Any company seeks to market its business or product to give it a competitive advantage. This is called Strategic Marketing which includes exploiting available resources to increase the competitive advantage over competitors. But marketing strategies differ, It refers to the strategies or methods the business uses to market a chosen item.
The Difference Between Marketing Strategy and Strategic Marketing
1- marketing strategy last for Short term; Maximum a year’s time frame. But Strategic Marketing last for a Long term; Minimum 3 years time frame
2- marketing strategy aims to build a brand and market the company. But Strategic Marketing aims to drive the company in the right direction.
3- Marketing strategy is related to product manager level in which we create the marketing strategy for some product (for example Price, distribution & promotion. Strategic marketing related to the corporate level, for example, CEO& Director, in which we allocate budget to each strategic business units(SBU), downsizing SBU etc.
4- Marketing strategy is a roadmap of how you plan to differentiate all activities which has an impact on the customer, in relation to the competitive environment, where the theme of differentiation is the corporate vision. But Strategy is a plan you devise to differentiate all internal and external processes in your value chain, from your competition, with one clear outcome in mind. The outcome which the value chain should be tailored to achieve is the corporate vision.
5- Marketing strategy is one of the functional strategies toward that goal. But Strategic marketing is the process planned to attain the organizational goal.
6- Marketing strategy is the plan that sets out how you intended to use the predetermined marketing or organizational tools, resources, capabilities, and services in hope to leverage an intend to use the predetermined marketing or organizational tools, resources, capabilities, and services in hope to leverage an intended return on investment to all stakeholders.
But Strategic Marketing is using identified resources, capabilities, processes and services creatively in hope to leverage a return on investment to all involved stakeholders.
7- Marketing strategy focuses on the company’s products and its positioning in relation to sales competition and customers. Marketing plans ensure that concrete and clear actions, approaches, and methodologies are undertaken to achieve the same.
But Strategic marketing provides direction and analyses with the market, competitors, customers and the capability of the organization by focusing on geographic, demography and behaviour of customers.