What Is Strategic Marketing?
Organizations use strategic marketing to create a plan to better reach and satisfy customers while increasing profitability and productivity. Read on to learn more about what strategic marketing is and how businesses use it. Schools offering Marketing degrees can also be found in these popular choices.
Strategic Marketing Overview
Companies use strategic marketing to identify customer needs and to create a marketing plan to achieve customer satisfaction, improve company performance and increase profit. Typically, an organization will create a written strategic marketing plan that dictates what type of marketing programs it will use during a given time frame and how those programs will be implemented. By outlining how it will engage customers and use new sales and marketing methods, an organization can grow and increase market domination. Strategic marketing can also help a business become more innovative and better penetrate a market. Companies may employ communication methods like newsletters, podcasts and e-mails in their strategic marketing plans.
Various departments within a business often cooperate to create a strategic marketing plan. When devising a new marketing plan, a strategic marketing manager may meet with employees in operations, sales and administration to create and identify marketing goals. Typically, a strategic marketing manager sets a date for these goals to be met. According to the University of Florida, a strategic marketing plan is only successful and profitable if it meets the following goals:
- Setting realistic objectives
- Creating business tactics that are more effective
- Taking past marketing failures into account
- Improving performance
- Identifying the most important ways that business operations must change
How to Become a Strategic Marketer
Strategic marketing can be studied through a bachelor's degree program in marketing, which typically includes coursework in this subject and may even offer a concentration in strategic marketing. Some Master of Business Administration (MBA) programs also focus on strategic marketing, and students in these programs typically have hands-on training opportunities, like an internship. Coursework in a strategic marketing track may include marketing communication, online and social media marketing, supply chain management, financial decisions, retail management and international business.
Also, several schools offer short-term strategic marketing management programs that may last from two days to a few weeks. These programs are designed for business professionals who need to develop their skills in this facet.
The U.S. Bureau of Labor Statistics (BLS) reports employment outlook and salary statistics for marketing specialists and marketing managers. From 2010-2020, a much faster than average job growth of 32% was expected for market research analysts, who use their research to develop marketing strategies. Marketing managers were predicted to have an average job growth of 13% during that decade. In 2012, market research analysts and other marketing specialists earned a median annual salary of $60,300, and marketing managers made a median of $119,480.
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