Strategic Marketing

Introduction to Marketing Concepts

• ABM: Accountancy Management (Accounting Business Management)

• Principles of Marketing: Fundamental aspects guiding marketing strategies and tactics

Strategic Marketing

• Definition: Strategic marketing is a long-term plan aligned with a company's vision and goals. It focuses on:

  • Achieving profitability and productivity

  • External environmental scanning to respond to market forces

• Key Aspects:

  • Customer preferences

  • Competition analysis

  • Market trends

• Goals:

  • Increase profits

  • Expand into new markets

  • Strengthen brand loyalty

Examples of Strategic Marketing

Rustan's Department Store

• Strategy: Offers high-end, branded products targeting wealthy customers

• Goal: Provide a premium experience to build brand loyalty

• Market Understanding: Targets a niche market willing to pay more for exclusive items rather than competing with mass-market retailers

SM Store

• Strategy: Wide range of products at various price points to meet diverse customer needs

• Goal: Mass appeal to tap into budget-conscious shoppers and those seeking premium goods

Understanding Strategic vs. Tactical Marketing

• Tactical Marketing Defined:

  • Actions undertaken to execute a strategy

  • Short-term focus compared to long-term strategic planning

• Analogy:

  • Strategic marketing is like the blueprint of a house; tactical marketing is the actual construction

Tactical Marketing Actions

Steps to Describe Tactical Marketing Tactics

1. Prepare an Action Plan:

   • List steps, time frames, suppliers, and personnel

   • Example: Regular updates on social media for product launches

2. Resources and Budgeting:

   • Monitor and plan budget to support tactics

3. Measure Success:

   • Set goals and benchmarks to evaluate effectiveness

Case Studies in Marketing

Domino's Pizza

• Background: Founded in the 1960s

• Strategic Marketing: Aims for global presence by innovating menus

• Tactical Marketing: Customizes toppings based on local preferences (e.g., seafood in Asia)

Nike

• Background: Founded in 1964, initially a distributor

• Strategic Marketing: Long-term partnerships for sponsorships to increase global visibility

• Tactical Marketing: Participation in championships for global exposure

McDonald's

• Background: Founded in 1940, expanded worldwide post 1955

• Strategic Marketing: Menu adaptations for local tastes

• Tactical Marketing: Unique menu items in different countries (e.g., Teriyaki Mac Burger in Japan)

Coca-Cola

• Background: Created in 1886, became a global soft drink icon

• Strategic Marketing: Focus on charitable initiatives for community impact

• Tactical Marketing:

  • Creation of The Coca-Cola Foundation

  • Emphasis on women’s empowerment, water access, and youth development

Interactive Assessment

• Checking Understanding: Questions designed to assess knowledge of strategic vs. tactical marketing

  • Example: Identifying tactical actions in real-world scenarios