Strategic Marketing Management Essay Example | Topics and Well Written Essays - 3250 words

Strategic Marketing Management - Essay Example It is irrefutable that the business arena is evolving into a hypercompetitive environment characterised by the continuous by more intense rivalry among industry players associated with the growth of buyer leverage (Kotler 2002). This trend forces business organizations to rethink their strategies in order to compete more efficiently and more profitably. On the other hand, these developments in the market also present opportunities for business organizations especially in the way they market their products and services to their specific target markets. In order to choose the strategic path that a company should take, it should first identify the strategic marketing options available for it (Kotler 2002). The identification of strategic marketing options is aided through the use of different strategic management tools. Strategic management tools are essential instruments for managers and decision makers. The use of these tools does not only provide a diagnosis for the business organization but prescribe solutions and strategic responses as well (Thomson 2002). This report will look at the different strategic management tools used by business organizations in order to identify the feasible and available strategic marketing options. The first section will focus on the Ansoff Matrix and how it can be used to evaluate the strategic directions that the company can take. The second part will look at the other analytical tools and techniques which can be employed to develop marketing alternative marketing strategies. This paper will conclude with its findings. The Ansoff’s Matrixis is a tool in strategic management which is utilised in order to aid managers in deciding the product and market growth strategy of a business organization. After its publication in the Harvard Business Review in 1957 in an article entitled, ‘Strategies for Diversification,’ this strategic management tool has gained wide popularity and recognition in the marketing world.