by Infoshelter

Created on: October 03, 2009   Last Updated: June 09, 2011

The basic principle of the process of strategic marketing is to strategically meet the needs and wishes of existing and potential customers-a great part in this process being played by market research. It should also be stressed that the strategy applied in marketing pertains two cognitive fields of the science and art of business management, namely:

1)Strategic management and

2)Marketing

This relationship is reciprocal and interactive. As a result, a company's marketing strategy is implemented within the framework of the overall business strategy. Conversely, the strategic marketing plan of the particular business we refer to, should not exceed the limits, objectives and potential of the specific marketing strategy, applied in the short to medium term.

At this point, we could make a critical comparison, derived from the economic science and, attempt a conceptual link- " marriage" between marketing, business strategy and the part of economics which refers to the theory of the firm and especially the supply of goods produced by to firm to the market.

It is generally accepted that in order for a business enterprise to profitably meet the needs of its customers, it should assess a number of factors relating to the conditions of the internal and external environment. Regarding the external factors, such as the general conditions of the economy and the income of consumers, it is not considered feasible for the company to intervene and affect them. However, the factors which can be changed by the firm are the internal ones, which means determining the conditions under which it produces and offers its products. This process is referred and related to the implementation of marketing.

More specifically, regarding the original setting of generic goals and policies and the process of redefining them, where necessary, is where the core process of strategic marketing lies.

However, because the establishment of strategic objectives, which are essential to the successful and profitable marketing function, is reflected upon the allocation of resources available to the company, the process of strategic marketing, can be defined, literally, as the process of repositioning and reassessing the fixed assets of the company, since these can change in the long term, i.e. in a strategic framework, the level of production and the consequent customer satisfaction.

As a final remark, we should keep in mind that the above process should not automatically be considered as an one-way of development and growth, but also take into consideration the alternative strategy of divesting, according to the desired level of production and the corresponding economies of scale, as well as the characteristics of the products, produced by the company and the general economic climate in the market or the markets where the company operates.

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