What is strategic marketing management?
Definition of strategic marketing management
Strategic marketing management is the process of implementing a business’ mission through specific and strategic processes in order to maximize your current marketing plan.
Strategic Marketing is the use of marketing disciplines to achieve organizational goals by developing and maintaining a sustainable competitive advantage
Essentially, it is the act of making strategic decisions within a marketing plan in order to better that plan.
History of strategic marketing management
Over the past nearly 30 years, strategic management has evolved considerably compared to what it is today.
Initially, strategic management, marketing, and otherwise were simply referred to as budgeting. Just as the name suggests, the methodology was mainly concerned with budgetary and control mechanisms. The methodology itself used the budget and its many variants as a way to manage marketing plans and marketing audits.
- Long-range planning
After budgeting, long-range planning emerged as the focus shifted towards forecasting. Using trends at the time, predictions were made concerning sales, costs, and profits.
- Strategic planning
During the 70s and 80s, strategic planning placed focus on overall direction and control over planning. There was still a bit of forecasting involved, but the main focus was on the business side of things.
- Strategic marketing management
Now, we find ourselves in the era of strategic management. Strategic marketing management uses all of its previous variants and combines each of them into one. The idea is to use all of the versions of the methodologies in order to better manage the plan at hand.
Examples of strategic marketing management
Remember, strategic marketing management involves making strategic decisions within your current marketing plan in order to maximize your plan. A good example of this would be Apple and how they market themselves.
Before the smartphone craze, there weren’t many options for phones on the market. In comes Apple with their strategic marketing management. They saw a need for a product on the market and made the necessary decisions and implemented a strategy. Now, almost everyone has an iPhone in their pocket.
In fact, in its early years, Apple made all of its decisions based on forecasting and strategy. For instance, the Apple logo is very simple in its design because they wanted it to be easy to remember. Hence the name “Apple” as well.
It was a combination of all of these decisions and the implementation of their strategic marketing management that made their worldwide fame possible.
Tesla and its evolution over just the past few years is another great example. Tesla came in when people thought that electric cars were nothing but boring money-savers, and changed the industry completely. Because of strategic marketing management, Tesla is viewed as the world’s first luxury electric vehicle manufacturer.