Posted in Marketing and Strategy Terms, Total Reads: 530
Definition: Strategic Marketing
A company cannot cater to the needs of all the customers hence in order to maximize their benefits they segment the market into smaller entities and target one or two of them which is in line with the core competency and value proposition offered by it. This identification of sustainable competitive advantages that a firm has in the market it intends to serve and allocation appropriate resources to exploit them is called strategic marketing.
It includes formulating the go-to-market strategy by evaluating the marketplace potential and competitor’s offering so as to develop and deliver goods and services which are of meaningful customer value. Thus, the goal of Strategic Marketing is to maximise a firm’s positive differentiation over its competitors in the minds of its target market. For example- selling Sachin T-shirts during cricket matches