Strategic planning marketing

In the emerging market scenario a strategy ensures a reliable approach in offering products and services. A Marketing Plan is a management tool that determines which steps to follow, the methodologies and times to reach certain objectives. Thus, a Marketing Plan is part of the Strategic Planning of a company. The main function of strategic planning is developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.

It delivers a clear company mission, objectives, designing a sound business portfolio, and coordinating functional strategies. A good marketing strategy should integrate an organization's marketing goals, policies, and actions into a consistent whole. The objective of a marketing strategy is to provide a foundation from which a tactical plan is developed. This allows the organization to carry out its mission effectively and efficiently.

A marketing strategy plays key role in the below aspects:

Target Market: The customers or consumers on which efforts will be focused.

Business Objectives: The financial goals such as revenue or profits over time.

Positioning: The key benefits which are the reasons customers or consumers will make the purchase.

Programs: The tactics such as advertising, distribution, and pricing that are used to implement the strategy.

Strategic marketing planning process designs from the customer perspective by surveying some questions like:

What are the factors influencing the customers to come towards our company?

Which customer market segments are regular buyers of our products?

Which customer motivations lead people to decide to purchase our products?

What are changing trends of market are affecting the customer's attraction to products like ours?

Marketing strategy process includes many factors. Some of the critical factors are explained below.

A Cost Leadership Strategy

A Differentiation Strategy

A Focus Strategy

Marketing strategic plan development will be having below steps like:

Segment the market

Geographic

Demographic

Psychographic

Behavior

Profile the market segments

Revenue potential

Market share potential

Profitability potential

Develop a market segment marketing strategy

Market leader or product line extension

Mass marketing or targeted marketing

Direct or indirect sales

Once the analysis of market segmentation, customer interests, and the purchase process is completed, then you can formulate a strategic marketing plan.

Strategic marketing framework includes below:

Situational Analysis - Where is the company now?

Market Characteristics

Key Success Factors

Competition and Product Comparisons

Technology Considerations

Legal Environment

Social Environment

Problems and Opportunities

Marketing Objectives - Where does management want the company to go?

Product Profile

Target Market

Target Volume in Dollars and/or Units

Marketing Strategies - What should the company do to achieve its objectives?

Product Strategy

Pricing Strategy

Promotion Strategy

Distribution Strategy

Marketing Strategy Projection

The strategic implementation team, implements the plan .once it is approved by the company's executive team. The complete process of Strategic Marketing Plan supports the company's goals and objectives, as well as conveys a consistent message to customers.

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