Strategic marketing decisions, Marketing Management

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Strategic marketing decisions:

Strategic marketing decisions are primarily concerned with external, rather than internal, marketing problems of the firm and especially with the selection of:

1.       The product mix which the firm will produce

2.       The market segments to which the firm will sell, and

3.       The marketing mix which the firm adopt for attaining long term profits and profitabily.

In more usual terms, the expression refers to the problem of deciding what business the firm is in and what kinds of business man it seeks to enter. Specific questions addressed are: what are the firm's marketing objectives and goals; should the firm seek to diversify, in what areas of markets and marketing, how vigoursly; and how the firm should develop and exploit its present product market position. An important feature of the overall business decision process is that a large majority of decisions must be made with the framework or limited total resources. Regardless of how large or small the firm, strategic marketing decisions deal with a choice of the resource commitments among the marketing alternatives. The object is to produce a resource allocation patern which will offer the best potential for meeting the firms overall objectives as well as the specific marketing objectives.


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