Following are the pros of strategic marketing management:
Provides competitive edge: Adopting strategic marketing management makes a business reassess its marketing efforts and resources to adapt to the current market trends. This gives the business a competitive edge if done quickly and correctly. Gaining a competitive edge implies more business and more customers.
Helps in tapping into market opportunities: Continuous market research makes it possible for firms to tap into new market opportunities. Firms have a chance to dominate a market if they are the first ones to tap into new marketing opportunities.
Helps in making strategic decisions: Strategic marketing management enables the firm to make decisions that allow optimum marketing resources to give the best results. Strategic decisions help the firm in gaining long-term success.
Improves understanding of the market: Strategic marketing management engages a business to stay in connection with the market. So, the business and its members generate a better understanding of the market. Becoming familiar with how the market works also improves the skill set of the marketing personnel.
Generates more profits: Gaining a competitive edge, tapping into new marketing opportunities, and constantly connecting to the market leads to higher profit-making chances. At the end of all marketing efforts, all firms want to enjoy a good profit.
Cons of Strategic Marketing Management
Strategic marketing management is a long-term approach to marketing that requires continuous and thorough market analysis. Not every firm is equipped with the resources to monitor the market regularly. Adopting strategic marketing management requires a large capital and investment in research activities. A firm might have to set up a separate research team for the same, which might not be suitable or affordable for every firm. Strategic marketing management requires firms to adapt to the latest marketing trend as quickly as possible. This might not be possible for small firms. Firms adopting strategic marketing management require a high level of precision and urgency when tapping into new opportunities. Chances of failure remain as markets are volatile, and firms may still face losses.