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Strategic Marketing Literature Review

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The alignment between business strategy and its operational performance been increasingly studied. The objective of this literature review is to cover the several tools used in the strategic marketing management process by reviewing some literature and theories which are relevant to the research of this study.
Strategic marketing is a process that involves analyzing the environmental, market competitive and business factors that affect the company and its business elements, identifying market opportunity and threats and looking to the future trends that the company is interested in. It is also about participating in setting objectives and formulating corporate and business unit 's strategies (Drucker 1973).
(Hart & Stapleton 1977) identify …show more content…

PESTLE analysis focuses on the external environment which is the local and global context of public, regulatory, political, technological and economic conditions (Thomas, 1974).
The external environment is important because it is the environment in which a company operates. PESTLE analysis is a beneficial tool for understanding the “big picture” of the environment in which industry is functioning, and understanding the environment will bring the advantage of the opportunities and lead to minimize the threats. The PESTLE analysis is used to recognize forces in the macro-environment that are affecting the business at present and are likely to continue to affect the business in the future. Macro-environmental analysis is interested in factors in the wider environment that influence the demand for the product or service offered by a company; the manner in which the product/ service is disseminated; the charged price of the product or service; as well as the way in which organizations compete with each other (Haberberg and Rieple …show more content…

In which the financial measures fail in measuring the intangible value controlled by the organization. Also it fail the knowledge based strategies by considering the human resources as expense items; whereas it is extensively recognized that human capital is actually the most important component of the value creation chain. Balanced Scorecard is established based on this need (Kaplan & Norton 1992; 1996; 2001). BSC presented the idea of measuring the drivers of performance, while holding the measures of financial performance (Brown, 2000).
BSC became a popular term when Kaplan and Norton worked widely on scorecards published reports of several BSC execution successes.
BSC consist of six basic components, which are perspectives, themes, objectives, measures, targets, and initiatives.
BSC constitutes a good balance between financial and non-financial measures. Purposes across the four perspectives it illustrate the balance between the external measures which is presented in the financial items and customer perceptions and the internal measures that are in the other two perspectives of internal business process and learning and growth. It also specifies equilibrium between the gap signs of past performance and the lead indicators that drive future

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