Strategic marketing is a market driven process of strategy development,taking into account a constantly changing business environment and the need to deliver superior customer value.
1.Defining business mission: Mission is an overall goal of the organization that provides a sense of direction and a guide to decision making for all levels of management.
2.SWOT Analysis: SWOT analysis is an overall evaluation of the company's strengths,weaknesses,opportunities and threats.
3.Setting company objectives and goals: An objective is a statement what is to be achieved.
4.Analyzing the business portfolio: Business portfolio is the collection of businesses and products that make up the company.
5.Developing marketing strategy: Marketing strategy is an analysis,planning,implementation and control process design to satisfy customers needs and wants by providing superior value.
6.Implementation: Marketing implementation is the process that turns marketing plans into action.
7.Feedback & Control: Marketing control is the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
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