Why is strategic marketing becoming more important?
The need for a company to have an effective marketing strategy is greater today than ever before, one result of the severe economic downturn we are now experiencing. Companies must compete with each other to sell their goods and services to fewer and fewer consumers. As today's economic realities have begun to sink in and more and more people have lost their jobs, consumers are watching their expenditures very closely. They are not buying goods and services that they might normally purchase. Companies must have good strategies to ensure that they win a share of the shrinking market for their products.
Also, like consumers, companies must conserve their resources as never before to maintain financial stability. We have seen many companies that have failed recently or are on the brink of failure. Company resources spent in marketing their product must get the greatest return for the investment. Through marketing research and advertising, companies must identify their target audience and market to them specifically rather than to a larger segment of the population that would not be good prospects for their goods and services. Neither companies nor consumers have money to waste in the current economy.