Strategic marketing process at Beyonce: Lemonade Tour
STRATEGIC MARKETING PROCESS
Strategic marketing is a part of the planning phase that attempts to provide the whole marketing process a clear structure and direction. It includes all the necessary documents of the marketing plan as well as the tasks undertaken in marketing of the product or service (McDONALD & Brown, 2016). In light of the given case, study it is evident that, the upcoming tasks in front of the marketing manager is to formulate an action plan in order to increase the revenue from operation by 25 %. In order to achieve the same the marketing manager needs to adopt certain marketing strategies that are provided below:
1. Identification of the mission or targets: The first step that the marketing manager has to follow is of identification of the objectives or the mission that is to be met (Proctor, 2014). In light of the given case study, it is thus evident that the marketing manager must be able to identify the task in front of him, i.e., to increase the revenue from operation by 25 %.
2. Analysis of the current situation in the market: the next step involves is making a situational analysis of the current situation in the market (Hollensen, 2015). The marketing manager must prepare a SWOT analysis and looks into the potential threats and opportunities that are available and make the best use of them.
3. Setting up of objectives: the next step for the marketing manager to follow is set the desired objectives of the tasks that arte to be undertaken. The manager may use the findings of the situational analysis for this purpose.
4. Development of marketing strategies: This is the most crucial step and involves development of the marketing strategies that are to adopted based on the situational analysis made in the previous section (Foxall, 2014).
5. Implementation and evaluation of the marketing plan: This is the final step in the strategic marketing process. It involves the implementation of the developed market plan and make a viable plan in order to evaluate the same.