The Role of Strategic Management in Achieving the Marketing Strategy of Economic Institutions

Abstract

 Economic institutions are an open system that is influenced by and affects all internal and external environmental factors. These institutions must keep up with all the surrounding changes, such as information technology, communications and innovations in goods production and service provision. Additionally, they must address challenges and difficulties such as financial, administrative, environmental and legal problems. One of the key strategic management approaches that contribute to setting future plans and achieving the goals of these institutions is marketing strategy. This strategy is a necessary mechanism for institutions to keep up with changes and face challenges. Therefore, institutions that adopt the concept of marketing strategy to control their position in the market and capitalize on available opportunities succeed in achieving the marketing objectives, which are an integral part of the overall objectives of the institution.