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The Importance of a Strategic Marketing Plan by Tamara Rutter - Updated September 26, One of the most important components of running a successful business is reaching consumers and gaining customers.
A company must assess which markets they want to reach and find inventive ways of linking their product or services with the end-user. This is where a strategic marketing plan comes in.
A marketing plan is a field guide to promoting and selling a product or service. It outlines everything from the advertising budget, market research and target market to media buying.
History Marketing continues to evolve with the ever-changing pace of communication and technological advances within society.
With the advent of mass communications, the era of word-of-mouth marketing was no longer relevant.
Professionally created advertisements surfaced, and the focus shifted to the consumer. Today, as a result of the Social Web, the relationship between buyer and seller is asserting its application in online marketing.
Features There are a few important features required to effectively execute a strategic marketing plan. It is essential to set up a marketing plan that reflects the overall goal of the organization. Lay out specific performance goals that are practical and achievable. Identify the market segments you wish to target and what media outlets will best reach them.
Goals should be measurable so you have a way to clearly know when they have been achieved. Once you can clearly define each of these, you can more effectively map marketing strategies. Make sure to keep view of the underlying corporate vision throughout the planning process. Market Determine potential customers and what their preferred form of communication is through research of relevant demographic and lifestyle data.
Identify the location and market share of your target audience. Follow market trends and stay in tune with the latest industry developments.
These social trends are important since they affect your consumers, which ultimately influences purchase power. Distribution Once you have a clearly defined target market, extensive knowledge of that market is necessary to ascertain the best way to reach the end-user.
With less than ideal economic conditions, promotional items, coupons and trial offers are usually a sure shot with consumers.The basic principles of researched-based strategic planning remain unchanged However, the tools used to conduct research, analyze data and communicate with key publics have been revolutionized by advances in technology.
Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.
In order to make the. Marketing strategy is a long-term, forward-looking approach to planning with the fundamental goal of achieving a sustainable competitive advantage.
Strategic planning involves an analysis of the company's strategic initial situation prior to the formulation, evaluation and selection of market-oriented competitive position that contributes to the company's goals and marketing objectives. Marketing, the sum of activities involved in directing the flow of goods and services from producers to consumers..
Marketing’s principal function is to promote and facilitate exchange. Through marketing, individuals and groups obtain what they need and want by .
Basic Approach to Strategic Planning. A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition.
Systematic process of determining goals to be achieved in the foreseeable future. It consists of: (1) Management's fundamental assumptions about the future economic, technological, and competitive environments.
(2) Setting of goals to be achieved within a specified timeframe. (3) Performance of SWOT analysis. (4) Selecting main and alternative strategies to achieve the goals.