Introduction
Coming up with an idea for a popular product is relatively simple; by examining the existing demand or, for that matter, analyzing the strategies adopted by other companies, one can define the further course of actions rather easily. Developing a brand that will last for years or even decades is much more complicated, given the fact that trends change and people have tendency to forget once successful products.
However, with the help of new marketing ideas and principles that have appeared comparatively recently and have proven efficient, the creation of a sustainable corporate brand is possible. Since strategic marketing allows for introducing a company’s corporate values, mission and vision to the target audience, its role in brand development is convincing the customers that the given item is going to provide them with the required services.
Strategic marketing definition
Before going any further, it is necessary to come up with a viable definition of strategic marketing. Thus, the elements of the latter will become more evident and, therefore, its impact on SCB development will be easier to define. According to the existing sources, strategic marketing is the type of marketing that “focuses on choosing the right products for the right growth markets at the right time” (Smith, Berry & Pulford, 1999, 72).
Discussion
As the definition provided above shows, there is a distinct relation between strategic marketing and planning a promotion campaign that is going to result in a long-term popularity of a specific product; in other words, strategic marketing helps creating a brand.
How exactly strategic marketing factors in
While it is obvious now that strategic marketing contributes to creating a product that is going to stay in people’s memories for a relatively long period, there are still a number of questions to be clarified. To start with, there is a slight difference between a popular product and a brand; the latter is supposed to become a household name for the entire target audience.
For instance, Xerox can be considered a brand, seeing how the very machine for printing copies is nowadays called a Xerox machine, even if it was not produced by the Xerox company. With that being said, it is necessary to take a closer look at the basic constituents of a brand, as well as some of the elements of strategic marketing that contribute to creating a sustainable corporate brand.
By definition, a sustainable corporate brand is the product that is going to represent a company within a market place (Beamish & Ashford, 2007). Therefore, it is important that SCB should represent the corporate culture, voice the company’s mission and vision, address the needs of the target audience and incorporate the elements of an innovative approach, as well as the use of the latest technologies or innovations in the specified sphere and be long-lasting.
Judging by the key elements of strategic marketing, it can be assumed that it is ideal for creating sustainable corporate brands. To start with, strategic marketing allows for a detailed examination of the needs and demands of the target audience, which will result in providing the latter with a product that they will find indispensable.
MOreover, strategic marketing allows for developing a sophisticated and wide publicity, seeing how it uses the current tendencies to create a selling point that will attract customers.
Financial, economic and marketing vital signs
It could be argued, though, that, with its intense focus on the current trends and the fleetingness of the latter, strategic marketing allows for developing a product that is going to be immensely popular only temporarily. Therefore, strategic marketing can be viewed as a perfect opportunity to boost sales, yet its efficacy as a tool for sustainable brand creation can be questioned.
To clarify the issue, one should take a closer look at some of the vital signs of a company. To start with, competitive advantage of a company should be considered. A marketing vital sign of a firm, sustainable competitive advantage allows for “identifying which assets, competencies, and synergies to develop or maintain” (Aaker, 2006), which results in coming up with the product that represents the company’s assets.
Economically, creating a long-lasting brand leads to maintaining another vital sign of a firm, i.e., its competitiveness. Finally, since strategic management helps define the needs of the customers, the product in question will be very popular, therefore, attracting loyal customers and attracting investors, which fulfills the financial sign of a company, i.e., a persistent income.
Conclusion
Judging by the fact that strategic management is aimed at defining the company’s key assets and allows for representing them efficiently, analyzing the demands of the target audience and addressing them properly, and introducing the company’s key principles to the public with the help of the product created, its role in corporate brand creation is introducing the company’s values and communicating its vision and mission.
It should be kept in mind, though, that strategic management is aimed at the demands of the moment and, thus, a supplementary tool for creating a long-term brand will be required.
Reference List
Aaker, D. (2006). Developing business strategies (6th ed.). New York, NY: Wiley & Sons.
Beamish, K. & Ashford, R. (2007). Marketing planning. New York, NY: Routledge.
Smith, P. Berry, C. & Pulford, A. (1999). Strategic marketing communications: New ways to build and integrate communications. London, UK: Kogan Page Publishers.