Discuss the advantages of strategic marketing.
Discuss the advantages of strategic marketing.
Or
Explain in brief the advantages of strategic marketing planning.
Ans.
Advantages of Strategic Marketing Planning
Strategic marketing planning has become very common in the marketing. Various executives think that success of marketing depends upon strategic marketing planning to a large extent. With the help of it marketing firm can establish optimum co-ordination in the environment by estimating the business opportunities and threats.
In the business era every marketing manager has to make internal and external marketing strategy. Marketing strategy is a practicable plan which is prepared keeping in view the competitors’ plan.
1. Clarification of Goals and Objectives: Strategic marketing planning clarifies the goals and objectives of the marketing firm. Strategic plans are made to achieve these goals and objectives. Before taking any decision marketing manager keeps in view the goals and objectives.
2. Customers’ Want Satisfaction: Strategic marketing planning pays more attention on the satisfaction of customers’ wants. It helps in achieving pre-determined objectives of the marketing firm.
3. Helps in Facing Changing Conditions: With the help of strategic marketing planning manager can forecast the future changing condition. It is not important to consider the changes, but business should run as per the changing conditions. Strategic marketing planning permits to businessmen to exploit the opportunities. It helps in reducing the risk in marketing.
4. Increase in the Operational Efficiency and Competitiveness: Strategic marketing planning increases the organisational efficiency as well as competitiveness because of defining the marketing strategy.
It is the time of competition. A business enterprise can be successful if it watches the strategy of competitors and may prepare itself to face the challenges created by competitors in the market. Strategic marketing planning keeps a close eye upon the policies and strategies of the competitors so that appropriate actions may be taken at proper time and the competition may be faced successfully.
5. Economy: The objective of the enterprise can be achieved with minimum efforts and also at minimum cost.
6. Provide Clear Objectives and Direction for Employees : Everybody gives better performance because they know their responsibility. Effective strategic marketing planning provides suitable methods which can be followed by marketing executives.
7. Helps to Managers : In strategic marketing planning research work is increasing continuously. It helps in establishing better management and co-ordination with environment.
8. Facing Uncertainties: An expert marketing strategist can forecast the future circumstances. Strategic marketing planning analyses the present circumstances and past trends so that the future circumstances may be forecasted and the plans to achieve predetermined objectives may be prepared. Thus, strategic marketing planning minimizes the future uncertainties.
9. Other Advantages: In addition the above some other advantages of strategic marketing planning are as under-
(i) It provides better guidance,
(ii) It makes more conscious to managers in respect of market opportunities and threats.
