How To Formulate An Effective Strategic Marketing Plan
The most effective marketing plans are the result of a strategic process. The strategic plan is the culmination of a series of decisions taken by the organization during the planning process.
The process begins with a review of your business strategy and objectives. Your company’s mission, vision, and values should be clearly defined. You must know where you want your business to be in five years.
After this review, you must establish your target market or market segments. You’ll need to determine who your target customers are and what they want from their purchases.
The next step is determining how you’ll reach these customers through advertising, direct marketing (mailings), promotions and sales promotion activities.
You can also use statistical analysis tools such as PESTEL model to determine if there are any threats to your business’s success or its ability to remain competitive in the marketplace. If so, then you can devise strategies that will help protect it against those threats by taking steps such as changing your product mix, modifying packaging or designing new packaging/packaging materials that will make it more adaptable to changes in consumer tastes or preferences over time
Strategic marketing planning is the process of developing a comprehensive marketing plan that addresses the needs of your organization. A strategic marketing plan helps you align your business with its customers, identify key market opportunities and ensure that you are delivering value to customers.
According to Key Concepts Marketing, marketing is the process of creating, communicating, delivering and exchanging value to customers through various forms of media.
Marketing is a key component of a company’s overall business strategy. The objective of marketing is to create a positive perception among customers about a product or service. This can be accomplished through a variety of methods, including advertising and promotion, public relations and direct marketing.
A strategic marketing plan should include:
A mission statement that defines the purpose and goals for your company’s products or services.
A vision statement that describes how you want to be seen by customers, employees and society as a whole.
An understanding of who your target audience is and what type of product or service they need.
Establishing realistic time frames for achieving specific goals and objectives as part of this plan.
An action list that outlines what steps will be needed to achieve each goal on the plan.
This can help you to:
Assess current performance against the targets you have set for your business.
Identify what needs to change for your company to reach its goals.
Provide a roadmap for making improvements in your operations.