What is the strategic concept of marketing? How it is different from marketing concept?

The strategic marketing define as a system of integrated business activities designed to develop strategic plans (in the form of marketing mixes) leading to the satisfaction of customer wants of selected market segments. Strategic marketing has a sharp focus, i.e., customer wants of selected market segments. To achieve its objective, it lays down strategies in four areas, namely, product, price, promotion and place shown as in figure below.

According to Michael Porter, A strategy is a combination of the ends for which the firm is striving and the means by which it is seeking to get there. In the words of Hofer and Schendel, An organization’s strategy is the fundamental pattern of present and planned resource deployments and environmental interactions that indicates how the organization will achieve its objectives.

What is the strategic concept of marketing? How it is different from marketing concept?

McCarthy has called product, price, promotion and place as four Ps of marketing. Collectively, these Ps constitute the marketing mix of the organization. Marketing mix is, in fact, a mix of mixes in the areas of product, price, promotion and place. The management has to develop separate strategy for each of the four Ps. Again operational strategies have to be developed in each of the four areas. For instance, product mix strategy may be bifurcated into sub-strategies based on branding, color, design, packaging, service, etc.

Strategic concept of marketing is different from marketing concept.

Marketing concept has focus on the customer or the product while strategic concept of marketing has focus on the consumer in the context of the broader external environment. Consisting of competition, government policy and regulation, and economic, social and political macro forces. Further, marketing concept is based on the profit while strategic concept of marketing is based on stakeholder benefits.

Stakeholders are individuals or groups who have an interest in the activity of a company. Such as employees, customers, management, society and government. In case of strategic of marketing, profit is important but not an end in itself.

Tags: M.com

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