Significance of Marketing Strategic Planning: A Literature Review

Introduction

Marketing strategic planning refers to the overall game plan of the business in order to reach the prospective consumers and turning them into customers of their products and services, the marketing strategic planning is important for value proposition of the firm as well as it helps to ensure kept brand messaging, data sharing with the target customers and arrange high level elements to run the business operations successfully (Mahmoud, 2018). The literature review on marketing strategies is effective to analyse the research topic where the aim of the study is to analyse different Strategic marketing planning and its contribution in business. Through 7P marketing mix strategy as well as the theories of impacts marketing tactics, it would be possible to develop literature review with the help of authentic journals, books and articles on marketing.

Marketing strategic planning

The 4P marketing mix strategy induces product strategy, pricing tactics, placing and promotion in order to develop creative tactics to improve positive brand image. Through this strategic planning, the competitive firms in the recent years can run their operations and gain high competitive advantage in long run (Mahmoud, 2018).

Product

Product quality management is important so that the customers can get the best quality products. The entrepreneurs also try to improve packaging style in order to deliver the product safely to the end users (Lim, 2021). There are warranties and other additional services with the products as per the customer’s needs and preferences, where the organisational representatives can support the clients by continuous communication and cooperation. In the recent years, the business leaders focus on utilising quality raw materials to make the product effective and user friendly for boosting the demand for that particular product or services (Mahmoud, 2018).

Figure 1: 4P marketing mix

Pricing

Pricing strategy is mandatory to be developed in order to deliver the products to the customers at effective price. According to the quality and quantity of the products, the companies try to set the price to satisfy the clients and also maintain profit margin (Lim, 2021). In this regard, setting affordable pricing is beneficial to target more customers and enhance their sales volume. Moreover, there are seasonal offers, discounts and occasional offers like buy one get one free in order to encourage the customers to make effective purchase decision and get the products at discounted price (Stead and Hastings, 2018).

Placing

Through strengthening the supply chain in the country as well as hiring efficient distributors in the company, it would be possible to place the products. Additionally, creating trade channels and shop establishment are also effective for placing the organisational products and services in the market. People management is crucial for running the operations and retaining experienced staff to satisfy the end customers. The monetary and nonmonetary incentives must be designed in the workplace to create values or the employees, as the employees are the key stakeholders of the business (Chou et al., 2020).

Promotion

Promotional activities are playing an important role in promoting the business firm and improving brand image in long run. The television advertisement and celebrity endorsement are effective to promote the products of the brands. In the recent digitalisation era, the social media marketing is being adopted by the firm to promoting the business at effective cost, where Facebook, Instagram, YouTube and Twitter are utilised for sharing product information and retaining the long run customers (Stead and Hastings, 2018).

Importance of marketing tactics in business

In the recent era of globalisation, all the multinational corporations are facing competitive threats in operating their business activities in the market due to existing competitive firms and intense competitive environment (Solimun and Fernandes, 2018). The marketing strategic planning is hereby playing a crucial role in managing the business operations in the market and ensure positive brand image so that the customers can access the organisational products and service after gaining deep insight about the firm. The marketing tactics are effective to create strong customers base in the market and satisfy the clients by developing effective business strategic planning (Solimun and Fernandes, 2018). The firm scan gain high competitive advantage by the above mentioned marketing strategies which in turn help to develop good corporate image and provides a scope to the organisations to expand their business activities sustainably. In addition to this, the organisations can maintain economies of scale by product and pricing tactics as well as enhance their efficacy and technological innovation to run the business successfully.

Figure 2: Effects of marketing tactics

In addition to this, the marketing strategic planning is useful for the organisations to meet the organisational objectives by serving the client with the best quality products and services (Khan et al., 2020). The strategies of marketing includes product and pricing, placing, promotion as well as physical evidence management people management and process innovation and these factors are beneficial for the firm to strategies the operational activities and run the business proficiently in order to create values for all the stakeholders engaged with the business (Khan et al., 2020). Through such marketing tactics, brand loyalty can be improved and along with this, the companies can improve positive brand image and maintain brand equity in order to sustain in the market and achieve future sustainable development.

Conclusion

Marketing mix strategic planning is effective for the organisations to create good brand image and promote the products and services in the market successfully. Product innovation and good product portfolio management are helpful to deliver the best quality products to meet the needs and preferences of the client. On the other hand, pricing and placing strategies are also advantageous for the firm to provide a scope to the customers to access the organisational products and make effective purchase decision at affordable price. The promotional strategies in this context provide a scope to the business firm to promote the brand and expand the business successfully for strengthening their customer base and ensure profit maximisation in long run.

Reference List

Chou, S.F., Horng, J.S., Liu, C.H.S. and Lin, J.Y., 2020. Identifying the critical factors of customer behavior: An integration perspective of marketing strategy and components of attitudes. Journal of Retailing and Consumer Services, 55, p.102113.

Khan, E.A., Royhan, P., Rahman, M.A., Rahman, M.M. and Mostafa, A., 2020. The impact of enviropreneurial orientation on small firms’ business performance: The mediation of green marketing mix and eco-labeling strategies. Sustainability, 12(1), p.221.

Lim, W.M., 2021. A marketing mix typology for integrated care: the 10 Ps. Journal of Strategic Marketing, 29(5), pp.453-469.

Mahmoud, T.O., 2018. Impact of green marketing mix on purchase intention. International Journal of Advanced and applied sciences, 5(2), pp.127-135.

Solimun, S. and Fernandes, A.A.R., 2018. The mediation effect of customer satisfaction in the relationship between service quality, service orientation, and marketing mix strategy to customer loyalty. Journal of Management Development.

Stead, M. and Hastings, G., 2018. Advertising in the social marketing mix: getting the balance right. In Social Marketing (pp. 29-43). Psychology Press.

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