Oxford defines marketing as “the action or business of promoting and selling products or services, including market research and advertising.” Strategic marketing is significant to position the product rightly and to augment the sales. Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.
Furthermore ,marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. In addition, it pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.” Strategic Marketing concept is a philosophical, focus, orientation which emphasis the proper identification of Marketing opportunities as their basis for marketing planning and corporate growth. (Expert: Leo Lingham – 9/7/2006)
Set up a few research questions for testing and thorough analysis eg.:
- What is Strategic Marketing?
- How have organizations that have been in contact with the phenomenon experienced it?
- Is strategic marketing a good way of marketing?
To analyse your questions set up an appropriate research methodology. The suggested method to adopt for this study is Qualitative, comprehending the situation and studying the industry in whole. The suggested research model embraces 5 phases i.e.
- Diagnosing – Identifying the problem
- Action Planning – Studying the alternatives
- Taking Action – Selection a course of Action
- Evaluating – figuring out the consequences of an action
- Specifying Learning – Collecting the findings and concluding
Finally concluding a research is very important. A proper end to your research will suggest other research on how to conduct further research and how you derived your conclusion from the analysis.