The decisionmaking process is familiar to everybody, being applied in almost all aspects of our public or private lives, at an individual or aggregate organizational level. Pdf strategic marketing management, 3e researchgate. He holds degrees in economics and communications from the. The terms marketing strategy and strategic market planning are often used.
In this article, we explore, 1 the definition and purpose of strategic marketing, 2 the three phases of the strategic marketing. Usually operates at two levels, strategic and tactical. In addition to strategic marketing for the sme, he is the coauthor of two business books with a. Th is paper is a first attempt that puts the discipline into. Strategic marketing decisions provides consulting services in pricing, product design policy, and marketing strategy. Strategic marketing decisions are part of the problemsolving process and are required throughout the process of analysis, strategic choice and implementation. Domain, definition, fundamental issues and foundational premises article pdf available in journal of the academy of marketing science 382. The offered products are either uniform or differentiated. The changes are typically large in scope, such as introducing a new manufacturing process. Factors affecting pricing decisions business study notes.
Mang1023 strategic marketing decisions university of. Their input, advice, and lessons learned, both successes and failures, have been incorporated into this document so that we may all apply better strategic management processes in our organizations. The module provides students with a grounding on what are strategic marketing decisions and their implications for the organizations products or services to ensure best performance. Strategic marketing builds off of market knowledge to develop a customercentered strategy, or plan and approach, to marketing campaigns with the ultimate goal of profitability for the organization. Is part of a business plan and is the foundation for identifying your market, attracting prospects, converting them into customers, and retaining them as customers. This paper presents many interesting issues related with strategic decision making process, like a discussion about the decision making process in the military.
The paper concludes that these important relationships in strategic marketing decisions, omitted in extant literature, should be incorporated for a. The results obtained from a hypothetical example strategic operation management decision show that the model is able to rank a set of strategic decisions in the environment of most companies and. Where marketing decisions are short term, strategic decision making might consider a long term initiative, such as launching a very new and innovative product, or changing the existing product lines radically. Another factors affecting pricing decisions is oligopolistic. The term strategic marketing decisions describes the set of activities of an enterprise that are oriented to the consumers fletcher, 1990.
Strategic decisions are the decisions that are concerned with whole environment in which the firm operates, the entire resources and the people who form the company and the interface between the two. The decision making process is familiar to everybody, being applied in almost all aspects of our public or private lives, at an individual or aggregate organizational level. Strategic surprisingly, here there is ready agreement. Making decisions for strategic advantage by musadiq a sahaf pdf online. It recognises the increasing time pressures of both students and managers and so strives to maintain the readability and clarity through a straightforward and logical structure that will enable them to. Kotler on strategic marketing by john roberts, alvin silk, glen urban volume editor, and jerry wind 1. Now it chooses the approach to achieve those objectives. A well defined and feasible marketing strategy makes meeting customer needs a likely and attainable goal. It is difficult for new seller to enter in the market. Technology or innovation is at the crux of strategic decision making.
Strategic marketing decisions in global markets meets the needs of marketing students and practitioners in an uptodate and innovative manner. Strategic decision making is the central function of a toplevel executive. Building a foundation for your future 4 customer characteristics and purchasing hot buttons provide the information needed to decide whether the firm can and should attempt to gain or maintain a sustainable competitive advantage for marketing to a particular market segment lehmann and winer 1994. Decisions that involve the drawing of guidelines and the longterm marketing planning can be described by the term strategic market planning process. Another example of a major change is the decision to modify the companys culture. Usercentric thinking, which involves placing the user at the core of all decisions, is vital when looking at building a successful digital marketing strategy. We specialize in providing the education, research, and analytical tools necessary for utilizing price in developing and implementing effective integrated strategic marketing policies. Not all futureoriented decisions are strategic ones.
Strategic decisions definition and characteristics. Setting out the strategies the marketing department are going to use. In this approach, the strategic choices involve decisions about whether to compete for a share of the total market or for a specific target group. Second, 46 strategic marketing decisions drawn from 32 small businesses are examined within the context of the research framework and, finally, a model of strategic marketing decision.
Marketing decisions include promotion decisions which are important content of the marketing mix in which different aspects of marketing communication occurs. Strategic decisions are decisions about an organizations strategy. Philip kotlers contributions to the field of marketing philip kotlers status as a major thought leader in marketing is widely recognized. Strategic marketing management ufifas edis university of. Mang61 strategic marketing decisions university of. Jan 25, 2020 1 strategy is at many times at tangent with marketing decisions. Marketing terminology affects a marketing managers decisions and actions influencing buyers reactions to the firms marketing mix includes the following forces competitive economic political 1 marketing environment legal and regulatory technological. Strategy refers to a general plan of action for achieving ones goals and objectives.
It aims to examine how, in such a dynamic environment, competitive advantage might be developed through strongly differentiated positioning and exploited in a costeffective manner. How do small business managers make strategic marketing. Strategic marketing decisions in global markets doole, isobel, lowe, robin on. Factors influencing strategic decisionmaking processes. Among different managers decisions strategic decisionmaking is a complex process that must be understood completely before it can be practiced effectively. Many factors are unknown, since managers are planning for future changes. In oligopolistic market, there are few sellers and buyers which are conscious about the pricing and other marketing strategies of competitors. In order to define strategic marketing, you must also consider how this strategy applies to concepts like marketing research, social media.
Strategic marketing decisions in global markets isobel. Some marketing decisions made by organizations in every. Implementation of strategy involves a number of interrelated decisions, choices, and a broad range of activities. Those firms planning to enter the global markets have to decide on following key. A complete strategic posture includes decisions in at least four areas.
We start by defining strategy and sdm in order to set the. Marketing decisions involve the traditional four psproduct, price, pro motion. The marketing department has its strategic marketing objectives to achieve e. There is no doubt that strategic decisions have a major impact on any organization. These include the division of duties and responsibilities. Strategic marketing enables the organization to consider every aspect of business including competition, future plans and opportunities, prevailing trends etc. Strategic marketing decisions are the decisions made as part of the iterative process of strategy development. From among 121 studies, which have been conducted in terms of contextual factors influencing strategic decision making process, decision specific characteristics have received very limited attention 20 percent. The focus of strategic marketing decisions is on the nature of competitive strategy in a global context. It aims to examine how, in such a dynamic environment. Strategic decisions take care of the longrun future of the entire organization. By now, so much has been spoken and written about his. Strategic marketing management linkedin slideshare.
Marketing strategy is a longterm, forwardlooking approach and an overall game plan of any. International marketing decisions are same as domestic marketing. Models for marketing planning and decision making citeseerx. Those responsible for strategic decisionmaking face a task of extreme complexity and ambiguity. Knowing how to keep the document measurable and timebound can make it easier for the sales team to execute action plans and incorporate strategies in all sales activities. Examine how mission and vision statements guide a rms strategic decisions. Special thanks is extended to those who participated in the case studies by sharing the details of their strategies. More clearly, product, price, promotion, and distribution decisions are made for international buyers.
Pdf strategic operations management radhitya wirawan. Strategic decisions have major resource propositions for an organization. Following are some of the important promotion decisions. The decision maker should feel happy after the decision made and if the decision is teammade then the decision maker. Therefore decisions about the scope of a marketing strategy involve specifying the targetmarket segments to be pursued and the product line to. International marketing decision your article library. Describe the nature and scope of strategy examines historical evolution of strategic management, identify and explain the marked differences between strategic. Digital marketing strategy builds on and adapts the principles of traditional marketing, using the opportunities and challenges offered by technology and the digital medium. A strategy or general plan of action might be formulated for broad, longterm, corporate goals and objectives, for more specific business unit goals and objec. However, when it comes to really strategic decision making, things tend to get a bit blurry. Borrowing from our fasttrack marketing plan the following are 3 important strategic marketing planning and decisionmaking areas to get right. Firms should know why the analysis is being conducted and what re sults are ex pected from the analy sis.
This broadening of the marketing concept, to include strategic as well as operational decisions, has resulted in an overlap between marketing and strategic management. Jul 25, 2016 borrowing from our fasttrack marketing plan the following are 3 important strategic marketing planning and decisionmaking areas to get right. Chapter one introduction to strategic marketing learning objective after completing this chapter, the student will be able to. The e ectiveness of strategic marketing decisions is contin gent upon the quality and comprehensiveness of strategic analysis. Strategy and planning decisions involve aligning marketing goals with business and customer strategies and aligning the priorities of marketing and sales. Mar 28, 2015 strategic decisions are decisions about an organizations strategy. Strategic analysis is the fou ndation on which b usiness decisions are made. Using business intelligence to discover new market opportunities pdf. Apr 30, 2016 marketing decisions include promotion decisions which are important content of the marketing mix in which different aspects of marketing communication occurs. This paper presents many interesting issues related with strategic decisionmaking process, like a discussion about the decisionmaking process in the military.
Strategic decisions usually mean managers must plan for change and risk. Strategic to identify the overall market play and tactical to execute on the marketing plan. The module explains the structure of the dna of marketing and explains once decisions are made, why they. Download free sample and get upto 48% off on mrprental. H11sm strategic marketing edinburgh business school. Making strategic marketing decisions, however, is more difficult for a social.
Pdf a model of strategic marketing decision premises. And while most companies do great marketing, only a few have created brand attachment and customer loyalty through their marketing practices and tactics. The information about the product is communicated with an objective to produce positive customer response. The strategic marketing course aims to provide students with the necessary tools and frameworks to enable them to make proactive marketing decisions that. If you want your sales action plans and strategies to be organized and properly developed, coming up.
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