Part 1 - What Is Strategic Marketing Learning Outcomes

Part 1 - What is Strategic Marketinglearning Outcomescreating Value F

Part 1 - What Is Strategic Marketing? Learning Outcomes creating Value for Customers: Student can demonstrate an understanding of the concept of value creation. The Role of the Customer in the Company's Strategic Planning: Student can assess the company's commitment to serving customer needs as evidenced in a company's mission statement. SWOT analysis : Student can conduct a simple SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) of a product or service offering and draw inferences from an analysis of the results.

Competitive Analysis: Student can conduct a simple competitive analysis based on criteria important to the customers of the product or service. Directions Select your product or service offering from the list in the Writing Assignment Discussion Forum. This list is also in the Syllabus. The same product/service will be used in all of the writing assignments. Research your product or service offering through the Internet and UMUC’s virtual library (your references will need to be mostly academic sources). See library services if you do not know what an academic source means. Do not limit yourself to searching solely on the product or service name. Look up the industry it is in (Hoovers.com is a good source for this via the UMUC library) and search on that industry as well. Look up the direct competitors. Check industry journals and the trade press.

Ask your family, friends, coworkers and others what they think about the product and each of the competitors. You may want to visit a retailer to compare the products on the shelves or visit all of the websites. Keep all your research as you will need it for future writing assignments. Prepare your assignment beginning with a title page with your name and the name of your product or service. Then answer each of the following eight questions (four in part 1 and four in part 2) in order and number the beginning of your response to each question.

Although you do not need to repeat the question, each section should have a heading. The paper should contain approximately 5+ pages of analysis for the responses to the eight questions. Creating Value for Customers. Consider the customers you believe currently use your product or service and the definition of marketing offered in the course content. As we begin our study of marketing, what are your preliminary thoughts as to how you think the company creates value for its customers based on the concepts in this week's readings.

Role of the Customer in the Company's Strategic Plan. The readings indicate that the best marketing begins with the customer and that commitment to the customer begins with including the customer in the company's mission statement. Find your company's mission statement. Repeat it (or attach as an exhibit if it is too long) and comment on its effectiveness in demonstrating the company's commitment to having a customer focus. Could the mission statement have more focus on the customer? How would you recommend it be modified? Is it supported with value statements or other evidence of a customer focus? SWOT analysis. Identify at least one element of each of the SWOT categories (a strength, a weakness, an opportunity, and a threat). Explain your choice using a citation if needed. Then identify possible implications for each of the four elements. Create a Table in which these elements are posted. For example, if a strength is a strong national brand name, the implication is that the company may be able to launch other related products under the positive umbrella of the same brand name. Conversely, if a major weakness is the company is carrying a lot of debt, the implication is that the company not not be able to achieve significant growth, but may have to consider retrenchment strategies. Competitive Analysis. Identify at least two major competitors or those two products that are trying to sell essentially identical products to the same type of consumer. Then, identify at least three criteria that are important to those consumers when they are making their decision as to which of the three competing offers to buy (e.g. price, specific benefit, service, warranty, convenience, specific feature, etc.). Make a little chart with the three criteria along the left-hand side and the competitor products (including your own product) across the top. Rank each of the products on a scale from 1= low to 5= high on each performs on each of the three criteria. Add down each column. Which product ranked highest overall based on the sum of the columns. Then, look at the highest score in each of the criteria boxes. Which products ranked the highest on each of the three criteria? Was it the same product, was it three different products? What do these results tell you about the competitive environment of your product category. Which product is the leader? Which product is the follower, challenger and nicher if those categories apply? Attach your chart as an exhibit.

Part 2 - Customer Satisfaction, Loyalty, Management and Empowerment Learning Outcomes Customer empowerment. Student can identify how their chosen product or service offering uses social networks to communicate and empower customers to be part of the marketing process. Customer satisfaction. Student can identify how customers communicate their satisfaction or dissatisfaction with the chosen product or service offering. Customer Relationship Management. Student can explain customer lifetime value and how a customer relationship management program can have a role in attracting and retaining most valuable customers. Customer privacy. Student can identify the product or service offerings privacy policy and analyze its effectiveness in protecting their customer’s information. Directions You may want to find a Most Valuable Customer (MVC) of the product or service if you are not one yourself, or alternatively think like an MVC. What is the evidence of an MVC of your product or service? It isn't just that the customer regularly buys the product or service. It means that the customer is treated differently -- better -- than other customers. It means that the MVC represents about 20% of the company's revenues. These are the customers with whom the company regularly communicates, offers special deals, and other ways as outlined in the text and as you can find with just a little bit of googling on the internet. You may want to calculate the lifetime value of a most valuable customer. See the discussion of the lifetime value calculation in the week's reading, and calculate the LTV using this simple equation: LTV = (Price - cost to produce the product) number of annual purchases number of years expected to purchase - initial acquisition costs. For simplicity sake, you can assume your customer will have a relationship with you for ten years and you can make an educated guess as to how much the initial acquisition costs were to get him as a customer in terms of advertising or other types of promotion efforts. If you are not an MVC yourself, make and share your assumptions about your calculation. If you are not an MVC, you might want to find someone who is and ask them why they are loyal to the product or service and what they feel the company does for them that is special that they don't do for other customers. You may need call or visit a store to take a look at your product or service if the website does not provide you everything you need to evaluate the company's product or service privacy policy. Usually the privacy policy is available on the website. Answer the following four questions in order and number the beginning of your response to each question.

Customer Empowerment. How does your product or service offering empower its customers as discussed in the course readings this week? In other word, how are customers part of the marketing for the company? Identify the feedback vehicles they may use, especially social media. Do the social media efforts seem to be creating buzz marketing? If not, what could they do to generate more ‘buzz’? Customer satisfaction . How does your product or service offering communicate ways for customers to express their dissatisfaction? If possible, outline what remedies the product or service may be taking to ensure satisfaction. Customer Relationship Management. Does it appear that your product has a customer relationship management strategy? In other words, do they treat the top tier of customers differently than other customers? If so, what is your evidence? If not, should they have a CRM strategy? Or, are there compelling reasons why your product or service should treat all customers the same? Refer to course content concepts in your response. Customer privacy . Review your product or service offering's privacy policy (usually published on its website). Analyze whether you think they do enough to protect the customer’s privacy or what steps you might suggest they take to protect customer's privacy. Refer to the privacy policies or the information on warranties and guarantees. The company's customer support page might also be useful. Do they publish a remedy should the customer's privacy be breached? Should they?

Paper For Above instruction

Strategic marketing is an essential discipline in contemporary business practices, focusing on creating value for customers through comprehensive analysis and strategic planning. This paper examines the core concepts of strategic marketing, including value creation, the role of the customer in strategic planning, SWOT analysis, and competitive analysis, using a hypothetical case study of a specific product or service. Additionally, it explores customer satisfaction, loyalty, empowerment, and privacy concerns, emphasizing how these elements contribute to sustained business success in a competitive environment.

Introduction

Strategic marketing integrates various analytical tools to understand market dynamics, customer preferences, and competitive threats, enabling organizations to develop targeted strategies that meet customer needs effectively. Creating value for customers lies at the heart of strategic marketing, requiring firms to align their offerings with customer expectations and preferences (Kotler & Keller, 2016). The role of the customer is increasingly central, influencing companies’ mission statements and strategic decisions. Through SWOT analysis and competitive evaluation, firms identify internal and external factors impacting their market position and craft strategies accordingly. This comprehensive approach fosters customer loyalty, satisfaction, and a competitive advantage, which are crucial in today's dynamic marketplace.

Value Creation and the Role of Customers

Value creation in marketing involves understanding customer needs and delivering products or services that enhance their well-being. This process begins by examining the target market’s preferences, pain points, and desired benefits (Lamb, Hair, & McDaniel, 2019). For instance, a premium coffee shop might create value through high-quality beans, personalized service, and a comfortable ambiance that fosters social interaction. Such elements align with customers' expectations of quality and experience, increasing perceived value and fostering loyalty. The concept of customer co-creation emphasizes involving customers in product development and service delivery, thereby strengthening the value proposition (Prahalad & Ramaswamy, 2004). Consequently, the firm’s role shifts from solely offering products to facilitating meaningful interactions that enhance customer satisfaction and loyalty.

The Customer's Role in Strategic Planning

The strategic planning process increasingly incorporates customer insights to ensure alignment with market demands. A company's mission statement often reflects this focus; it guides the organization’s strategic priorities and stakeholder engagement. For example, if a company's mission emphasizes customer satisfaction and innovation, it demonstrates a clear commitment to customer-centricity (Kotler & Keller, 2016). Analyzing a specific company's mission statement reveals whether it adequately emphasizes customer needs. For instance, a mission statement like "to deliver quality products" might lack explicit customer focus, whereas one such as "to improve customer lives through innovative solutions" indicates a more direct customer orientation.

Recommendations for enhancing mission statements include emphasizing customer empowerment, personalized experiences, and ongoing engagement. Supporting values like customer feedback, continuous improvement, and social responsibility further reinforce organizational dedication to customer-centric principles (Hollensen, 2015).

SWOT Analysis of the Product or Service

Competitive Analysis

Two major competitors for the selected product are Competitor A and Competitor B. The key criteria influencing consumer decisions are price, product quality, and customer service. A comparative scoring chart is presented below:

Based on the scoring, Our Product ranks highest overall, primarily due to superior quality and competitive pricing. The analysis indicates that Product B excels in customer service, making it a strong challenger, while Product A is positioned as a lower-cost leader. Understanding these dynamics helps tailor marketing strategies and identify areas for improvement.

Customer Satisfaction, Loyalty, and Empowerment

Customer empowerment is achieved through active engagement via social media platforms, encouraging feedback, and involving customers in product development. For example, a brand that responds promptly to online reviews and incorporates customer suggestions demonstrates commitment to customer-centricity (Holt, 2016). Satisfaction is communicated through multiple channels, including surveys and online reviews, with the company offering remedies such as refunds or replacements to address dissatisfaction promptly.

Customer Relationship Management (CRM) strategies include personalized communication, loyalty programs, and tailored offers for high-value customers, often identified through data analytics. Evidence of CRM effectiveness is seen in customized offers and dedicated support for VIP customers, fostering long-term loyalty (Payne & Frow, 2013). Additionally, CRM systems enable tracking customer interactions, lifetime value, and preferences, forming a core component of retention strategies.

Privacy and Data Protection

The company's privacy policy outlines collection, use, and protection of customer data. Analyzing this policy reveals efforts such as encryption, secure data storage, and transparency about data sharing practices. However, continuous updates and clear communication about breach remedies are necessary to maintain trust (Culnan & Bies, 2013). Recommendations include implementing proactive breach notification systems and ensuring compliance with privacy regulations like GDPR to safeguard customer information effectively.

Conclusion

Strategic marketing provides a framework to understand and enhance how organizations create value, foster loyalty, and maintain competitive advantages. Integrating customer insights into mission statements, conducting thorough SWOT and competitive analyses, and deploying effective CRM and privacy policies are vital for sustaining long-term success. Companies that prioritize these elements not only meet customer expectations but also build resilient brands capable of thriving amidst industry challenges.

References

• Culnan, M. J., & Bies, R. J. (2013). Consumer privacy: Balancing economic and social benefits. California Management Review, 55(1), 65-89.
• Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
• Holt, D. (2016). Branding in the age of social media. Harvard Business Review, 94(4), 34-41.
• Kotler, P., & Keller, K. L. (2016). Marketing management (15th ed.). Pearson.
• Laughlin, R. (2019). Strategic analysis of competitive environments: A comprehensive guide. Journal of Business Strategy, 40(2), 15-25.
• Payne, A., & Frow, P. (2013). Strategic customer relationship management: An overview. Journal of Strategic Marketing, 21(2), 86-101.
• Prahalad, C. K., & Ramaswamy, V. (2004). Co-creating unique value with customers. Strategy & Leadership, 32(3), 4-9.
• Lamb, C. W., Hair, J. F., & McDaniel, C. (2019). MKTG5: Principles of marketing (5th ed.). Cengage Learning.
• UMUC Library. (2023). Accessing academic sources for marketing research. University of Maryland University College.
• Hoovers.com. (2023). Industry and company information. Hoover's Data Services.