For every successful business creation of leads and maintaining customers is necessary which is possible only by providing better products and services than competitors. It is the responsibility of marketing professionals to a constantly monitor what are the factors that attract the customers towards the business and how the value of products and services be increased by satisfying them.
One of the major factors that affect the business is the environment in which it is operating. Marketing professionals have primary role in managing the relationship between environment and business. Strategies should be made by the marketing professionals to make the necessary changes to adapt the business to the environment periodically.
Strategic Management deals with the direction in which the business is heading to which depends on marketing aspects. Strategic Management also deals with the decision-making process, financial aspects and human resources management. Creating a strategic planning should provide direction for creating quality products and services meeting the objectives of the business.
For small-scale industries manufacturing and marketing single product in the same area strategic planning is easy. But for multinational companies having a wide range of products which are sold all over the world controlling the marketing decision-making process can become tedious. The main questions that arise during the marketing process of big companies are as follows
What is the current position of the company?
How did the company managed to reach the position?
Where is the company heading to?
Where would the company want to reach in future?
How will the company reach in that position?
Is the company on right track?
Achieving profits through various marketing efforts on several environmental factors which are interconnected. So it is essential to bring order in the complex parameters that affects the overall profit of the business.
A strategic marketing management plan can be helpful for the business in many ways.
Identifying the source of information to make better products and services than competitors.
Achieving dedication for the strategies that are going to be implemented.
Keeping the stakeholders informed about the changes.
Setting up goals and measuring of the impacts of the strategies.