March 2, 2017 Strategic Marketing

Strategic marketing plans are very important tools that companies should have and adhere to. The development of strategic marketing plan is important for any kind of business venture to succeed. It lays out what will be the targets and strategies of the company in line with the company objectives in maintaining its market share at the same time obtaining new customers.

A basic strategic marketing plan consists of five sections. The first part should be an introduction complete with brief descriptions of the business and the major points are highlighted in a bullet point format. Second is the situation analysis where you discuss your target market, their psychographics, demographics and others. The third part should be a timetable on when the strategic implementation of the marketing plan should be achieved. The marketing efforts such as the advertising, promotion, public relations and point of sale are also detailed in this section.

The alternative approach when writing a strategic marketing plan is the comprehensive marketing plan. The strategic marketing plan would be divied up into three sections composed mainly of the marketing plan, the operations plan and the developmental plans.

The basic marketing does not have the operations and development section of the comprehensive marketing plan. The operations plan is apparently about the biggest portion of a business. About 80% of a typical business is operations; this is why the marketing must synchronize with the operations. One’s targets should be compatible with the budget one is working on. Discussion of how success can be obtained can be found in the developmental plan.

The organization should be fully informed with the details and activities of the strategic marketing plan. It should also take into consideration information that can help deal with internal and external threats in the formulation of the strategic marketing plan. A SWOT analysis must be done during the developmental stage because it gathers all the strengths, weaknesses, opportunities, and threat of the plan. The goals, objectives, strategies and tactics are also important to help the organization to focus on a specific direction.

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