Identifying And Measuring Goals For Strategic Marketing Management - Free Essay Example

Strategy refers to an organization that is used for business purposes, direction and values and includes business or activities that the organization is busy and the manner in which it competes or operates. It can be a written document or a common understanding. MARKETING: Marketing is a process by which organizations can attract to make and maintain their customers. It is an integrated process allow companies to create build value for customers and strong customer relationships to capture value from customers in return. MANAGEMENT: Management an ongoing process by the organizations to control and monitor their workers or activities or give workers is in opportunity to take their work with good performance and hence to produce some of the work, service or product quality at the end. The product quality ensures that it will meet your customers business requirements STRATEGIC MARKETING MANAGEMENT DEFINATION: It means the business, mission and objectives; identification and design of organizational possibilities; define product market strategies to formulate budgeting, marketing, finance, and means of production; development of the new wording of the organization. ROLE: Strategic marketing management function implementation is the design plan and implementation, evaluation cross-functional decisions in the field of marketing, its long-term goals can reach with the organization. It is process of indicating the companys mission, vision and goals, developing policies and plans, often in the form of projects and programmes designed to achieve these objectives, and then assign resources to implementing policy and plans, projects and programmes. Strategic management is a level of senior activity under setting goals and tactics. Strategic management provides overall direction for the company and is closely related to the field of organization studies. TOOLS AND TECHNIQUES: Various tools and tech niques are developed a variety due to the process of identifying and generation of possible strategies. These tools and techniques are the same but different.The Manager must decide on the extent to which you strategic and operational decision-making will be involved. The tools and techniques can critical issue analysis, gap analysis, analysis, etc., but we focus on critical question analysis industry. Now to take that tools should be used by strategic marketing management exemplifies the Software House, make strategies for organizations CRITITCAL are analysis request: to develop strategies, the basic thing should be done by strategic marketing management crucial question is analysis. Strategic management should know that certain answers questions about its organization. Can the fundamental questions of the form: what are aim and objects organization? Illustrate the purpose of the Organization the answer of this question as where the organization want to go? What is the purpose of t he Organization? Based on this information, the strategic management have to concentrate, to reach calculation and identification of strategies for an organization of this organization, your goal. (It can multiple targets of an organization but can discuss some Common Objectives 1) customer satisfaction. (2) At least input with maximum performance. (3) Stability among competitors. Customer satisfaction achieved Louisiana product quality which is much according to the organization in the near future. By Louisiana, product quality, the organization ensures that his product will meet needs and needs of your users or customers. At this level is the strategic management . At this level the price of the software product is cut down to attract such client and once client is attracted, the software organization started giving services to its customer and hence got more opportunities of earning and stability. Where does your organization currently? The answer to this question can say to managers, if an organization achieve business goals and, if so, whether the level of this progress is satisfactory. Strategies based on the current position of the project are sometimes redefined at a software house. Sometimes it happens that work not up to the mark dates are difficult to marginally either it can defects in understanding the requirements of the projects, so under such condition strategic management new strategies or redefine of existing strategies redirect the Organization on track. To achieve this milestone, the technical management is should be ensured that it monitors the activities of the technical team and report them to senior management or directors. Sometimes timings are newly planned work to meet deadlines. Where are competitors currently? (The answer to this question can understand the Manager 1) the development phase of the product in competitors. (2) Level of quality that is inserted the product from its competitors. (3) System of the competitor. As a result can adopt the strategy in a way, the Organization of the position where compete it with his opponent in the best of breed and leads way. If two software works on the same project houses, then best can do is, user interfaces, more friendly to its users so that users do, feel no barrier to work to make. But this functional requirements of the product degrades. Of functional requirement we meant to say that the software is capable, the user should meet all requirements. The price of the product can be customized. What kind of resources that have the organizations? The answer to this question can help to understand that which currently exists skill levels resources and on the Foundation can this information in a software company, higher management to hire decisions to fire or each resource manager. (2) GAP analysis: gap analysis is a very useful tool that helps marketing manager to make marketing strate gies and tactics. The first step is to assess the gap in time as you choose. For example through market share to earnings, sales and so on. Then just two questions ask where we are now? Where we want to be? The difference between the two is CAP that this is how youre going to get. This gap to basis, either new strategies or existing strategies are transformed to bridge this gap. Software House during calendar should strategic management in the location that will make strategy to force his employees to your working hours, the existing gap to bridge to increase marketing performance measurement and management (MPM). The term is used to describe the analysis and improvement in efficiency and effectiveness of marketing. This is achieved by focusing on alignment of marketing activities, strategies, and metrics with business goals. It focuses on measuring, managing, and analyzing marketing performance to maximize effectiveness and optimize the return of investment (ROI) of marketing. Thr ee elements play A critical role in managing marketing performance are data, analytics, and metrics. DATA AND ANALYSIS: Marketing performance is measured by collecting appropriate, right and crucial data. Agreement between the marketing department and the senior management is important in selecting appropriate data to be collected. After collecting data, through analysis is to be done on that data, after analysis organizations can take actions to improve marketing effectiveness and marketing efficiency and hence marketing can be optimized. In this regard a market mix model can be used. Market Mix Model measures the impact of marketing activities, competitive effects and make market environment on sales of a product. The consumer packaged goods (CPG) industry extensively uses this method, and it is now being adopted elsewhere. These models use data to create a model that establishes the link between spend in various channels, geographies and so on with incremental sales. The concepts and tools of these models date back over 30 years. With the increased usage of the Internet, social networking sites, mobile advertising, and text messaging, interest in them is increasing . Metrics and management Measurement and metrics allows marketing professionals to make budget based on returns and hence drive organization to growth and innovation. Hence marketing professionals use metric and performance measurement as a way to prove value and hence demonstrate contribution of marketing to organization. ACTIVITY BASED METRICS: It involves numeric counting and reporting. For example, tracking downloads, Web site visitors, attendees at various events are types of activity-based metrics. However, they seldom link marketing to business outcomes. Instead, business outcomes such as market share, customer value, and new product adoption offer a better correlation. MPM focuses on measuring the aggregated effectiveness and efficiency of the marketing organization. Activity Based Metric facilitate an organization to track down the way in which activities in the organization were being taking place. This help to cut down the cost by the way of infusion of resources. Hence activities of the resources could easily be monitored to keep them on track and to execute plans and enforce strategy that were being shaped. In this regard, Business Score Card(BSC) exists to provide a device for ensuring that the process occurs in expected manner. The various perspectives that can help are- % decrease in consumption of resources, process cost drop, % of products meeting the minimum profit level and increase in net margins for knowing the Financial Standing of the organization. Customer profitability can be obtained with metrics like successful strategy index, strategy execution ratio, fraction of customer base labeled profitable and customer base rise ratio. Internal Operations can be obtained with metrics like average process efficiency, process modification index, number of other management disciplines ABM is associated with and number of cost-effective product designs. Lastly, Quality and Growth Perspective can be attained with metrics like Training: Revenues ratio, % rise in successful strategies, drop experienced in time taken for decision making tasks and key activities quality enhancement ratio. In the light of above mentioned statements we can say that activity based metric leads organization to enforce its strategy in right direction and hence plays a key role in achieving organization goals and milestones. OPERATION PERFORMANCE METRICS: The Operations performance metrics is a term used when organizations manage its marketing functions. The Organizations committed to implementing marketing performance metrics. It may create positions such as marketing operations director and marketing finance director. Through OPERATION PERFORMANCE METRICS, any organization can have idea of its marketing investment. Marketing performance metrics tightly focuses on these operating measures to help marketers view how efficiently resources of the organization such as people, facilities, and capital are used. External performance measures aligned with business outcomes assess things such as the value an organization provides to customers or the performance of an organization relative to its competitors. Productions and operations metrics provide data to management regarding productivity of the staff in production and operations. This data shows key performance indicators related to various functions performed by the production and operations staff Management is able to use this data to provide reports, evaluate employee performance, set goals, recognize trends, project future metrics, and much more.