All marketing executives have to confront strategic marketing difficulties which can adversely affect the future of their organizations if not adequately addressed. Usually, their decisions are made without having an chance to closely examine the situation. Making untested strategic decisions can lessen the chance of an organization benefiting from the decisions. The thing that makes a strategic marketing proposal different from a more premeditated plan of marketing communications is the emphasis on combining overall consumer situations with the organization’s general direction.
For marketers operating in a business-to-business environment, this means merging product use and industry sector segmentation with other facets that are associated with purchasing decisions. These can include factors such as the criteria for procurement, and decision motivations that will determine the out-sized purchases made by the organization. For instance, the trend toward more use of subcontractors generates market for those suppliers. However, the retailers require a strategic marketing vision in order to make out or perceive these new markets before their business rivals also identify them and take the opportunity (Manning & Reece, 2003).
Consumer marketers have to consider the use of demographic and geographic segmentation; along with psychographic segmentation such as attitudes, values, consumer lifestyles, and the motivation for product usage. For instance, the aging population segment generates an increased demand for a wide range of goods. It also forms market niches that are big enough to make marketing as well as product development a worthwhile endeavor. These same factors can also contribute to the decrease in demand for other items. Occasionally, rather than increase sales or advertising efforts, it is more advisable to desert a declining market. Without strategic marketing tactics, an organization can actually waste valuable assets or miss a rare opportunity to take advantage of prevailing favourable conditions. The strategic marketing plan procedure usually has three stages. These are segmenting the market, profiling the market segments, and the creation of a market segment marketing strategy.
While business establishments think in terms of derived values and products, consumers usually look to experience satisfaction with a product before purchasing it. The key question is whether all the product features, marketing strategies, value creation and add ons result in the ultimate satisfaction of the consumer. Many organizations deem lower prices to be offers of more value. More often than not, this does not work as a strategy because the lowest price products are usually viewed by customers as being of lower value than higher priced goods; even if both contain similar attributes. The reason for this is that higher price goods usually offer a higher satisfaction as a result of imagery and perceived values.
Meeting Customer’s Needs
Creating value to Customers in Strategic Marketing
The value in a manufactured product is usually defined by the reaction of customers to it. It is essentially a matter of the customer’s perception. If the product is perceived by the consumer as possessing value then that discernment will lead to a procurement. Customer value may also develop from having employed the product over and over again with pleasing results. Customer value in its most fundamental form refers to the difference between the price of a product and the benefit the customer gets from the product. Today’s customers are much more informed as a result of the easily available modes of electronic communication that are available (Cravens & Piercy, 2008). As such, they usually purchase the goods that they sense are worth the cost required to attain them. Customers usually know precisely what they want to buy and will not waste time with low value products.
It is important for marketers to have products that can be considered as unique. This is something that can make the product be viewed as being of utmost value, resulting in a higher price being appropriate. In their mission to communicate information to consumers pertaining to products, sales professionals frequently oversell and fail to notice the consumers’ real needs. Consequently, the product presented is of hardly any value to consumers. The greatest challenge that marketing professionals have to confront today is rising beyond the ordinary noise level, getting access to their targeted market, and eventually buying influence. Qualified leads are just harder to come by in today’s market which is saturated with the pitches of dedicated marketers. The convergence of rich media, digital graphics, direct response tools, email, audio/visual streaming, social media, and web-based marketing platforms has generated numerous lead and contact methods. Organizations that traditionally depended on print ads, direct mail, cold calling, and trade shows have many more alternatives to choose from today (Chernev & Kotler, 2009).
While business etablishments think in terms of derived values and products, consumers usually look to experience satisfaction with a product before purchasing it. The key question is whether all the product features, marketing strategies, value creation and add ons result in the ultimate satisfaction of the consumer. Many organizations deem lower prices to be offers of more value. More often than not, this does not work as a strategy because the lowest price products are usually viewed by customers as being of lower value than higher priced goods; even if both contain similar attributes. The reason for this is that higher price goods usually offer a higher satisfaction as a result of imagery and perceived values.
Meeting Customer’s Needs
The failure or triumph of a business organization is reliant on how well it rises to the challenge of fulfilling customer expectations. A business owner’s perspective of how his or her business can serve consumers may be very different from what the customers think. In that case, the business owner ought to take advantage of every chance to engage with clients and ask their opinions on how the business is performing. This is especially important when the customers express less than enthusiastic responses. Meeting consumers’ needs can be fulfilled in numerous ways, but each method should be used after acquiring a deep understanding of who the targeted consumer is. Without this understanding this simple fact, marketers’ improvements of their products will purely be based on guesswork. Guesswork means that while some improvement efforts succeed, others will definitely fail and a lot of valuable time will have been wasted.
A market orientation defines the process through which an organization determines future aas well as present customer needs and then circulates this information throughout the organization’s different divisions. The organization’s divisions will then act together as an integrated organization to cater to specific consumer needs. The process of generating a market orientation plan involves more than just carrying out a number of different procedures. It calls for the general adoption of a corporate culture that is based on a shared understanding of the targeted market as well as common values. It also requires the sharing of intra-organizational power. Even though the change process is usually initiated by the dominant group of organizational executives, proper reward systems along with interdepartmental cooperation are also primary factors that will result in the successful realization of a market orientation procedure. Although organizations may stress the importance of market orientation, even to their own employees, few go the distance in seeking to actualize it by implementing cultural change that is meant to channel organizational efforts into meeting the needs of customer.
Chernev, A., & Kotler, P. (2009). Strategic Marketing Management, 5th Edition. New York: Brightstar Media.
Cravens, D., & Piercy, N. (2008). Strategic Marketing. New York: McGraw Publishers.
Manning G., & Reece, B. (2003). Selling Today: Creating Customer Value. New York:Prentice Hall.