Steps in strategic marketing management – MIT School of Distance Education

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MIT School of Distance Education

• Steps in strategic marketing management

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MITSDE

• About us
• MIT School of Distance Education (MITSDE) is an
  integral constituent of MAEER's MIT Pune,
  established in the year 2008. 
• MITSDE is built on the culture of ambition,
  innovative thinking and with the aim to create
  the change in pursuing higher education.

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• MITSDE offers courses like Diploma, Post Graduate
  Diploma and PGDBA courses in the fields such as
  Marketing Management, Finance, HR, Operations,
  Information Technology, Supply Chain Management,
  Risk and Insurance Management, Fire and Safety
  Management, Retail Management, Material
  Management and more.

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Steps in strategic marketing management

• Marketing is a process whereby the company
  promotes its products services and spreads
  brand awareness. Marketing plays a key role in
  introducing a companys product among the
  consumers and in elevatingthe business. However,
  it isnt a childs play to advertise ones brand.
  Sometimes, one strategy works for a brand while
  it is a total flop for another brand. 

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• Furthermore, a strategy that was successful three
  years ago may not garner the same results today.
  So, the marketing strategies should be based on
  the type of business and various other factors.

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• Businesses need to have an action plan in place
  and they need to formulate strategies that can
  effectively promote the brands offerings. That
  is why businesses seek for professionals who can
  understand the market and exploit their knowledge
  in marketing management to create stellar
  marketing campaigns. In general, strategic
  marketing management consists of three steps

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Market Learning

• The consumer trends keep on changing from time to
  time. So, the first step should be  understanding
  of customer preferences. The firms should conduct
  surveys and research to understand consumer
  preferences over time. Thus, it is the task of
  marketing managers to formulate a survey
  questionnaire that can help in interacting with
  the customers directly and understanding their
  perspective. 

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• The firms should try to understand why consumers
  prefer a brand/product over its adversaries. The
  survey findings and feedback received from the
  customers are then combined together to formulate
  strategies. Market learning is an essential
  process as it assists the marketing managers to
  fine-tune their strategies according to consumer
  trends.

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Market Sensing

• Basically, marketing sensing is a process of
  judging the mood of the market. It is an indirect
  method of finding trends in the market. It refers
  to a process where the managers combine consumer
  preference data with their market knowledge and
  experience to comprehend the way the market is
  moving. Thus, the marketing managers collect
  market data, analyse it and then put it together
  with a strategic model of marketing in order to
  sense the consumer behavior. In this way, they
  come to know what will work in the market and
  what will not.

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Market Intuiting

• Market intuiting is the third step in strategic
  marketing that takes forward the concept of
  market sensing and market learning. It refers to
  the process where the marketing managers
  comprehend the mind and soul of the market and
  accordingly make future predictions. Here the
  managers get an intuitive understanding of the
  way the market is moving.

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• The managers can find out whether consumers will
  flock towards a brand or abandon it completely by
  having an intuitive understanding of the market.
  This approach helps in finding out how the
  consumers would behave in the future. In this
  way, the businesses can fine-tune their marketing
  strategies to cater to the consumers.

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Closing Thoughts

• The business landscape is evolving rapidly. So,
  it isnt enough to simply measure the data and
  create marketing campaigns. But, the marketing
  managers should consider consumer trends,
  consumer behaviour and future trends to create
  effective marketing strategies. The marketing
  managers need to adopt strategic marketing to
  learn and sense how the market moves. They should
  know the best ways to gain insights into the mind
  and soul of the customers. 

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Conclusion

• However, when you pursue a Post Graduate Diploma
  in Management (PGDM) course in the specialisation
  of Marketing Management from MIT School of
  Distance Education (MIT-SDE), you are taught to
  master these skills. So, what are you waiting
  for? Enroll for a course in MIT-SDE right away!
  MITSDE is the best Distance Learning Management
  Courses in Pune.

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• THANK YOU