Explain the processes involved in strategic marketing

Discuss About The Strategic Marketing Competitive Advantage.

The strategic marketing is used to identify all the strengths that will Air Fryers to differentiate from other competitors. The goal of strategic marketing helps in achieving all the resources in an effective way. It is useful for an organization as it helps in analyzing the target market and focus of the products that are served in the market. The products, price and promotion strategies can be developed using strategic marketing. Strategic marketing plays an important role in every organization by developing promotional strategy that helps in identifying the scenario of target goals. There are many organizations similar to Air Fryers who are cooking fry products without using oil (West, Ford and Ibrahim, 2015). Thus to beat the competitors in the market strategic marketing is required. It can be stated that an effective marketing strategy serves as a road map for the entire company. It helps the business to grow and use all their resources correctly. Strategic marketing strategy also considers consumers’ expectations so that products could be modified. The goal of strategic marketing for Air Fryers helps in evaluating the current environment. It helps in understanding all the available resources and the products that are served by competitive environment.

The process that is involved in strategic marketing is identifying, analyzing and evaluating the opportunities to gain success in the market place. The processes that are involved in strategic marketing are mission identification. This helps in identifying the need of Air Fryers, the need of oil free products in the market. It has gained importance as people are diet conscious and diseases are increasing due to unhealthy food  (Moutinho and Vargas, 2018). Thus identifying the mission helps in innovating ideas for better sale. Once the mission is identified, situations are analyzed so that the entire external environment is identified.  Strategic marketing helps in developing plan the process used to help in outlining the tactics. Processes are used to outline the target audience, goals as well as various factors that help in maintaining better decisions. Process developed is used to focus on the customer experience. The process involves evolution of the marketing concept and finding the target market os that promotion is done in right direction.

The strategic marketing process involves in understanding the clear demand of customers, then analyzing the market and the competitors who are serving similar products  (Kaynak, and Meulenberg, 2017). Once the competitors are identified products and services are distribute over the channels to capture maximum audience.

Evaluate the links between strategic marketing and corporate strategy

Strategic marketing and corporate strategy are linked to each other as corporate strategy guides the overall direction for an organisation. Corporate strategy is a plan designed by the company to achieve particular goals. In case of Air Fryers strategic marketing helps in finding the goals that need to be achieved by analyzing the competitors in the market and corporate strategy help in achieving the goal of the company  (Cooper, 2010). In general the role of strategic marketing is to attract target customers so that company get effective growth and products gets promoted. Corporate strategy are meant to have focus primarily on profitability, whereas marketing strategies refer to the plans and tactics that involve making or selling a product. The concept of marketing strategy is found revolving around mechanism of marketing mix whereas the corporate strategy is concerned with the creation and development of an organizational structure, and debt reduction for improving the Vin’s Appliances balance sheet. Corporate strategy is a broader concept and also comprises other operations such as diversifying the product or service line to increase profits or decrease dependence on one product, merging with or buying another business to create economies of scale, accessing new technology and increasing sales volume (McCamley and Gilmore, 2018).

The role of strategic planning is significant for every organization and for Vin’s Appliances Porter’s five forces model used by the manager in enhancing the strategic marketing plan for the company (Kumar & Reinartz, 2018).

Porter’s five forces

Threat of new entrants (high)

The threat of new entrants for the company is high because the brand value of the company is not as efficient as their competitors.

Threat of substitutes (low)

The substitute of air fryer product is not available that is why the threat of substitute is low which would be helpful for the company to get growth in an innovative product (Ashley & Tuten, 2015).

Bargaining power of suppliers (high)

The Vin’s Appliances is itself a supplier to most of the kitchen appliances products. However, the bargaining power of suppliers is high for this industry because for the raw material company need to focus on suppliers.

Bargaining power of customers (low)

Buyers have a sufficient access to gather the information and due to advanced technology they can compare the prices and quality of the products. They can easily switch from one brand to another by comparing the products.

Intensify of competition rivalry (high)

Assess the value of models used in strategic marketing planning

The competition in kitchen appliances is very competitive due to several organizations competing worldwide for the purpose of making their reputation in the market place. The major competitors of the company are Philips.

The aim of every organization is to attain the unique strategic positions in their determined area in the market in these hard and competitive business environments. This can be possible for the business to attain the marketing tactics because the role of marketing tactics play a sophisticated role that enables organization to focus on the available resources and opportunities for amplifying the sales and revenues of the company. In a general way, it can be said that the marketing tactics improves and utilized by the business facilitates and allow to attain the unique strategic positioning in the market. Vin’s Appliances deals in various products but after observing people who are more concern regarding their health, the company has come up with ‘Air Fryers’ where cooking oil is not required to fry products. For Vin’s Appliances, the bonding between strategic positioning and marketing tactics can be mentioned as:

• To develop the value of the customers (Jarzabkowski & Kaplan, 2015).
• Creating the long-term relationship with the customers.
• Building the demands for the products of Vin’s Appliances.
• Setting attractive prices for the products of the company.
• To efficiently meets the needs and desires of the customers.

Therefore, these are some important marketing tactics that Vin’s Appliance implement for the purpose of increasing the sales and profitability.

For Vin’s Appliances, the benefits of relationship marketing can be evaluated as per below-mentioned aspects:

• The relationship marketing of Vin’s Appliances helps in attaining the competitive advantages from its competitors such as Philips.
• Relationship marketing of the company facilitates in making good binding with their customers for a long term by providing quality products.
• Along with that it is acted as a medium in the growth and sales of the company.
• The relationship marketing encourages company to keep more focus on the innovative products for getting the attention of the customers from nee targeted market.
• The execution of the relationship marketing is the one which facilitates company to stay as a leader in the appliance industry (Ryan, 2016).
• Also, it is assisted in building the company as leading seller of air fryer product.
• It is the approach that increases the word of mouth activity which would be helpful in repeating the purchases of the same product.

Hence, on the basis of these factors the merits that Vin’s Appliances has attained by expanding and executing the relationship marketing.

Marketing techniques in relation with attainment of growth opportunities in the target market, organization could select one of the most appropriate growth strategies as per organizational operations in terms of attainment of goals and objectives. There are four growth strategies in the market i.e. market expansion, product expansion, diversification and acquisition strategy. As per Vin’s Appliances operations, they have planned to invent a new product in the target market i.e. Air Fryer so that their revenues, profitability and sales could be enhanced. With the help of this product, organization would be able to enhance its customer base in the target market along with attaining competitive advantage. In relation with attainment of desired goals and objectives, organization will adopt product diversification strategy (Cross, Belich & Rudelius, 2015). With the help of this strategy, organization would be able to launch its new product in the existing as well as in the new market. As the concept of Air Fryer is unique and there are various advantages linked with the new product i.e. the new product uses hot air for frying the eatables which could be consumed by heart patient and health conscious people (Cusumano, Kahl & Suarez, 2015).

Discuss the links between strategic positioning and marketing tactics

Thus, organization would easily be able to set up its effective position in the target market with the help of product diversification strategy. Organizational desired goals such as increasing customer base, increasing revenues, sales, profitability and attaining sustainable growth related objectives would be an easy task for Vin’s Appliances (Lancaster & Massingham, 2017).

Before implementing marketing strategy in the target market for attaining desired goals and objectives, it is required to analyse target market’s environment and other attributes so that appropriate market strategy could easily be adopted and implemented for successful launching of the new product. The major steps which need to be analysed for a successful marketing strategy are as follows:

• Identification of business goals and objectives
• Setting organizational marketing goals
• Analyse marketing conditions
• Determining potential market for the new product
• Determining major competitors and their market share so that appropriate strategies could be adopted for attaining competitive advantage in the target market
• Developing and adopting appropriate strategies for supporting marketing goals of the organization (Cwalina, Falkowski & Newman, 2015).
• Implementing marketing strategies in relevance with promoting new product launched by the organization so that desired goals could be attained
• Further monitoring and evaluating techniques could be adopted so that the above plans could be examined and within time, appropriate strategies could be adopted for enhancing effectiveness of the organizational performance.

Vin’s Appliances has planned to launch Air Fryer in UAE market. This product fries product without consuming cooking oil and motive of introducing this product is providing an alternative to the heart patients. This Air Fryer uses hot air for frying the products and it does not have negative impacts over health, thus, it could be consumed by health conscious people. Primary objectives in relation with the introduction of new product is acquiring market share in the target market along with gaining competitive advantage. Apart from these objectives, major marketing objectives for the organization will be increase in profits, sales and revenues so that an effective position could be developed in the target market. Following are certain marketing objectives for the organization in terms of launching a new product:

• Attaining an effective market share in the target market;
• Enhancing revenues, sales and profitability from the launching of new product;
• Gaining competitive advantage;
• Enhancing customer base; and
• Setting goals and objectives on the basis of SMART (specific, measurable, attainable, realistic, and time-specific) criteria (Cwalina, Falkowski & Newman, 2015).

External environmental factors have significant impact over the marketing strategy. Certain external environmental factors are political, economic, social, technological, legal and environmental. In relation with this, it is important for the organization to determine all these factors and their impact before adopting and implementing any marketing strategy with the motive of promotion of new products. These factors have strong influence over organizational performance and these should be considered before launching a new product as well as before launching a business (Li & Kannan, 2014).

For example, overnight implementation of laws, policies and regulations by the government in terms of using technology which is being used in the manufacturing of Air Fryer will affect the whole organizational performance because it will lead towards the failure of the product. Thus, it is necessary to determine the conditions of the market, target audience’s demands, wants, consumer buying pattern and the other factors which could affect organizational operations in terms of introduction of new product. This will help the organization to develop and adopt appropriate marketing strategies through which desired goals and objectives could be attained (Bamiatzi & Kirchmaier, 2014).

Analyze the merits of relationship marketing in a given strategic marketing strategy

Internal analysis is the key element for an organization in terms of adaptation of the appropriate marketing strategies for attaining desired goals and objectives. Internal analysis includes determination of strengths, weaknesses, opportunities and threats for enhancing organizational performance along with the motive of gaining competitive advantage.

Strengths · Wide product offering · Huge customer base · High customer satisfaction · Brand value · Huge customer brand loyalty	Weaknesses · Availability in limited locations · Low geographic presence · Less market share in terms of other global players
Opportunities · Investing in research and development department so that other products could easily be adopted. · Enhancing product offerings for enhancing customer base	Threats · Low chances to expand the business in other parts of the globe due to high competition · Less brand loyalty in other parts of the globe in comparison to the other global players (Ralston, et. al., 2015).

Digital marketing: Digital marketing is an important concept in relation with promoting the organizational new products and services. This strategy is important as well as effective in terms of covering the large part of the target market. Apart from this, digital marketing strategy is the most trending strategy in terms of promotion and advertisement of the new product. This strategy mainly includes social media strategies, television marketing and other internet based platforms. Internet users are increasing day by day, thus, organization could easily approach its target audience in an effective and appropriate manner.

Globalisation: Since, globalisation has taken place in the business environment; market for business enterprises has been increased along with enhancing opportunities for attaining growth related attributes. In the context of Vin’s Appliances, it is necessary to enhance organizational market share so that the revenues, sales and profitability of the organization (Smither, Houston & McIntire, 2016).

References 

Ashley, C. and Tuten, T., 2015. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing, 32(1), pp.15-27.

Bamiatzi, V.C. and Kirchmaier, T., 2014. Strategies for superior performance under adverse conditions: A focus on small and medium-sized high-growth firms. International Small Business Journal, 32(3), pp.259-284.

Cooper, L.G., 2010. Strategic marketing planning for radically new products. Journal of marketing, 64(1), pp.1-16.

Cross, J.C., Belich, T.J. and Rudelius, W., 2015. How marketing managers use market segmentation: An exploratory study. In Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 531-536). Springer, Cham.

Cusumano, M.A., Kahl, S.J. and Suarez, F.F., 2015. Services, industry evolution, and the competitive strategies of product firms. Strategic management journal, 36(4), pp.559-575.

Cwalina, W., Falkowski, A. and Newman, B.I., 2015. Political Marketing: Theoretical and Strategic Foundations: Theoretical and Strategic Foundations. Routledge.

Jarzabkowski, P. and Kaplan, S., 2015. Strategy tools?in?use: A framework for understanding “technologies of rationality” in practice. Strategic Management Journal, 36(4), pp.537-558.

Kaynak, E. and Meulenberg, M., 2017. Strategic Marketing Objectives in Mergers and Acquisitions in the Greek Food Industry. In Food and Agribusiness Marketing in Europe (pp. 47-64). CRC Press.

Kumar, V. and Reinartz, W., 2018. Customer relationship management: Concept, strategy, and tools. Springer.

Lancaster, G. and Massingham, L., 2017. The development of a strategic approach to marketing: its culture; internal macro-and external micro-environmental issues. In Essentials of Marketing Management (pp. 11-42). Routledge.

Li, H. and Kannan, P.K., 2014. Attributing conversions in a multichannel online marketing environment: An empirical model and a field experiment. Journal of Marketing Research, 51(1), pp.40-56.

McCamley, C. and Gilmore, A., 2018. Strategic marketing planning for heritage tourism: a conceptual model and empirical findings from two emerging heritage regions. Journal of Strategic Marketing, 26(2), pp.156-173.

Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts. Cabi.

Ralston, P.M., Blackhurst, J., Cantor, D.E. and Crum, M.R., 2015. A structure–conduct–performance perspective of how strategic supply chain integration affects firm performance. Journal of Supply Chain Management, 51(2), pp.47-64.

Ryan, D., 2016. Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.

Smither, R., Houston, J. and McIntire, S., 2016. Organization development: Strategies for changing environments. Routledge.

West, D.C., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press, USA.