Steps in strategic marketing management – MIT School of Distance Education - PowerPoint PPT Presentation

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Steps in strategic marketing management – MIT School of Distance Education

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Marketing is a process whereby the company promotes its products & services and spreads brand awareness. Steps involved in strategic marketing management are very important. But no college or institute emphasize on teaching these strategic steps to the marketing managers. However, when you pursue a Post Graduate Diploma in Management (PGDM) course in the specialization of Marketing Management from MIT School of Distance Education (MITSDE), you are taught to master these skills. – PowerPoint PPT presentation

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Title: Steps in strategic marketing management – MIT School of Distance Education


1
MIT School of Distance Education
  • Steps in strategic marketing management

2
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.

3
  • 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.

4
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. 

5
  • 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.

6
  • 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

7
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. 

8
  • 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.

9
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.

10
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.

11
  • 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.

12
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. 

13
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.

14
  • THANK YOU
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