Strategic Marketing Planning

Marketing is made easier with a strategic plan.

Marketing can be a difficult task for any business, and if it is not done properly, it can result in poor sales and a failed product. A strategic marketing plan organizes a company's marketing efforts, which can increase the likelihood of success. Strategic marketing planning is relatively simple and can be implement through four basic steps.

Analyze the Environment

Analyze the environment before beginning your marketing efforts. This is best done by applying a SWOT analysis framework in which you assess the strengths and weaknesses of the company and the opportunities and threats of the market. This will allow you to construct a strategic marketing plan that is tailored to the needs of your firm. For instance if you discovered that your firm's strength is its brand recognition and there is an opportunity in a new market, you could base your strategy around leveraging your brand in the new market.

Identify Your Customer Base

Develop a solid understanding of who your customers are. This can be done through customer surveys and by analyzing any existing sales data. Look for niches within your customer demographics, for example working moms, young immigrants or female sports fans. Recognizing these niches will allow you to target the needs of these smaller groups of people. You should also look to the market to see potential customers who you are not yet serving.

Decide On Your Marketing Mix

Choose an appropriate marketing mix for your product. A marketing mix is the combination of the product, price, place and promotions. Decide on the products you wish to market, choose a suitable price, determine the places you wish to sell them and create your promotions. The marketing mix should reflect the market analysis and customer research that have already been performed.

Budget for the Plan

Develop a budget around the strategic marketing plan. The marketing budget should detail the expected costs of the marketing effort, including the salaries of people working on the project, the promotional costs and any other costs that are directly tied to the marketing effort. You should also budget for increased costs in production as well as expected sales revenue in order to estimate the expected profits from the marketing plan.

References

• Purdue University: How Do I Develop a Strategic Marketing Plan?
• Arkansas Small Business and Technology Development Center: Strategic Marketing Plan
• University of St. Francis; SWOT Analysis; Anthony C. Danca
• Stanford University: Marketing Strategy