers
in South Africa, a limited number of dealerships exist in major cities, thus there being a
geographical (distance) gap between the consumer and the manufacturer.

Time gap: Time exists between the manufacture of the product and the consumption of the product
for example tropical fruit that is only harvested in summer yet available the entire year round.

Information gap: There is a lack of information on products and companies.

Ownership gap: Many consumers purchase items on credit or financed through the banks thus,
only take actual ownership of the product once it is paid up.

Value gap: Often there is a discrepancy in the value attached to product by the seller and the buyer
thereby affecting purchase decisions.

BCG MATRIX
GE MATRIX

ANSOFF MATRIX
MARKETING IMPLEMENTATION

https://www.business.qld.gov.au/running-business/marketing-
sales/marketing-promotion/marketing-plan

MARKETING PRICING STRATEGY

http://www.marketingteacher.com/pricing-strategies/

TYPES OF COMPETITIVE STRATEGIES

http://yourbusiness.azcentral.com/four-major-types-competitive-strategies-
6166.html
http://www.mbaskool.com/business-concepts/marketing-and-strategy-
terms/7394-competitive-strategy.html
MARKETING WARFARE STRATEGIES
https://www.scribd.com/doc/27864340/Marketing-Warfare-Strategy
Refer the PPT and this link simultaneously.

CORPORATE GOVERNANCE
Refer the pdf
http://smallbusiness.chron.com/corporate-governance-strategic-
management-59959.html

MARKETING AUDITS
http://www.marketingteacher.com/marketing-audit/
http://businessjargons.com/marketing-audit.html