This essay examines the principles and requirements of succesfull strategic marketing on a broader level. Within this context, special emphasis is put on understanding customer behaviour and developing an implementable strategic marketing plan.
In order to so, five strategic key targets are singled out and explained thereotically. In a second step, follwing this explanation, an exemplary marketing plan for Tesco PLC is created, based on the criteria established earlier.
Table of Contents
TASK 1 – UNDERSTAND THE PRINCIPLES OF STRATEGIC MARKETING
Analyse the Relationship Between Corporate Strategy and Marketing Strategy
Analyse the Development of Marketing Strategies
Explain, Using Examples, How Different Marketing Strategies Contribute To Competitive Advantage
Relationship between strategic intent, strategic assessment, strategic choice and their impact on the formulation of marketing strategy
TASK 2 – UNDERSTAND HOW TO CARRY OUT STRATEGIC ENVIRONMENTAL ANALYSIS
Evaluate Different Approaches to Conducting an Internal Environmental Analysis
Evaluate Different Approaches to Conducting an External Environmental Analysis
Assess the Integration of Internal and External Analyses
TASK 3 – UNDERSTAND THE ROLE OF CUSTOMER BEHAVIOUR IN MARKETING STRATEGIES
Analyse the Role of Marketing Research Process and Its Relationship to Consumer Behaviour
Evaluate the Role of Relationship Marketing In Customer Behaviour Analysis
TASK 4 – UNDERSTAND HOW TO DEVELOP AN IMPLEMENTABLE STRATEGIC MARKETING PLAN
Analyse the Factors to Be Taken Into Account in the Development of a Marketing Plan
MARKETING PLAN FOR TESCO PLC.
Executive Summary
Vision
Strategy
Corporate Objective
Target Market
Market Division and Segmentation
Unique Selling Proposition
Marketing Objectives
Pricing Strategy
Needs and Requirements
Distribution Strategy
Customer Communications
Promotional Strategy
Financial Projections
Design Monitoring Systems That Are Capable of Identifying Performance Deviations from the Plan’s Original Objectives
Anticipate the Need for Contingency Plans
TASK 5 – UNDERSTAND HOW TO CREATE A MARKETING STRATEGY TO MEET BUSINESS OBJECTIVES
Evaluate the Requirements of a Marketing Strategy
Explain the Relationship between a Marketing Strategy and a Corporate Strategy
Explain How the Marketing Strategy Should Address Competitive Forces and Their Likely Impact
Design a Dissemination Process to Ensure Internal Stakeholders Are Informed and Committed To the Marketing Strategy
Objectives and Core Topics
The primary objective of this work is to provide a comprehensive understanding of the principles, frameworks, and practical applications of strategic marketing. It explores how marketing strategies are developed, implemented, and monitored to achieve long-term corporate goals while addressing customer needs and competitive pressures.
- Principles of strategic marketing and the corporate-marketing strategy link.
- Methods for conducting internal and external environmental analysis.
- The impact of consumer behavior and relationship marketing on strategy.
- Developing implementable marketing plans with examples from Tesco Plc.
- Strategies for managing competitive forces and stakeholder communication.
Excerpt from the Book
Analyse the Relationship Between Corporate Strategy and Marketing Strategy
Corporate strategy comprises of defined measures that the organisation should take to achieve its long term goals while marketing strategies is a business level document defining how a company will target, position, market, and sell its products. By definition, the corporate strategy focuses on the business’ high-level objectives which are geared towards the long term growth of the company. This implies that corporate strategy does not directly translate into concrete tasks or what members of the organisation can do on a day to day basis. On the other hand, a marketing strategy is a functional level strategy that highlights specific actions that can be implemented to attain a specific objective (Thompson, 2019). For instance, if the corporate strategy is to enhance the company’s product range, the marketing strategy will lay down specific actions that the company should undertake to create a product range that responds to specific needs of the customers in a particular target market.
Corporate strategy also enables an organisation to analyse its strength and weaknesses with regard to those of the competitors, which are fundamental components of a marketing strategy. Strength, weakness, opportunities and threats (SWOT) is used by the organisation to focus on various aspects of marketing and gain competitive advantage (Kotler, 2001). Corporate strategy also aids marketing strategy to understand the business environment. Analysing opportunities and threats enable the company to identify available marketing opportunities as well as threats that can destroy the company. In this regard, a business needs both marketing strategy and corporate strategy as a framework to guide how, when, why and where it intends to attain its short term, medium term and long term objectives. In general, a corporate strategy highlights the vision for the company whether it offers a premium product or service, competitive advantages and ensuring the satisfaction of its customers. On the other hand, marketing strategy highlights how a company can achieve its corporate objectives through finding the best customers, offering the product and promoting the product (Thompson, 2019).
Summary of Chapters
TASK 1 – UNDERSTAND THE PRINCIPLES OF STRATEGIC MARKETING: Defines the conceptual relationship between high-level corporate goals and functional marketing actions.
TASK 2 – UNDERSTAND HOW TO CARRY OUT STRATEGIC ENVIRONMENTAL ANALYSIS: Evaluates methods like RBV, PESTEL, and Porter’s Five Forces for internal and external assessment.
TASK 3 – UNDERSTAND THE ROLE OF CUSTOMER BEHAVIOUR IN MARKETING STRATEGIES: Explains how market research and relationship marketing are used to influence consumer purchasing decisions.
TASK 4 – UNDERSTAND HOW TO DEVELOP AN IMPLEMENTABLE STRATEGIC MARKETING PLAN: Outlines necessary factors for planning and provides a case study application for Tesco Plc.
TASK 5 – UNDERSTAND HOW TO CREATE A MARKETING STRATEGY TO MEET BUSINESS OBJECTIVES: Examines strategic requirements, competitive force management, and stakeholder engagement processes.
Keywords
Strategic Marketing, Corporate Strategy, Marketing Plan, SWOT Analysis, Consumer Behaviour, Relationship Marketing, Tesco Plc, Market Segmentation, Competitive Advantage, PESTEL Analysis, Marketing Mix, Strategic Intent, Brand Loyalty, Environmental Analysis, Stakeholder Management.
Frequently Asked Questions
What is the core focus of this work?
The work focuses on the intersection of strategic management and marketing, detailing how businesses can align their marketing activities with long-term corporate objectives.
What are the central themes covered?
Central themes include environmental analysis, consumer behaviour, strategic planning, competitive positioning, and the practical implementation of marketing initiatives.
What is the primary research goal?
The goal is to provide a structured guide for understanding, developing, and executing effective marketing strategies that ensure business growth and customer satisfaction.
Which scientific methods are primarily utilized?
The document utilizes established frameworks such as SWOT analysis, PESTEL analysis, Porter’s Five Forces, and the Resource-Based View (RBV) of the firm.
What topics are included in the main body of the text?
The main body covers the principles of strategic marketing, environmental scanning, the role of research in customer behaviour, and the creation of a comprehensive marketing plan.
Which keywords best describe this text?
Key terms include Strategic Marketing, Competitive Advantage, Consumer Behaviour, SWOT Analysis, and Marketing Strategy.
How does the author approach the case study of Tesco Plc?
The author applies the theoretical frameworks discussed in earlier sections to develop a practical, implementable marketing plan specifically for Tesco, including contingency measures.
What role do contingency plans play in the proposed strategy?
Contingency plans are used to anticipate potential market deviations—such as increased advertising costs or missed sales projections—ensuring the company remains agile.
- Quote paper
- Anonym (Author), 2019, Understanding and Planning Strategic Marketing. The Example of Tesco Plc., Munich, GRIN Verlag, https://www.grin.com/document/498857
