There have been issues in getting a conclusive definition for Strategic management; experts all over the world have different ways of viewing the issue of strategic management hence the derivation of a different definition for it.
According to Tyndall, Cameron, and Taggart in their book “Strategic planning and management guidelines for transportation agencies,” they wrote that every business has its description of strategic management. They further stated that strategic management can be categorized in terms of their growth or advancement in every business due to education or training, the occurrence of the managerial risk, how the organization is being run, the external factors impacting the life and activities of the people and the acceptance and want of the executive (Tyndall, Cameron & Taggart, 1990).
Strategic management can then be the process of creating, applying, assessing, and making decisions that will help an organization in meeting its goals, putting into consideration the external environment and the major part being played internally (Waters, 2006). It is based on how any organization designs its plan in carrying out how the business is to be run, making the organization meet good customer and employee relationships both internally and externally.
Strategic management involves different areas in making the business grow by having an intention of identifying its general growth, the rules carried out in achieving the organizations aim and goals, the resources that are used in achieving the goal, and the intelligence of the managerial staff towards the realization of such goals (Waters, 2006). Water in his book on “Operations strategy” affirmed that strategic management is grouped into four levels: Vision and Mission, business strategy, corporate strategy, and functional strategy (Waters, 2006). However, one major area we are going to discuss in this book is the business strategies of an organization, or the plan being carried out in strategizing or managing an organization. The topic covers the developmental plan of achieving success in every organization, including the process of carrying out the strategies of marketing an organization.
The Business aspect of strategic Management
The business strategy is the process by which the business supports the corporate strategy, therefore, bringing about the mission of the organization. It creates the development and success of the organization, in this way getting to understand the customer’s want and demands and the satisfaction of the customers (Waters, 2006). About Business Change Forum Academic Journal, it defined business strategy as “the use of the capital value of the organization, in return to meet good performance to earn a valuable result” (Business change forum, 2010). This definition has to do with the everyday transaction of the business to meet the success of the business. It also specifies the importance of the business for future benefits and transactions.
In every organization, marketing forms the major part of it its growth and success. Consequently, marketing a business depends on the implementation being carried out for the growth of such an organization and also depending on the skill and pattern of the managerial team of such an organization and the way of convincing its clientele into accepting that which they have to offer. According to the previous paragraph where we stated that strategic management relies on the internal and external quality of an organization to meet its goal or success.
In the Managerial Marketing Journal, it asserted that “due to the abundance of selling the customers are to be the major priority of any organization and also the way of satisfying their needs”. He further stated that the maxim which says that “customer is always right” must be obeyed in all organizations for it to succeed. This saying must act as a guide in all organizations (Marketing Management, 2010).
The market is the consumers who are interested in the product or who will buy the product being produced in an organization (Waters, 2006).
The marketing segment of an organization
In the journal Managerial Marketing, it is written that “marketing is the most important and exciting aspect of all business operations and much emphasis has to be laid in the marketing aspect by any organization”. The Journal further stated that in the global world of business the marketing segment is the fundamental inconsistent strength of any organization. It stated that marketing helps in distributing resources in the “light of customers needs”. The Journal also described marketing as the most important step carried out in any industrial society and the wish of all nations in the present age (Marketing Management, 2010).
Definition of marketing: Marketing can be the process or pattern commenced by an organization in the distribution of goods or services from the manufacturer to the customer thereby satisfying the customer and meeting the goal of the organization or achieving success for the growth of such business. Marketing does not only revolve around making the product but making sure that the products are sold and meeting a good standard for the appreciation of the customers, whereby the goods are not only locally appreciated but also internationally.
In the Managerial Marketing Journal, it was asserted that there are some basic marketing functions, which are: buying and selling, transporting of the goods, storage, grading, financing, taking of risk, and awareness of the market (Marketing Management, 2010).
Nevertheless, we will talk about these functions and their merits and demerits to the organization. The functional aspect of transportation and storing involves the movement of goods from the point of production to the point of distribution and also putting the storage of the goods into consideration. These processes tend to be the major concern of any organization. Once goods have been taken to the point of distribution, creating awareness of the products is the vital aspect to be considered. This can be achieved by advertising and promotion of the goods to meet both the regional and international market standards and for appreciation by the customers. Nevertheless, this is known as the major part of marketing or considered the core marketing itself in the business world. Unless the product has been advertised the possibility of sales and buying is minimal, hence low turnover of sales. In the managerial marketing journal, it was stated that the buying aspect deals with the exchange of goods or services in return for capital while the sales aspect deal with the awareness of the product into both the international and local market (Marketing Management, 2010).
The journal further stated that the grading function of a business deals with the division of the most attractive quantities using the best qualities thereby helping in the storage of the goods or products and also helping with the selling function of the business by making sure that the goods are sold in exchange for money (Marketing Management, 2010).
It also helps in the provision of credit facilities needed for the storage of goods. The risk-taking function of the management strategy is compulsory in the strategic planning of any organization thereby bringing about the importance and skill of a good managerial team. The importance of marketing is that with the embarkation of all the functions of marketing stated above the outcome is always favorable and helpful for any organization.
Marketing is believed to be the bridge between the customer and the product, produced by an organization. Nevertheless, every organization puts into consideration the needs of the customers while the marketing aspect tends to satisfy the customers by promoting the goods in a morally disciplined and corporate way. Irrespective of the price tagged on a good, once good promotion and advertisement are done the customers will be willing to patronize the organization, so, marketing attracts the customers thereby increasing sales for the organization and making the organization meet the targeted goal.
In the managerial marketing journal, it was affirmed that the functions of marketing must be accomplished irrespective of the simplicity or complexity of the functions. The basic function of marketing in an organization is the satisfaction of customers’ needs by the use of marketing skills in knowing the changes in the market and production of high-quality goods in comparison to that of other competitors and availability of such goods (Marketing Management, 2010).
The marketing strategy revolves around the satisfaction of the customer and for the achievement of the pattern of their set goals; having in mind their production activities such as marketing and finances which are to be devoted for the customers’ satisfaction and making a good turn over for the organization.
- Business Change Forum. (2010).
- Marketing Management: A Vital Topic. (2010). Managerial Marketing.
- Taggart, R. C. Tyndall, G.R., & Cameron, J. (1990). Strategic Planning and Management Guidelines for Transportation Agencies. American Association of State Highway and Transportation Officials, United States. Federal Highway Administration: Washington, D.C: Transportation Research Board.
- Waters, D. (2006). Operations strategy. London: Cengage Learning EMEA.