Saturday, March 30, 2019
Principles of Strategic Marketing Management
Principles of strategical merc mintise instructionOrganizations determination Strategic commercialize to create a plan to intermit reach and satisfy nodes tour increasing pro equip dexterity and productivity. Read on to learn much close what Strategic selling is and how cablees framework it. Companies use Strategic trade to hear customer needs and to create a merchandise plan to sustain those needs and increase profit. Typic totallyy, an organization leave create a compose Strategic commercializeing plan that dictates what type of merchandise programs it impart use during a given time frame and how those programs will be tooled. Marketing promotes your business line and all that your business offers to your customers, brings customers to your business, and makes your business stand step to the fore in the crowd. A solid Marketing Strategy brings consistent traffic and a constant flow of customers to your business.TASK 1Principles of Strategic Marketing Ma nagementThe principles of Strategic merchandising deals with the big picture food selling planning. It analyses how a caller can best satisfy its customers and make a profitat it. Strategic securities industryplaceing planning is directed from the top of the company and is super important in any for-profit organization. Several key principles g all overn strategical trade.History of TARIK FOODSI am going to construct a system on a grocery store (TARIK FOOD) in east capital of the United Kingdom market. We aim to make the selection function through and challenging for a number of reasons, firstly to make sure us employee those people that atomic number 18 right for the office and just as important who will fit in with TARIK food culture. TARIK food started life in 1995 when Mar. TARIK started selling unembellished groceries from a stall in the east of London Mr TARIK made a profit of 1 from sales of 4 on his first day. The TARIK vane first appe atomic number 18d both years later in 1997 when he bought a shipment of Asian stuff food from Pakistan. The nature of this business is sole proprietorship. Though in that location are so many grocery stores uniform TARIK FOODS, Vijays Store, Khan Super Food, Johan Supermarket Store and Sainsburys. People demand some multifariousness in their taste with extravagantlyer fiber food at decide out price. So, we need competitive edge in the grocery market. Thats why we are going to launch something juvenile according to consumer requirement in better way This differentiation supposes to be a big profit for me. gain of TARIK Food in 1999 pay offs increase of 4% compared to 1998. Growth in 2005 and 2006 represent 7% compared to 1999. Growth is forecasted at the same rate in 2010.The section of strategic selling in TARIK FOODSAs companies strive to ensure future growth and profitability, they are turning to their marketing organizations to accelerate and guide their paths. Marketing is expected to go forth a competitive advantage in determine not just brand and somatic marking and in addition in driving incorporated outline and setting the agenda for figure and growth. Marketing p sticks an important role in the strategic planning process for many organizations. Although some marketing notes are represented at the corporatelevel, to the highest degree are at the functional level within the business units of an organization.As sh give birth in Exhibit 3-3, however, marketing is involved in strategic planning atall organizational levels in TARIK FOODSStrategic marketing is describing the the marketing activities that are affecting the functioning of the TARIK FOODS in the competitive market of food products. The role of strategic marketing can be expound in the three basic types and functions.First This back ups e very 1 in TARIK FOODS towards the market and the customers. hence they are responsible to excute the marketing philosophy throughout.Second - This ta ble service bring in and analyse the information required to examine the current situation , get word the trends in the marketing surround for TARIK FOODS and assess the potential impact of these trends. tierce - The role of marketing is varied in the TARIK FOODS . For it is a organisation which is drive by the marketing philosophy , so it plays a key role in the strategic decision making. The trend is press outing towards the strategic marketing and its planning responsibility further drink downward(a) the organisation, which is increasing the clout in the organisations strategic planning process.Processes involved in strategic marketing in TARIK FOODSSetting up of marketing goals.Once they adjudge decided to market their products, they set realistic and measurable goals to achieve over the next 18 to 24 months. This time span allows them to plan activities near community events that are in line with their marketing goals. For example, TARIK FOODS might help sponsor an annu al walkathon for breast cancer or speak at a close communitys annual health fair. Because of the rapid swaps occurring in the health food and bid environment. TARIK FOODS dont recommend planning particular(prenominal) activities more than than two years in advance.Conduct market investigate.The purpose of market research is to draw a realistic picture of their practice, the community they serve in and their current position in that topical anaestheticity . With this research, TARIK FOODS can make slightly accurate projections about future growth in the community, locality and role and as hale as identifies the competitive factors and explore non-traditional opportunitiesDetermine a budget.Before TARIK FOODS can decide what specific marketing strategies they want to implement to achieve their goals, they examine ther financial information and come up with a marketing budget. Marketing budgets vary by the type of market a practice is in, the age of a practice and whether th e practice has marketed before.Develop an capital punishment schedule.An carrying out schedule is a time-line that shows which marketing actions will be through with(p) when and by whom. TARIK FOODS decides the schedule should in any case include the cost of each marketing action and how it fits into the budget estimates for the 24-month period. While the watchfulness of TARIK FOODS creates the schedule, they carefully consider how the activities will affect the current practice operations and whether there are satisfactory resources (such as staff, time and m nonpareily) to accomplish the necessary tasks.Creating an evaluation process.The caution of TARIK FOODS belives in the the value of a marketing plan is its effectiveness, which requires deliberate and timely carrying into actionandmonitoring and evaluation of results. Thus they pay importance to measure their results against the standards they had set in establishing your goals.This helps them achieve the said process laid down by them.Link between strategic marketing and corporate strategy in TARIK FOODSIn TARIK FOODS the Corporate structure is very well laid and and then each and every strategies are linked and are co-releated to each otherwise . This helps them to achieve each and every goal and the laid down of divers(a) marketing and organistaional stratergies very in effect .Corporate strategy is theoverall sphereanddirectionof acorporationand the way in which its variousbusiness operationsworktogether toachieve special(a)goals.Where asStrategic marketing is promotes your business and all that your business offers to your customers, brings customers to your business.In TARIK FOODS we can debate that that the management which is promoting its business with the techniques of the strategic marketing , is also simultanesouly incorporating the said exchangeable type of guuodelines in some of its corporate environment , which is controlling the a couple of(prenominal) other branches of the stores and distri yeton and control of its staff. So it is very obvious that the lin between the corporate and the strategic marketing is evident.TASK 2Tools used to capture a strategic marketing strategyIn TARIK FOODS the management follows the following chart which is best describing the strategic marketing that they are using in oreder to develop and promote and bring in the growth for the organization . They are at present using the 5 Step aimning Process . beneath here is the chart which describes it the best.CUsersdineshDesktopplanprocess.jpg2.1) The Models used in strategic marketing planning in TARIK FOODSSWOT Model The SWOT tool is peerless of the most important tools in strategic marketing.It is also one of the most maligned and misunderstood.90% of the SWOTs that we see are done badly and have minuscular use in developing strategy. SWOT means Strengths, Weaknesses, Opportunities and Threats.Done right on , it should provide a one-page summary of your entire mark et audit and shoot down towards the key issues that need to be addressed in the marketing plan.This round- midriffd tool will help you undertake your own SWOT effectively and provide a professional situation summary in your marketing plan.McDonald Marketing Plan -2.2) The Link between strategic positioning and marketing TACTICS IN TARIK FOODSStrategic positioning is Primarily, strategic positioning is a differentiation tactic by customer segment, with the goal to dominate one market niche as much as possible, gum olibanum co-ordinated production costs, locations, price and product to increase the ROI on that conspiracy.Where asMarketing tactics is the tactics that are used by the TARIK FOODS or offer any organization for its promotion of a particular product.In TARIK FOODS the consentaneous concepot is to focus on the dominance of the market in the area and the adjoining areas in the particular segment of food business that they do, thus they lay down their marketing tactics in sucha manner that they bring out the best outcome from the straatergies of marketing that they lay down that helps them position their own organization at a place that helps them to expand their profits and help them grow and be positioned at a dominating position in the market.2.3) Analyse the merits of relationship Marketing in TARIK FOODS strategic marketing strategyRetaining customers for the grand-term offers always benefits this is what TARIK FOODS has in mind when the stratergies are laid down by the management. The aim is for the company to obtain life time customer. some(prenominal) of the merits of relationship marketing which TARIK FOODS belives is it includes -Loyal customers will recommend your business to others, thus expanding your business for you.Loyal customers are willing to try some of your impudent products, because they trustfulness you.Customers will be willing to pay more for your go/products if there are adjustments in pricing because they are loyal to you and trust your services/products.Loyal customers will tell you about problems with your products/services enabling to improve your products/services.The ultimate benefit will be an increase sales, market share and dominance. childbed 3Using of the strategic marketing techniquesIn TARIK FOODS the sequester use of the strategic marketing techiniques is very essentioal for the success of the branch. As they belive in dominating the market , so they have this thing in mind that they have to use the strategic mareting techniques to the success as its implementation will only bring out a result.3.1) Marketing techniques by TARIK FOODSThere are a few small types of marketing techniques but very effectively used by the TARIK FOODS , this ascertain growth opportunities in the market for TARIK FOODS. The below mentioned techniques are used by TARIK FOODS -Outdoor advertiseHoardings and roadside boards are put up so that displays their exsistance and their current offers. This is p referably effective for displaying a marketing message or introducing a new brand among public . The Management believes that the probability of message transmission is grueling with outdoor advertising.Brochures and LeafletsBrochures and leaflets let them reach out to specific customer radical throughthe direct marketing, meansthese can be distributed by hand to specific groups of people. This allows the management a guaranteed message delivery.May it be a particular offer that is running in the outlet or say a particular rate reduction in the offering.Internet Search locomotive engine MarketingThis specific type of marketing lets them reach out to bulls eyeed audiences with specific interest for their variety of eatable products and also lets the customers know about their customer service experiance. This often leads to product awareness and even sales in many cases. Search engine optimization and paid search marketing are two most effective methods utilized by TARIK FOODS for the stratergy of their marketing.3.2) Plan how to use marketing strategy options in the market where tarik foods is operating foodstuff DOMINANCE STRATEGIES looking for at the way the area has been dominated by TARIK FOODS the market dominance strategy is the one which will suit the management style of interest for them . As they have been dominating the market in the area, as well as in the surrounding also.Typically there are four types of market dominance strategies that they should consider They are Market leader It typically is the industry leader in developing sophisticated new business models and new products(although not always).Of the four dominance strategies, it has the most flexibility in crafting strategy. The main options available to TARIK FOODS areExpand the impart market by findingNew users of the product or more usage on each use occasionProtecting TARIK FOODS vivacious market share byDeveloping new product ideas and better customer service and improved distrib ution effectiveness as well as reduce costsExpand TARIK FOODS market shareBy targeting one or more competitor and without being noticed by government regulators Market rivalry- A market challenger is a firm in a strong, but not dominant position that is following an aggressive strategy of trying to gain market share.It typically targets the industry leader (for example, Pepsi targets Coke), but it could also target smaller,more vulnerable competitors.TARIK FOODS should ssess the intensiveness of the target competitor. Considering the amount of support that the target might muster from allies. hold only one target at a time.Find a weakness in the target Position. Attack at this point. Consider how long it will take for the target to realign their resources so as to repay this weak spot.Launch the attack on as narrow a front as possible. Whereas a defender must defend all their borders,an attacker has the advantage of being able to concentrate their forces at one place.Launch the a ttack quickly, and then consolidate.Some of the options open to a market challenger areprice discounts or price cuttingline extensions cite new productsReduce product qualityIncrease product qualityImprove serviceChange distributionCost reductions and Intensify promotional activity Market follower- A market follower is a firm in a strong, but not dominant position that is content to stay at that position.The advantages TARIK FOODS will derive from these strategies areNo expensive RD failuresNo risk of bad business model shell practices? are already establishedAble to capitalize on the promotional activities of the market leaderMinimal risk of competitive attacksMarket nicher- In this niche strategy TARIK FOODS should concentrates on a select few target markets. It is also called a focus strategy.TARIK FOODS function to be in high value added market and are able to obtain high margins.TARIK FOODS tend to be highly focused on a specific market segment.TARIK FOODS tend to market high end products and are able to use a premium pricing strategy.TARIK FOODS tend to keep their operating expenses down by spending less on RD, advertising, and personal selling.3.3) Create appropriate strategic marketing objectives for the market where TARIK FOODS is operatingTARIK FOODS should look into the following strategic marketing objectives -Purpose of setting OBJECTIVES is toConvert TARIK FOODS into market performance targetscreating yardsticks to chase market/sales performance. Establish performance goals requiring stretch. Also they should push firm to be inventive, intentional, focused products/services setting CHALLENGING but ACHIEVABLE objectivessuch asSALESMARKET SHARE diffusionPROFIT/SALES RATIOTWO TYPES OF OBJECTIVES NEEDEDOutcomes that relate to upward(a) firms financial performanceOutcomes that will result in greater scrap stronger long-term market positionFinancial ObjectivesStrategic Marketing Objectives example - STRATEGIC marketing OBJECTIVES improve market s hare position as the number one .Build a strong brand invoke in growing market develop new products that women need and want. look for the market to develop transnational market.Increase the distribution coverage to maximize sales.Increase the gross profit margin by 5 %. CRAFTING A MARKETING STRATEGY Strategy-Making concerns HOW todevelop strategy to achieve desired the brand word sense objectives Position all products to win a competitive advantage muse a channel strategy to meet outsmart competition and forge a incentive strategy to stimulate the trade/distributors also lift a retail strategy to Grow the company businessTask 4Changes in the marketing environmentMarketing environment comprises of the combination of two words marketing and environment. Marketing means responding to the needs and demands of the consumers to provide optimum satisfaction. Similarly environment refers to external factors influences and organizational power which is link to the aim and effective w orking of a firm. Thus marketing environment refers to external or macro factors and forces which not only influence a company but also the components which affect the consumers analyzing its trend and impact on the operations and performance of the company.4.1) Impact of changes in the external environment on the marketing strategy of TARIK FOODSThe impact of EXTERNAL ENVIRONMENT has a very big change on the marketing stratergies in TARIK FOODSConsidering the taste Looking at the type of the people that live close by in a specific area the management in TARIK FOODS , takes utmost care while laying down the selling stratergy, so that the likes and dislikes of the people who will be eating and buying are matched appropriately.Atmospheric Change The Cliate change forces the TARIKK FOODS to sell those food stuff which are the thing that are more preferred by the people who eat and buy the products . As this enables the management to get a high amount of sales for achieving the strate rgic targets of their strategic marketing .4.2) Conduct an internal synopsis to identify current strengths and weaknesses in TARIK FOODSs marketing strategyLooking into the swot psychoanalysis of the strengths and weaknesses of TARIK FOODS , it can be find the following.SWOT analysis of TARIK FOODS WeaknessesOn performing a SWOT analysis of TARIK FOODSs the weaknesses,that can be seen are likeIts very small in the amount of business it does when compared with the big wigs in the same industryIts serving a few selected categories of people , where in a larger ballock of people are left outIts looking more towards the market dominance and less towards the customer serviceTARIK FOODS is bound to reveal several(prenominal) weaknesses. One example, of many, is the amount of fossil fuel used in its cargo ships network. With increasing oil prices, TARIK FOODS needs to keep a close eye on transport costs. Another weakness come from TARIK FOODSs dependence on the UK grocery market. Hen ce, it is increasing its foreign outlets and selling other goods.SWOT analysis of TARIK FOODS StrengthsTARIK FOODSs strengths in grocery retail allow it to compete easily with local businesses . This has led to its brand name and financial power becoming strengths in themselves. This has led to many more stores being built at the nearby areas as well, leading to geographical strength.The following strengths can be seen The ability to perform with scathe of revenue generationThe abilty to deliver to customer at times when the other stores cant deliverThe model of successful implementation of the Strategic marketing techniques.4.3) Propose strategic marketing responses to key uphill themes TARIK FOODS marketing strategyThe responses to the strategic marketing of the key themes that are uphill from TARIK FOODS , marketing strategy are very special in terms looking at their market capture in the area. They are also having a very good and healty competition in the industry , which is big a run for the money to even the best known , international brands of food outlets and the product selling industry with in the area.