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STM Assignment 4

The document outlines the five steps of the strategic marketing process: 1. Mission - Identifying the company's purpose and goals. 2. Situation Analysis - Evaluating internal/external factors affecting the business. 3. Marketing Strategy - Prioritizing opportunities identified in the situation analysis. 4. Marketing Mix - Developing the 4P's of marketing (Product, Price, Place, Promotion). 5. Implementation and Control - Executing the marketing plan and monitoring progress.

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Gunjan
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92 views3 pages

STM Assignment 4

The document outlines the five steps of the strategic marketing process: 1. Mission - Identifying the company's purpose and goals. 2. Situation Analysis - Evaluating internal/external factors affecting the business. 3. Marketing Strategy - Prioritizing opportunities identified in the situation analysis. 4. Marketing Mix - Developing the 4P's of marketing (Product, Price, Place, Promotion). 5. Implementation and Control - Executing the marketing plan and monitoring progress.

Uploaded by

Gunjan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Lingayas Vidyapeeth

School of Commerce and Management

Assignment
Of
Strategic Marketing (STM)

Submitted To: Submitted By:


Ms. Alisha Gunjan
16BMI24M

Question:1 Write the strategic marketing management process in


detail.

Answer: The strategic marketing process is a deliberate series of steps to help


you identify and reach your goals. Even more, you’ll discover what your
customers want and develop products that meet those needs. Here are the steps
to a successful strategic marketing process.

1. Mission
2. Situation Analysis
3. Marketing Strategy/Planning
4. Marketing Mix
5. Implementation and Control

1
 Mission: Apple is dedicated to making innovative, high-quality products.
 Situation Analysis:  Apple’s competitive advantage is driven by its
commitment to understanding customer needs, focusing on the products
that are core to its mission, and fostering a collaborative work culture.
 Marketing Strategy:  Apple usually is first to the marketplace with new
products and the company relies on brand loyalty from existing
customers as a strategy when launching new products and services.
 Marketing Mix: While Apple offers a range of products, it values
premium pricing and relies on strict guidelines for distribution.
 Implementation and Control: Each Apple product complements the
others and work within the same ecosystem, so customers tend to stay
with the brand, creating loyal consumers.

Step One: Mission


First, identify and understand the company’s mission. Maybe it’s written down
and promoted throughout the organization. If not, talk to stakeholders to find
out why your company exists. A mission statement explains why a company is in
business and how it can benefit consumers.

Step Two: Situation Analysis


The second step of the strategic marketing process is to evaluate internal and
external factors that affect your business and market. Your analysis will
illuminate your strengths and the challenges you face — either with internal
resources or with external competition in the marketplace. Situation analysis
provides a clear, objective view of the health of your business, your current and
prospective customers, industry trends, and your company’s position in the
marketplace.

Step Three: Marketing Plan


Now that you’ve identified opportunities through your analysis, you should
prioritize and map out which ones you are going to pursue. Writing a marketing
plan will specify your target customers and how you will reach them, and
should also include a forecast of the anticipated results. These questions can
help:

1. How will customers respond to your marketing efforts? 

2
2. How much will the plan cost? 
3. How will your competition respond? 

Step Four: Developing Marketing Mix Decisions


At this stage of the strategic marketing process, it’s time to focus on the “how”
of planning. Your marketing mix is based on the 4Ps of marketing, including
Product, Price, Promotion, and Place.  In 1960, E. J. McCarthy first expressed
the 4Ps, and it is probably the best-known way to describe the marketing mix

Step Five: Implementation and Control


Now it’s time to put your plan into action. Identify how and when you will
launch your plan. At this stage of the strategic marketing process, you will
reach out to customers to inform and persuade them about your product or
service. Your next steps include getting the resources (cash and staffing) to
market your product, organizing the people who will do the work, creating
calendars to keep the work on track, and managing all the details for each goal.
It will help you stay focused and energized if you create monthly benchmarks
and projects, weekly action steps, and daily marketing appointments.

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