Marketing Strategy and Customer Involvement in Product Development - Case Study Example

Strategic Marketing Name: Institution Affiliation: Course: Course Code: Date: Executive summary The contents of this paper are aimed at pragmatically lying down the components of a strategic marketing plan for an organization and the aspects it need to inculcate in the plan in order to have an edge in the market. The paper will begin by giving an introduction to strategic marketing and then go ahead to discuss the various aspect that support it. The paper will discuss the components of a SMART objective plan and its relevance to the organization. The next component that will be given attention is the potter’s five analysis and it contribution to a strategic marketing plan. The paper will also evaluate the importance of the marketing mix and its components to ensure that a strategic marketing plan is a successful one. Conclusions will be drawn in the last part of the paper based on the content derived from each part. Introduction Strategic Marketing is a practice and process that was developed by businessmen in order to help their organizations reach the persons targeted by the products or the services from the organization[Jai04]. In as much as organization focus on marketing it has come to be that the competition in market has grown and marketing on its own is not enough to help an organization have the leverage it needs in the market. Strategic market marketing is the new concept in business and has helped many organization s to meet their objectives also achieve the main goal that is customer satisfaction[Kri13]. The paper focuses on the UNE and how one can make a marketing strategy that will help a brand or an organization succeed in the UNE life. The UNE is a university that is focused on sport and the main business of the day is making sure that sport is sold to the best and sport brand are sold and the marketing strategies reach the related personnel. The university is focused on sport making all the business plans for any organization to be spot related since at UNE life is on sport branding and sport merchandise. The contents of this paper will seek to give some of the strategic marketing plans and strategies that are to be followed in order for an organization to succeed in the UNE life. The paper will first look at the smart objective that are to be undertaken for an organization to succeed in the UNE business life. The paper will then go ahead and discuss the competition to be expected in the context of the Porter’s five competitive forces that are in the market. The paper will also give the challenges in terms of marketing that are expected to be faced in the marketing plan of an organization and the also the marketing mix to be employed in the market and the importance of having a market research in the region before venturing into business. The paper will also give the targeting of the market as well as the segmentation and positioning of an organization in the market and how helpful they are in the market. SMART Objectives and the Relevance SMART objective are very relevant in any organization for the help they have in making sure that the goals of an organization are met. SMART objective are good for marketing and especially in marketing and the help a lot in making sure that the goals in the marketing strategy are achieved in the long run[Bog13]. In the context of the UNE life where there is too much competition the development of a strategic marketing plan will need to have some SMART objectives to help guide the projects through preferences and priorities[Sha04]. SMART objective in a strategic marketing plan help in making sure that the plan is workable and achievable. Below are some of the factors that are to be considered in the marketing plan as per the acronyms of the SMART word that will help in the strategic marketing plan for a UNE life. Specific By being specific it means that the strategic plan should be focused on some underlined goals and targets for the organization[Bog13]. This section helps in the strategic marketing plan in the UNE life for the fact that being specific will focus on matters such as who is involved in the business and what the organization has to accomplish in the long run. The smart plan will help in making sure that the strategic management plan is specific in terms of time and also the location of the business[Bog13]. It has been said that the location of an organization affects the success of the organization in the market. The specific aspect of the SMART plan will help the entrepreneur focus on time and making sure that the plan is rolled out at the best time and in the required or set time frame[Bog13]. This will help the strategic marketing plan reach the best of its goals due to timing. Measurable SMART objective focus on being measurable in the sense that the plan undertaken should be achievable and the progress of the situation can be seen. Measurability determined if a project undertaken by an organization can be achieved[Sha04]. It helps in the tracking of progress and ascertain if the goals set are achievable[Sha04]. In the strategic marketing plan this will help to see if the marketing is actually making the organization get closer to its objectives or not. In the UNE life an organization should be able to measure the progress it has made in terms of the marketing plan it has in place and to also see how receptive the market is to the organization. The tracking also helps in the management of resources to see if the organization is spending wisely or not. Attainable The strategic marketing plan for the organization should be attainable and easy to achieve[Dor81]. Setting goals that are not achievable might lead to the fall of an organization. In order for one to make it in the UNE market there has to be research done so that one makes plan for a business that can be achieved. Strategic marketing aims at making sure that the goals of the organization are met hence focusing on the attainability of the goals[Dor81]. Looking at this SMART objective will help n e succeed in the UNE life since it is too competitive. Realistic and Timely Realistic goals and timely ones are the key of every SMART plan. In strategic marketing there is the need to make sure that the goals set are realistic and not too much for the organization[Sha04]. Strategic marketing focuses on giving the best at low costs hence saving the organization from loss. Timeliness in every plan is very important in marketing since marketing is all about the timing and the cost to it. Competition analysis via the Potter’s Five Analysis In any strategic marketing plan the competition has to be evaluated[Mic08]. For the fact that the UNE life is full of too many competitor in the sports branding business there is need to do a competitor analysis in the market as a marketing strategy tool. The Potter’s five analysis is good for strategic marketing since it looks at all parties competing the business. According to the Potter’s plan the first thing that is to be looked at is new entrants into the market[Mic08]. That strategic marketing plan has to make sure that it beats all the new competition in the marketing by posing the organization as the better option in the market[Mic08]. Since the market at UNE is profitable it means new people will want to enter the market and this call for the organization to make sure that it has marketed itself in the market more than the new organization. The plan also evaluates the products in the market and how the compete in the market[Mic08]. The products in strategic marketing are the core of the business and the main focus of the whole plan. Strategic marketing makes sure that the product of the organization is received by the people and in the long run the organization is successful. In the UNE there are too many products and the marketing of the products is what will make is stand out from the rest. Strategic marketing focuses on the customer and making sure that the need of the clients are met[Mic08]. This is consistent with the Potter’s analysis that looks at the power of the client to the business. In the context of the UNE life one should make sure that he has identified a niche to satisfy and keep loyal. In the UNE competition is high due to so many brands in the market and one should make a strategic marketing plan to make the organization be different and the first choice in the market through quality product. The product is also affected by the supplier who account for quality of the product. Strategic marketing should seek to make sure that all the products of the organization are of superior quality in the marketing hence giving them an edge[Mic08]. In the context of the UNE where there are many brands it can be said that the best product gets the market. The sports business has too much competition going on and it needs the best products and the best organizations in the market to be able to beat the competition in the market. The products in UNE are varied but what clients look for is quality in the sports gear and products sold to them. Importance of the Marketing Mix and Research Marketing research is the first and most important steps in any strategic marketing plan[Aak08]. The research enables an organization to find a gap to fill in the market and to also be able to know how to tackle the competition in the market[Hom09]. The research can also help in giving an organization competitive advantage over the others since over time the research helps learning the market. The marketing mix is one of the best keys of strategic marketing[Aak08]. The marketing mix helps in reading the market and knowing what to do. The product in the market should be able to stand out from the rest and of good quality. Good marketing depends on the quality of the product and how good it is[Hom09]. The price of the products is also considered in the marketing mix since the price can either attract or chase clients. In the case of the UNE life one has to make sure that the price and the product are well received in the market to ensure the success of the organization or the brand in the UNE market. Segmentation, targeting and positioning Segmentation is key to strategic marketing for the value it adds in an organization[Fer121]. Segmentation focuses on one niche of the client base[Fer121]. This is key to the UNE life for the fact that it will make sure certain branch of its clients is catered for. Market targeting is an important aspect of any organization since it helps in making sure that the products of an organization reach the clients who are most interested in them[Fre11]. In the case of UNE the organization has to make sure that it has focused on one sport and has known who to sell the products to and in what time of the year since each sport has its own season. Brands are important but they can lose their value if they have not defined their position in the market[Fre11]. The position of a brand in the market determines how successful the organization will be. Conclusion From the study it has been established that strategic marketing is important for any organization in order that it gain a competitive advantage over in the market. The objectives of the organization have to be evaluated and inculcated in the strategic plan so that the plan will move in alignment with the objectives of the organization. In addition to that it has been established that quality marketing of the organization is also a key component of the strategic plan since it play a major role in the success of the plan. It is therefore vital for organization to make sure that they have a comprehensive strategic plan in order to be viable in the market. References Jai04: , (Jain, 2004), Kri13: , (Kristie Lorette, 2013), Bog13: , (Bogue, 2013), Sha04: , (Shahin & Mahbod, 2004), Dor81: , (Doran, 1981), Mic08: , (Porter., 2008), Aak08: , (Aaker, 2008), Hom09: , (Homburg & Sabine Kuester, 2009), Fer121: , (Ferrell, 2012), Fre11: , (Freng Svendsen, 2011), Read More