Today’s economic environment is way tougher than at any time in the history of revolution. Consumers, nowadays, have become very selective and knowledgeable about the products they buy, and at the same time, the rate of spending getting lower. Decision-making is executed primarily through advertising and based on word of mouth. In this blog, we will talk about the two main aspects of business growth marketing management and strategic marketing.
How does marketing management differ from strategic marketing?
Marketing management and strategic marketing although are quite similar yet differ in various aspects. The easiest way to explain this would be that marketing management signifies a near and effective vision similar to that of a binocular, whereas strategic marketing is quite similar to that of a telescope’s far and wide vision.
In essence, the regular operations are carried out by marketing management members, whereas strategic marketing primarily focuses on the long-term activities of the organization. To plot the differences between marketing management and strategic marketing, we have gathered the following pointers:
- Marketing management keep in track short term or maximum a year’s time frame, but strategic marketing involves a minimum of 3 years’ time frame that is long term.
- Marketing management’s mission is to create a brand and market the business, on the other hand, strategic marketing strives to drive the company in the right direction.
- The decision-making approach employed by marketing management if from bottom to top, consequently for strategic marketing it runs from top to bottom.
- Opportunities that marketing management brings in includes the establishment of the existing choices into set business, wherein strategic marketing emphasizes searching for new ventures to push the existing business.
- Job profile expectations from marketing managers revolve around discipline, control, and proactiveness, while strategic marketers are required to possess creativity, vision, and risk-taking ability.
- The business environment within a marketing management division is considered stable in general with minor problems to encounter but when stationed at a strategic marketing zone, you must be capable to handle unstable situations pertaining to technology or other external factors.
- When it comes to leadership, the leader working in marketing management needs to react according to the market, whereas strategic marketing leaders are required to be proactive even before the market choose to react.
- Although competitions are often neglected as external elements but can be a good element to distinguish between marketing management and strategic marketing. In this case, the objectives of the former are more clear and defined, while the latter is more unclear and dynamic.
Thus, every company needs two subdivisions within its marketing department at all times, especially as the firm grows. This further emphasizes the fact that you must be well-equipped with the knowledge of both marketing management and strategic marketing to become a successful business professional. Check out the MSc Marketing Management, which is a popular course here in Berlin, by visiting our website. Reach out to us today and make use of the application window, now!