Marketing strategy is almost always easier to understand because it leads to an organizational outcome: firm performance.
Strategic marketing is more difficult to understand because it is broader.
It took me a while to understand the difference between strategic entrepreneurship and entrepreneurship strategy.
Here is how Strategic entrepreneurship is defined. Taking entrepreneurial action using a strategic perspective. More specifically, it involves engaing in simultaneous opportunity seeking and competitive advantage seeking behaviors to design implement entrepreneurial strategies to create wealth.
Marketing strategy refers to the methods through which an organization plans to market a selected product/service. Organizing an event, giving promotional offer, marketing through online platform, launching a special product for the school-goers, etc. can be termed as different marketing strategies. Marketing strategies can be used in strategic marketing plans.
Strategic marketing is used to describe the way/s an organization applies to market an item that gives them a competitive advantage over its competitors. It may also include the optimum utilization of the available resources to score over the competitors.
Marketing Strategy is creating a marketing mix involving the 4P's of marketing - Product, Promotion, Place (Distribution), and Price. Positioning is often the 5th "P".
Strategic marketing is viewing where you sit in the market and taking a longer term view - is your firm a leader, challenger, follower, or a niche specialist and therefore the basis on how you will compete. It includes analysing your competitors and determining how you will compete. For example see Michael Porter (five forces model)Other tools used include a detailed SWOT analysis and PESTEL (political, economic, social, Technology, environmental and legal) analysis, BCG model.
marketing strategy creates the basic platform for an organization to operate in a market. For example, what will be the product, price , place and promotion strategies of an organization. Moreover, it outlines how an organization should operate in the broader business environment.
On the other hand, strategic marketing is beyond the 4ps. It helps an organization to stand out in the crowd. Organizations can position themselves in a different way if they can apply strategic marketing. This strategic marketing helps achieve some distinctive capabilities which might differentiate an organization from its competitors.
Marketing strategy is the designed outcome of strategic planning for a defined goal or objective, ready for implementation. Strategic marketing is the process of setting strategic goals, planning and implementation of the marketing strategy.
Marketing strategy is a part of corporate strategy on business level and it is the long -term platform for implementing the marketing programs and marketing mix elements . Strategic marketing is a strategic direction of marketing functions in long term..
Hi Hussein Ali, Strategic Marketing is the way a firm effectively differentiates itself from it's competitors by capitalising on its strengths (both current and potential) to provide consistently better value to customers than its competitors .
But marketing strategy is a plan of action designed to promote and sell a product or service.
Technically speaking, Hussien Ali Abdul Rasool Al-Janaby , in marketing terms, the marketing discipline draws a distinction between; 1) marketing strategy and marketing tactics.
Marketing strategy is the part of marketing that deals with STP, Segmentation, Targeting and Positioning. In other words, how you; 1) break down the market; 2) which segments you go after; 3) whether you differentiated, undifferentiated or niche targeting and; 4) how you position yourself or offerings in the chosen segments.
Marketing tactics on the other hand, deals with the management of the 4P's; Product; Price, Place and Promotions.
Strategic marketing is an approach that looks at marketing in the long term. In other words, how does the firm best drive CLV (Customer Lifetime Value) - from the firm's installed base of customers as well as potential customers. CLV is simply, the discounted cash flows that accrues to a firm or brand over the lifetime of a relationship with a customer or an installed base of customers. The key drivers of CLV are; 1) customer acquisition; 2) Customer retention; 3) Customer Growth.
Strategic marketing also entails long term management of "market based assets" (intellectual and relational such as brands etc.,) in order to deliver customer lifetime value in the long term.