Strategic Management (Research Proposal Sample)

Strategic Marketing Management
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Table of Contents TOC \o "1-3" \h \z \u 1.INTRODUCTION PAGEREF _Toc391189296 \h 41.1Background PAGEREF _Toc391189297 \h 41.2The significance of the study PAGEREF _Toc391189298 \h 51.3Purpose of the Study PAGEREF _Toc391189299 \h 71.4Scope of the Study PAGEREF _Toc391189300 \h 71.5Research Questions PAGEREF _Toc391189301 \h 71.6Justification PAGEREF _Toc391189302 \h 82.LITERATURE REVIEW PAGEREF _Toc391189303 \h 92.1Importance of Strategic Marketing Management PAGEREF _Toc391189304 \h 92.2Strategic marketing management processes PAGEREF _Toc391189305 \h 102.2.1Strategic Marketing Planning PAGEREF _Toc391189306 \h 112.2.2Competition Analysis and planning PAGEREF _Toc391189307 \h 133.METHODOLOGY PAGEREF _Toc391189308 \h 153.1Research Philosophy/Paradigm PAGEREF _Toc391189309 \h 153.2Research Approach PAGEREF _Toc391189310 \h 163.3Research Strategy PAGEREF _Toc391189311 \h 173.4Data Collection PAGEREF _Toc391189312 \h 183.4.1Primary data sources PAGEREF _Toc391189313 \h 183.4.1.1Interview Schedule PAGEREF _Toc391189314 \h 183.4.1.2Questionnaires PAGEREF _Toc391189315 \h 193.4.2Secondary data sources PAGEREF _Toc391189316 \h 193.5Data Analysis PAGEREF _Toc391189317 \h 203.6Validity and Reliability PAGEREF _Toc391189318 \h 203.7Ethical Concerns PAGEREF _Toc391189319 \h 213.7.1Informed Consent PAGEREF _Toc391189320 \h 213.7.2Confidentiality PAGEREF _Toc391189321 \h 223.7.3Acknowledgement and referencing of sources of information PAGEREF _Toc391189322 \h 224.FINDINGS PAGEREF _Toc391189323 \h 23References PAGEREF _Toc391189324 \h 25
1 INTRODUCTION
1 Background
In the present times, organisations and companies find themselves in a fast evolving business environment. Competition, technology and global economy trends make it difficult for organisations to achieve and maintain profitability as well as gaining loyalty from customers whose choices for products has been widened by their widespread availability CITATION Che09 \l 1033 (Chernev, 2009). Businesses are ever looking to fill gaps not served by the market by offering a wide array of services to customers. In the process of ensuring the services and products that organisations offer have demand in the market, organisations are find it very important to put in place marketing strategies, which will convince the customer of the relevance of the products and services offered to serve their needs CITATION Has09 \l 1033 (Hastings & Saperstein, 2009). Organisations require well-established marketing departments to help them come with marketing methods, which will create market for the organisation’s products and give the organisation a competitive advantage in the highly competitive market environment. It is from this need that organisations are focusing on strategic marketing management processes to ensure that their marketing strategies give them competitive advantage CITATION Lam07 \l 1033 (Lambin, 2007).
The volatility and unpredictability of the market economy threatens the sustainability of many businesses. For instance, prior to the 2008/2009 global financial crisis, many organisations and business were experiencing exponential growth rates and it would be unimaginable that they would soon find themselves in bankruptcy or in the brick of closure. However, the financial crisis was an awakening period of many organisations as they found themselves with thousands of products with no ready customers and hence billions of Euros in losses. The marketing processes they were accustomed to proved ineffective and only contributed to additional costs to the already weakened organisations’ financial bases. It is from this background that there was need for having dedicated strategic marketing management processes, which would be responsive to the changing market environment, while at the sometime, matching the organisation’s resources to the changing environment.
2 The significance of the study
Marketing is an important function in an organisation, if not the most important. According to Chernev (2009), a business has only two basic functions that is, marketing and innovation, as they produce results, the rest are costs. This statement cannot be far from truth and it is from this background that this study is very significant in understanding the role of strategic marketing management in the 21st century business environment. Further, Aaker and Day(2001, p.6) consider marketing as the most important aspect of an organisation as it involves decisions that touch on fundamental decisions involving the positioning of a business or decisions to enter a new market to even less significant decision such as how to arrange the products in an outlet.
Strategic Marketing plays an important role in any organisation. Marketing is the backbone of the entire organisation as it drives revenues for the organisation by ensuring that its services and products have customers CITATION Has09 \p 23 \l 1033 (Hastings & Saperstein, 2009, p. 23). It allows an organisation in product development, which allows it to create products and services, which are competitive, on demand and with the best possibility of making a profit CITATION Has09 \p 11 \l 1033 (Hastings & Saperstein, 2009, p. 11). In this role, strategic marketing allows an organisation to identity before hand, what can sell and what cannot and then drive the organisation’s efforts towards what is viable for profitability. In deciding what products and services to offer, a company is informed by such processes as marketing research on competition, customer base and prices of its products and services, and the market trends that allow projection of the future of the business. Secondly, strategic marketing allows an organisation in Pricing of Products CITATION Che09 \p 27 \l 1033 (Chernev, 2009, p. 27). In this role, strategic marketing allows an organisation to identify its customers, their financial capabilities, the competition in the market, and hence set prices, which are competitive yet profitable. Thirdly, strategic marketing allows an organisation to identify its Customer Segment CITATION Lam07 \p 6 \l 1033 (Lambin, 2007, p. 6). In this case, an organisation understands its customers by age, financial capability, locations or gender CITATION Lam07 \p 8 \l 1033 (Lambin, 2007, p. 8). Once this is established, the organisation may focus its efforts of marketing to the right segment, which saves it money in marketing and allow marketing to focus on the right people. The organisation is able to identify its Marketing Plans and Communications CITATION Che09 \p 12 \l 1033 (Chernev, 2009, p. 12).In this role, the organisation is able to identify the best means and media for communicating its products to its potential customers. This study will focus on understanding the importance role of strategic marketing management, which has continued to gain significance in all organisations. The study will contribute to the growing knowledge field on the significance of strategic marketing management as organisations strive to be the best in their fields of operation.
3 Purpose of the Study
The main purpose of this study is to examine the role and the relevance of strategic marketing management, its conceptualisation as well as different tenets that contribute to this growing field in the professional business environment. The focus will be on understanding the concept of strategic marketing management, different areas that constitute and there importance in the process of ensuring that an organisation or a business maintains its competitiveness in the rapidly changing business environment.
4 Scope of the Study
The study will focus on the main tenets of strategic management including its definition and its importance in the marketing environment. Further, plans and techniques used in marketing strategies will be covered in this paper. Examples of areas where strategic marketing management has been applied successfully will also be discussed.
5 Research Questions
The main questions for the research are as follows:
* What role does strategic marketing management play in a business or an organisation?
* What are the main concepts involved in strategic marketing management?
* How is strategic marketing management linked to other important aspects in a business environment?
6 Justification
Strategic marketing management is gaining prominence as a must have for any organisation or business, which desires to remain relevant in the long run. Although there is a growing literature on the concept, it is still not yet well understood and many people and organisation are lucking on this important process CITATION Che09 \l 1033 (Chernev, 2009). This study brings forward the main tenets of strategic marketing management in a way, which can be easily applied to any organisation. Consequently, the study is important as it contributes significantly to the growing knowledge of different strategies that organisations and businesses can use to ensure that they remain competitive in the business environment.
2 LITERATURE REVIEW
The existing literature on strategic marketing management contributes significant knowledge on the concept but leaves many gaps, which require more analysis and study to make a wholly acceptable concept in the business environment. According to Best (2009), strategic marketing management gives an organisation the opportunity to review and apply all possible strategies that can allow the marketing of its products to be successful.
7 Importance of Strategic Marketing Management
For a long time, understanding the complexities of the business environment has baffled scholars. While some organisations remain profitable effortlessly, others continue to make losses year in year out. Scholars in order to bridge the gap and make all organisations succes...