Critically Analyse the Role of Customer Satisfaction and Loyalty in Essay

Critically Analyse the Role of Customer Satisfaction and Loyalty in the Strategic - Essay Example It is worth mentioning in this context that SMPP of a company comprises of certain specific steps on the basis of which companies should formulate as well as implement plans for accomplishing its objectives in an effective manner. These steps or procedures are required to be adopted by the management of companies with the objective of attaining a better strategic marketing plan inculcating the values of customer tastes and organisational profit objectives. There are usually four phases in an effective strategic marketing plan, which include determination of goals as well as objectives, analysing the situational position in various market segments, formulation of strategies and allocation of resources as well as monitoring process which should be followed in an appropriate manner with the aim of performing business activities effectively (Pajunen, 2012). Emphasising on this particular understanding, the paper will intend to discuss the SMPP strategies current practiced by companies to obtain high degree of customer satisfaction and loyalty. In this respect, the notions as well as perceptions of various authors will be interpreted through a rigorous literature review. Literature Review Strategic Marketing Planning Process (SMPP) The concept of SMPP is identified to be a vital element for companies to improve its competitive position in the global market segments (McDonald, 2006). As stated by McDonald (2006), SMPP is formulated as well as implemented by modern day organisations with the intention of acquiring better competitive advantages in relation to its products and/or services which are offered in the market segments. Companies should also identify their capabilities and business opportunities for conducting their business activities efficiently with the application of SMPP. McDonald (2006) stated that companies should determine market competitions as well as requirements of consumers in target market segments when focusing on SMPP implementation. Companies with the examination of all these factors will be able to perform their business operations effectively and competitively (McDonald, 2006). Moreover, McDonald (2006) also stated that there are certain advantages in accordance with which SMPP is adopt ed. For instance, with the virtues of effective SMPP implementations, companies will be able to identify opportunities as well as threats which are emerging in the worldwide market segments. Companies with the assistance of strategic plans will be able to adopt changes in the business environments in a rapid manner. Furthermore, companies will also be facilitated with the opportunity of allocating its resources in an appropriate manner with the implementation of an effective SMPP approach (McDonald, 2006). In a similar perspective, the article