Define Strategic Marketing Management and identify some current issues in strategic marketing management that might be faced by an organisation?
The term Strategic Marketing Management refers to the absorption in the foundation principles of successful marketing. Strategic Marketing is therefore defined as an integrated organisational process. Therefore in summary the underlying assumption marketing known as the marketing concept can be traced back to the theories developed by early economists in the 17th as well as 18th centuries. (Reed, Peter, 2014, p. 5). The underlying theory of marketing first evolved at least two centuries ago and the field of marketing began to develop as an academic discipline almost a century ago, it can be contended that relatively sophisticated marketing practices have been employed by at least some organisations since the time of industrial revolution. (Reed, Peter, 2014, p. 6). In other words strategic marketing is an organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit an organisation as well as its stakeholders.
Provide a current example of an organisation that appears to have a strategic marketing approach to their business at the moment. This might include how they are developing products or services, mapping customer journey touch points or leveraging technology, explain why this is strategic and why its helping them create value?
Crowne Plaza Canberra appears to have a strategic marketing approach to their business at the moment as they are seen mapping the customer journey touch points by offering free Wi-Fi, separate glass walled shower cubicle, clubhouse, indoor pool, spa, sauna, Foreign Currency Exchange, Babysitting services, Breakfast, concierge services, Business Centre and also leveraging technology through the hotel’s mobile application, which saves time for check in/check out but also supports the environment through less use of paper. Business guests are often tight for time and don’t wish to spend much time on check in/check out.
An example can be seen where Crowne Plaza Canberra reaches out towards a large target audience: tourists, international visitors, business delegates, corporate clients, leisure travellers, students. Its USP is that it reaches out to a very wide target audience, has a very convenient and scenic location which is very suitable for both leisure and corporate clients.
Therefore this is strategic as Crowne Plaza Canberra shows that it values customers by introducing a comprehensive loyalty program. The loyalty program is created by the Line Manager’s and communicated across the hotel to ensure that returning guests are rewarded for their loyalty to the hotel. The guests reward will be dependent on how many times they have stayed. For example if it is the guests third time returning, they may receive a complimentary bottle of wine in their room, however if it is the guests tenth time staying they may receive complimentary buffet breakfast for two.
Crowne Plaza’s marketing is effective with the launch of a marketing programme which is based on the following steps:
a) Build Awareness – By participating in community events and causes, social media is the most inexpensive and often most effective way of getting the brand’s name known.
b) Developing Customer Base – By always offering great customer service Crowne Plaza Canberra develops a loyal customer base.