Strategic marketing management Essay Example | Topics and Well Written Essays - 3750 words

Strategic marketing management - Essay Example Strategic marketing helps the organisation to supply products that will be accepted by consumers and at the most appropriate prices that will help to enhance profitability. This is because of the idea that the organisation starts with good market research to determine what consumers, the targeted group of consumers, the strengths and the weaknesses of competitors and future trends (McDaniel & Rylander 1993). The firm can then redesign and differentiate its products to meet and exceed consumers’ expectations that in turn expand the market share and also enhance profitability.   Additionally, strategic marketing helps the organisation to determine the optimal prices for its products in the various environments in which it operates (McDaniel & Rylander 1993). If high price establishes a perception of high value then the organisation can improve the quality of the product and offer the product at a higher price. Conversely, if the customers are only willing to buy the product at the lowest price then the organisation adopts more efficient methods of production to lower the cost of production that can allow it to offer lower prices. This will ensure that the organisation can always meet its objectives and remain most powerful in the industry.     Strategic marketing also enables the various departments of the organisation to co-ordinate effectively to meet the overall goals set. The first process in strategic marketing is the articulation of the reason the organisation exists followed by the means of benefiting consumers over a long time.