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the process of managerial and operational activities required to create and sustain effective and efficient marketing strategies,...
Developing the Strategic Marketing Plan
The strategic marketing plan process typically has three stages:
1.Segment the market
2.Profile the market segments
Market share potential
3.Develop a market segment marketing strategy
Market leader or product line extension
Mass marketing or targeted marketing
Direct or indirect sales
After analyzing market segments, customer interests, and the purchase process, it's time to create the strategic marketing plan. The strategic marketing plan document usually includes:
Situational Analysis - Where is the company now?
Key Success Factors
Competition and Product Comparisons
Problems and Opportunities
Marketing Objectives - Where does management want the company to go?
Target Volume in Dollars and/or Units
Marketing Strategies - What should the company do to achieve its objectives?
Marketing Strategy Projection
How to Use a Strategic Marketing Plan
Once a company's executive team has approved the strategic marketing plan it's time to take the next step -- create the tactical marketing programs and projects needed to implement the plan.
These tactical programs usually include:
Product Development Plan
Marketing Communications Plan
Sales Development Plan
Customer Service Plan
Benefiting from a Strategic Marketing Plan
The top-down process of developing a strategic marketing plan helps insure that all tactical marketing programs support the company's goals and objectives, as well as convey a consistent message to customers.
This approach improves company efficiency in all areas, which helps improve revenue and market share growth, and minimizes expenses -- all of which lead to higher profitability.
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