21st Century Challenges of Strategic Marketing

Management

TOPICS COVERED:

• Strategic Marketing Management Quotes

• What Is Marketing

• Strategic marketing

• The Goal of Strategic Marketing Management

• The Strategic Marketing Management Model

• The challenges

• SWOT Analysis

• The solution towards the challenges

Strategic Marketing Management Quotes

• "There is but one certainty regarding the times ahead, the times in which managers must work and perform. This certainty is that they will be turbulent times. In turbulent times, the first task of management is to make sure of the firm's capacity for survival; to make sure of its structural strength and soundness; and to make sure of its capacity to survive a blow, to adapt itself to sudden change, and to avail itself to sudden change and new opportunities." [Drucker, 1974]

Strategic Marketing Management Quotes

• "Truly strategic managers have the ability to capture essential messages that are constantly being delivered by the extremely important, yet largely uncontrollable external forces in the market and using this information as the basis for altering the important controllable internal factors of the business to strategically and effectively position the firm for future success." [Kepner, 1995-2001]

What Is Marketing?1. the identification of customer wants and needs, as

the customer or end-user of your product or service is perhaps the most important actor in the marketing drama,

2. one must add value that satisfies wants and needs to one's product or service or the customer will not remain a customer for long, and

3. firms must make a profit to be sustainable in the long-run.

Strategic marketing

• The strategic marketing attempts to determine how an organization competes against its competitors in a market place. In particular, it aims at generating a competitive advantage relative to its competitors.

The Goal of Strategic Marketing Management

• To select reality-based desired accomplishments (e.g., goals and objectives).

• To more effectively develop or alter business strategies.

• To set priorities for operational change.

• To improve a firm's performance.

The Strategic Marketing Management Model

The challenges

The challenges:

The Changing Consumer New products and services are coming to market

more quickly than in the past Competition is now global rather than just

domestic Competition is intense, well established and

entrenched The Internet and e-commerce is having a

significant impact on business practices

The Changing Consumer• Overriding desire for quality. • Bargain hunting by the affluent. Just because the affluent

have money does not mean that they are not bargain hunters.

• The buying guideline is selectivity. • Traditional brand loyalty is fading. • The middle line is dropping out. • Consumers want it now! Convenience and immediate

gratification • Home entertainment is in style.• It's back to the way we were. simplicity and value • Staying alive. (health conscious consumers)

The Changing Consumer..contd• Customization• S.O.S., or Save Our Society. S.O.S. refers to consumers

who make purchasing decisions based, in part, on social concerns or causes they support.

• Customers are increasingly demanding better quality and reliability in the products and services they buy

• Customers are not only more willing to complain about poor service - they are increasingly confident about using hi-tech systems

• Customer wants, needs and expectations are changing more rapidly.

• All customers want essentially the same thing.

New products and services are coming to market more quickly

than in the past

• Proactive approach

• innovation and responsiveness

Competition is now global rather than just domestic

• globalization

• harder for survival and sustainability

• limited financial and management capabilities.

Competition is intense

The Internet and e-commerce is having a significant impact on

business practices the opportunity to change its relationships with the

organizations and individuals • E-commerce• E-tailing or "virtual storefronts" &"virtual mall" • The gathering and use of demographic data through Web

contacts • Electronic Data Interchange (EDI), the business-to-

business exchange of data • e-mail and fax and their use as media for reaching

prospects and established customers • Business-to-business buying and selling • The result: operation efficiencies and reduced costs

SWOT Analysis

The solution towards the challenges

The solution towards the challenges

•Employee training should be seen as an investment rather than as a cost

•the ability of an organization to learn is a key competitive advantage

•Understand customer needs and requirements well

•market research must focus on understanding customer needs and requirements

Look for developing trends

The solution towards the challenges

The solution towards the challenges

The solution towards the challenges

Thank you!!!