Developing and Managing a Strategic Marketing Plan and Applying Strategic

Marketing Management Techniques to a Market Situation

Introduction
In current situation competitors is on its highest level. Businesses are attempting to
entice other stakeholders and customers with their innovative and new ideas. Changing
technological and social trends are vastly affecting marketing plan of organizations. The
majority of the businesses are taking benefits by these modifications by introducing the
innovative ideas of theirs into real world practices. Good marketing plan is now an
important component for internet business development. To entice customers
businesses are actually placing substantial money and the efforts of theirs. Current
marketing community has become place that is such where a huge number of
innovative suggestions come into practices each day. The competition level is very
large that a company cannot become affected in marketplace with no assistance of a
good strategic marketing. (Akan, et al, 2015)
To shoot competitive advantage its gotten necessity for all the businesses to generate
excellent for their each material therefore the maximum utilization of information could
be used. Marketing and marketing is identified in Oxford since the activity of marketing
and marketing services or maybe products that include study of the marketplace and
marketing (Bryson, 2012). In typical words the goal of marketing is usually to reduce the
product sales cycle of the business. All of the company is latest scenario recognized the
benefits of marketing but few of them know that what really needed for a productive
strategic marketing plan. Strategic marketing will be the procedure of determining the
sustainable competitive benefits of the group and delegate assets to build them (Baker,
2010).
This pattern of strategic marketing is in every market. This current analysis will talk
about the strategic marketing plan of LG that's a worldwide known Electronics
Company. This statement is going to analyse the job of strategic marketing and
marketing for LG and can provide a selection of marketing methods which can offer
naturally competitive advantage this business. The target of this analysis is providing
comprehensive understanding strategic marketing program to build naturally
competitive advantage on the market place. This statement is split into 4 distinct parts

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where all of them are going to provide in depth research of the subject. The knowledge
of concepts of strategic marketing will be provided by the initial part. The following will
include the comprehension of strategic marketing evaluation. Third will evaluate the
strategic marketing choices and selection and also the last will suggest that exactly how
a variety of marketing techniques are able to offer naturally competitive advantage in
market location. (Ambler, et al, 2012)

Task 1
1.1. Discuss the role of strategic marketing in an organisation
As mentioned above that marketing is now an important component for every company
and organization success should concentrate on the marketing campaign of theirs for
locating the competitive advantage. Marketing approach aids in developing a brand
image in your mind of the buyers and attracts them for using the services and products.
In relation to LG strategic marketing played an extensive part in the business success of
theirs. The strengths of the products of theirs are identified by the marketing strategy of
LG. In present-day world a huge element of populations is aware of LG as well as their
appliances merchandise possibly they're non-vegetarian or vegetarian, because of
marketing campaign. The marketing tactic helped LG marketing the products of theirs
(Ambler, et al, 2012). By the assistance of an extensive strategic marketing plan LG
came recognize the need of clients and also offer verity of things for accordingly. For
instance through their marketing plan business involved realize that a huge component
population is quality aware. Based on that marketing campaign, better quality products
in the menu of theirs were included by LG. So ultimately strategic marketing had the
primary key part in improving the company project strategy. (Arit and James, 2016)

The strategic marketing and marketing identifies the obtainable marketing media
choices for the LG and offers the better choice which can efficiently get the marketing
goals. By the assistance of strategic marketing LG could speak the innovative ideas of
theirs and also has with the potential customers of theirs along with other stakeholders.
The extended marketing goals of the group which help in employing the real for every
one of the goal, for instance promotion, place and pricing (Beer and Eisenstat, 2010) is

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included by strategic marketing. Ultimately the strategic marketing plays the primary key
part in snapping the real utilization of resource generating revenue.

1.2. Explain the processes involved in strategic marketing

Establishing a good marketing tactic incorporates 5 step processes. By utilizing this
particular step LG along with other businesses could create a good marketing method
which can help support the business objectives of theirs and also enhance the revenue
of theirs.
 Defining the unique selling proposition of the company
 Defining the target market
 Building an marketing plan
 Implementing the strategy
 Controlling and overseeing the succession.
The identification of company's unique selling proposition is included by the initial
action. The identification of target market is consists o by the next step. The market
place where business is able to get the potential customers of theirs are indicated by it.
Additionally, it comes with the evaluation of industry and also SWOT analysis which
describes the pros and cons of the group and potential risks weaknesses of the
marketplace (Bryson, 2012). On the foundation of the evaluation marketing strategy is
drafted. The marketing goals as well as problems which determine the monitor on the
succession of plan are included by it. This is the most crucial stage of marketing
strategy improvement since the usefulness of objectives determines the whole practice
of marketing so while generating the marketing strategy very well defined goals ought to
be there. After drafting the program the next phase is implementation of technique. The
adoption of drafted plan into real world habits is included by it. Almost all marketing
activities must be conducted according to prepare by concentrating on goals. The final
phase is management and monitoring where administrators have to manage the tasks
based on pre determined measures and eliminate the errors. The best management
maintains the emphasis of recreation on primary objectives establishes the succession
of technique. (Baker, 2010)

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1.3. Evaluate the links between strategic marketing and corporate strategy
The direction is included by corporate strategy and range of the corporation together
with the method of using various business functions in concert to attain organizational
objectives. The best goal of business program is defining long-term goal of the company
therefore highly effective ideas could be developed. Corporate strategies determine the
important goals of the group as well as on the foundation of those goals marketing
techniques are developed. In other words business strategy is the track for marketing
technique. Every technique is developed in an effort to attain a number of certain goal
therefore as marketing strategy (Barney, 2015). The best management of the company
describes the long run and also main business goals possibly that may be profit making
or maybe customer satisfaction and on foundation of those objective marketing
techniques are developed.

A variety of changes occurred at the company level of LG one was changing the title to
LG. The reason for doing this was giving a unique picture rather than being viewed as a
neighborhood electronics brand. In building this significant change the marketing tactic
had a significant role. Promotional campaign and different marketing helped in creating
this huge change. The strategies of theirs are determined by the goals of the company.
Corporate level strategies determine the long run goals of the group which establishes
the marketing and marketing methods (Brenes, et al, 2007). Therefore eventually,
business program is a broader phrase which includes marketing technique in it.
Marketing plan plays a vital part in strategic planning by generting the website link
between the environment and the business. The study is included by strategic
marketing as well as evaluation of outside environment which offers the foundation for
strategic planning.

Task 2
2.1. Assess the value of models used in strategic marketing planning
Strategic Pyramids: Within the strategic pyramid of a company, business strategy level
usually will come at the apex of the pyramid. At this level, virtually all of the main

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choices of the organization are taken. Ansoff matrix is going to help the management
level in identifying the marketing program which the business must adopt.
Ansoff matrix: In case the organization would like to boost the share in the present
market of its current product, it is able to have a technique to minimize the cost of the
item therefore even more folks purchase it. Occasionally the organization has going into
market that is new because of its product to boost its market. Control must choose on
introducing product that is new on its current market whereas at times the business has
going into market that is new by producing totally brand new product or service. Each of
the main choices is taken at business level. (Barney, et al, 2015)

Porter's generic program tells how a business competes in the present industry.
Choices are designed at corporate level in finding out what approach company must
choose. It can certainly be by enrolling in a focus strategy or maybe differentiation
strategy or maybe cost leadership strategy. In concentration approach, the control
focuses especially on niche market. They try out knowing the dynamics of the
marketplace and needs of the buyers. In differentiation approach, the approach is taken
in an effort to produce the item or maybe system completely different from the client.
They try and expose desirable item to the buyers. Likewise, in cost leadership program,
strategies are probably available in an effort to minimize the price of the item and
marketing at lower cost than that of opposition. These kind of tactics plus choices are
designed at corporate level. It guides the activities which must be carried out at
functional level and business. (Beer and Eisenstat, 2010)

2.2. Discuss the links between strategic positioning and marketing tactics
There is really good link between strategic marketing and strategic positioning of LG
because all focus on continues development of a company. As much as strategic
positioning is problem they carry out investigation to find out what the requirements to
be able to market are and also place business just where they wish to.

In order to create strategic marketing programs for business they think about lots of
element where they are able to deliver precisely based on demands and needs of the

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buyers. As talked about above that marketing offers them obvious space to recognize
the long-term goal plus standing of a company. That is the way they continue on
modifying their methods regardless of what period of the season can they be in, or
maybe whatever customers would like this or perhaps not. So advertising is definitely
the key component for them to create the position of theirs exactly where they might
differentiate the product of theirs from others, since they think to be providing probably
the very best quality items to the customers of theirs as nobody does in that ability.
Thus the website link between these two is regular and common very infect both are
reliant on one another to be able to obtain main goals. (Brenes, et al, 2007)

2.3. Analyse the merits of relationship marketing in a given strategic marketing

strategy
Relationship marketing is among the advertising methods used by companies in the
quest of theirs for keeping long-term customer relationships instead of simply cruising
for short-run product sales. The training is designed at obtaining clients for a firm 's
merchandise and keeping them so they don't change to competitor solutions when
making their later sales decisions. It's normally completed over the web utilizing
program wherein an organisation records consumer info and also makes use of it to
maximise client satisfaction and also enhance sales.
Panasonic electronics put together unique methods including supply chain
management, merchandise information management and client relationship
management to create a management info system which allows the organization to
recognize the requirements of its buyers. The social media, likeFacebook, has been
important platform in which Panasonic helps to keep in contact because of its clients
about its products and getting responses from them. (Bryson, 2012)

Task 3
3.1. Use appropriate marketing techniques to ascertain growth opportunities in a
market
For the goal of attaining a competitive advantage over the companies in the sector, LG
is able to follow different strategies, which can be in line with the aims and also goals of

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the tight (Casciaro and Lobo, 2008). These techniques are going to provide a
competitive advantage to LG. Several of the techniques are as follows:
Diversification strategy: This is being described as the technique where the industry
companies begin creating products that are new within the brand new store. You will
find essentially 3 kinds of diversification techniques i.e. conglomerate, horizontal and
concentric diversification. Conglomerate diversification is said once the business
becomes the brand new company, and that isn't linked with its main pursuits ( Bryson,
2012). On another hand, concentric diversification is identified as the technique,
whereby, the tight enters into an activity, and that has some relation because of its main
activity. Lastly, horizontal diversification is used in the circumstances in which the
existing clients are now being made available services and products new in the industry.

Cost leadership: Cost leadership has been created by Michael porter. This method is
viewed as probably the most vital method of creating a competitive edge over other
companies in the industry. This particular strategy type is usually pushed by the scope,
size, efficiency and scale. Cost leadership often try to exploit other economies,
dimensions of production and also well defined scope.

Differentiation: It's being known as the technique whereby, the companies tries to
differentiate the product and products in a way or even the other person to compete
effectively. This particular strategy type is suitable in the circumstances in which the part
of the clients isn't cost sensitive, they've the market and specific needs is saturated.
Differentiation approach in addition allows the firm in creating a good business identity
(Baker, 2010).

3.2. Plan how to use marketing strategy options in a market

Looking for assistance out of the marketing communication, organization tries to
improve brand awareness among the prospective customers in the industry. Put simply,
marketing communication techniques produces supporting hands to the consumers by
converting the product info to the notion in respect together with the characteristics plus
role of the services and products in the bigger store. You will find numerous kinds of

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marketing methods that may be used by LG in an effort to create brand awareness
among the useful clients in the target audience. Several of these techniques are
discussed beneath:
Advertising: It's a paid form of marketing communication getting employed to persuade
and control the market in an effort to keep and to have new actions. The majority of the
marketing techniques are supposed to affect the behaviour, attitude and belief of the
customers towards the services and products. You will find variations of mass media
whereby ad could be conveyed. Several of these presses are paper, billboards,
indicators, publications along with other miscellaneous press (Akan, et al, 2015).
Sales promotion - Sales promo are identified as immediate inducement to the
customers or maybe purchasers to create a purchase of services and products. They're
viewed as probably the most crucial way of marketing communication program as
they're double purposed i.e. the sales on the business are jumpstarted by them, on
another hand, business also can collect info in respect with the customers type getting
pulled by the firm, wherever they're and lots of more.

3.3. Create appropriate strategic marketing objectives for a market

To be able to participate in a sector, an organisation needs to have distinct sets of
objectives or goal. Only distinct sets of objectives create a good path on the business.
You will find numerous competition on the market though the organization must create
competitive approach that may provide sustainable competitive edge over the rivals.
While getting the marketing goal of the business, various kinds of risks are faced by a
business. There are lots of rivals that are promoting the similar or same service or
products within the business environment. There are lots of new competition on the
market that think of various marketing methods. Change in federal laws, other charges
and tax, environmental regulation typically brings obstacles on the business. The
chance must be tried stayed away from and to be minimized. Sometime the danger
could be transferred to other businesses as insurance company whereas sometime it's
being acknowledged. (Arit and James, 2016)

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A business is able to present itself within the marketplace if it is a market leader. If so,
it's to reduce the cost of the service. While doing so, airers4you might not produce
sufficient profit and that impacts the succeeding approach of the business. To minimize
the price of the item, the production cost must be lessened. At that problem, the quality
might be compromised that eventually impact the world of the business. This method is
advantageous when there're scores of competitors looking selling similar service or
product. Sometime organization needs to bring some risky strategy to be able to
maintain itself in position that is strong within the competitive market. It's to challenge by
entering market that is new or even introducing the brand new item. Launching costly
gadgets in developing nations appears to be risky but there could be individuals who
are able to afford the service. In the circumstances, business may benefit by
challenging the industry. (Beer and Eisenstat, 2010)

There will be problems when business has to just follow competitors. They wait around
and remain until somebody enters market that is new or even produce product that is
different within the current market. After the method appears to be effective, they think
of the product of theirs within the marketplace. They do not wish to take risk. On this
foundation is run by many businesses. Likewise, a business is able to have naturally
competitive advantage by focussing on tiny or maybe niche market.

Task 4
4.1. Report on the impact of changes in the external environment on a marketing
strategy
External methods are utilized to determine key outside elements which can't be
managed by the business control. The whole business instead of a person firm is
affected by the majority of the outside factors. The greatest strategy for outside
examination is PESTEL. (Bryson, 2012)

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PESTEL Analysis
Political factors: This aspect of evaluation incorporates all of those changes in federal
policies which can influence the company performance. The crucial political aspects for
LG are Safety Guidelines as well as the regulatory issues.
Economic factors: these elements are worried about inflation, economic growth, interest
rates and exchange rates. The major financial aspects for LG are growing market,
improving disposable income and perceived value for cash (Casciaro and Lobo, 2008).
Social Factor: these elements are regarding lifestyle, beliefs and knowledge of the
culture. In present-day scenario hectic lifestyle of individuals, improving quality
conscious clients and community activities are main community aspects for LG (Baker,
2010).
Technological Factors: in now these elements are vastly impacting the marketing plan
of any business as innovative technologies are now being launched day by day.
Increasing utilization of online ordering, increasing pattern of social media and also
internet marketing plan will be the major technical factors for LG.
Legitimate factors: such factors different starting from a nation from other country. As
LG is running the business activities of theirs in a lot of nations it's to control the
legitimate obligations of different governments. Legal boundaries and different laws
have become the main authorized elements (Bryson, 2012).
Environmental factors: these elements are vastly impacting the company activities
specifically LG because of animal rights campaign. Things including earthquake and
tsunami would be the other green elements.

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4.2. Conduct an internal analysis to identify current strengths and weaknesses
in a marketing strategy
The evaluation of inner environment aids in defying the weaknesses and strengths of
the business. The internal analysis vastly focuses on organization 's eyesight, quest,
strategic goals and tactics to attain the goal. Additionally, it comes with the evaluation of
different energy like financial resources, human resources, technological advancement
and different assets (Arit and James, 2016). All of these materials majorly add in
achieving organizational goals. But on another hand absence of any of them turns into
the weak point for the business. Among the main methods of inner examination is
SWOT. It suggests the strengths, threats, opportunities and weaknesses.

Value chain analysis: some other than SWOT evaluation benefit chain examination is a
good tool for looking at the inner environment. It describes the different tasks of the
company in an effort to provide items on the industry. It provides the evaluation of 2
kinds of activities, you are primary activities which incorporate inbound logistics,
operations, outbound logistics, Marketing and services and sales (Brenes, 2007).
Infrastructure, technology, procurement and human resource management is included
by secondary activities.

Value chain analysis

LG will be the industry leader in appliances restaurant as a result of the strong primary
activities of theirs. Their main pursuits highly contribute in giving the LG electronics
products in various regions of the planet. Organization is getting good relations with

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their all main suppliers which facilitate regular delivery of raw materials for all the
products (Casciaro and Lobo, 2008), Lobo. Big force employees with newest technology
properly deal with activities and supplements are shipped at time that is right and at
place that is right. Company has attacking marketing methods which appeal to the
customers towards the resulting.

4.3. Propose strategic marketing responses to key emerging themes in a

marketing strategy
It's crucial on the part of any group to follow some marketing methods, which will help
the LG in creating a brand image of its services and products in the industry. By
employing effective marketing methods and marketing plans, LG will have the ability to
acquire a competitive advantage over the companies in the industry. Under the existing
research study, some situations have been reviewed, and they have a destructive effect
on the emblem image of the organization (Ambler, et al, 2012). All of these problems is
conquered by LG through formulating implementing particular marketing strategies. The
marketing techniques are explained below:
Segmentation strategy: It's suggested to LG to implement segmentation technique.
Under segmentation approach, LG is necessary to pick a suitable target market such as
top middle class, decreased middle class or perhaps luxury. With the implementation of
the strategy, business will easily focus on and also get the brand new store.
Relationship marketing and marketing: Relationship marketing is identified as the
marketing tactic, that will help in promoting the services and products of the
organization by keeping and building long term cordial connection with the prospective
customers. In this particular strategy type, information that is complete in relation
together with the option of people is maintained in the product sales database of the
business (Brenes, et al, 2007). This subsequently aids in improving trustful connection
with the supreme customers of the services and products.

Conclusion
Marketing is now an important element for business succession. Each company needs
to entice clients by their revolutionary marketing schemes and intense marketing plan.

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Strategic marketing describes the very best use of resources that are available in an
effort to obtain naturally competitive advantage. On the foundation of the research it
could be realized that strategic promotion is essential for each business to survive in
present naturally competitive market. The best strategic market plan could vastly offer
comprehensive naturally competitive advantage.

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