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Your assignment is to prepare and submit a paper on strategic marketing managment.
Your assignment is to prepare and submit a paper on strategic marketing managment. Both the strategic marketing and corporate strategy are different from each other but both of them are majorly done for the success of the company as in whole and the company looks to implements certain corporate strategy in various departments and strategic marketing is a part of the corporate strategy and this is majorly to attract the market and for creating a better market share and also for creating a competitive advantage over the competitors in the market (Jones, 2010, pp. 23-25).
The models used in strategic marketing are STP (Segmentation, Targeting, and Positioning), ANSOFF’s matrix, and the BCG matrix. For corporate strategy, the models are the Portfolio model, Resource –allocation model, and Simulations model.
Segmentation is done to understand why people buy the product or service of a particular company. The segmentation is done based on the demographic, psychographic, and based on the behavioral aspects of the customers of that particular place (Hutt and .Speh, 2012, pp. 134-137). This helps to understand which segment of customers will take the product or the service.
Targeting is done to decide the exact target customers based on their age group, their income level and other factors which are important to understand the exact group of people who are major customers for the product and the particular service that is been launched by the company in the market (OaShaughnessy, 1995, pp. 35-37).
Positioning is the technique of placing a particular product in the market for the target customer and in the correct segment so that the company can make the customers understand the exact message and the exact value that the company creates to the customers (Kozami, 2002, pp. 23-29).
Porter’s generic model helps to understand how the company creates a particular strategy in the industry to get a competitive advantage over the other companies. Samsung has got a competitive advantage in the mobile industry because of its focus on the technology and the features in the mobiles which helped the company to capture the maximum market share in the global market of the mobile industry (Sekhar, 2009, pp. 34-42).
