11. Strategic management & Marketing strategy Strategic Marketing Marketing Strategy It is the formulation of a strategy taking into consideration the constantly evolving trends in business environment by giving customer satisfaction at most importance. It is analysis, development, implementation of selected market target strategy for the product markets in which the organization has interest. It involves monitoring the environment constantly to identify the changes and to modify the strategy accordingly. It involves implementation and managing the marketing strategy that have been formulated to meet the marketing objectives and customer needs. It focuses on the performance of the organization as a whole. It focuses on the performance of a product / service in the target market. It views marketing as a key activity of the entire business rather than the specialized function. It combines the customer- influencing strategies with market focused activates to gain competitive advantage in the industry. It has a boarder perspective, i.e. it is concerned with the changing trends in business, changes in the customer needs and customer satisfaction. It has a narrow perspective : Concerned with the customer , organization boundaries, market and competitors. It is about how to do . I t is about what to do.
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