A marketing plan is essential for every business and for efficient and effective marketing of any product or service.
A marketing plan serves as a road map. It establishes objectives, recommended actions, and timing for achieving the objectives.
An understanding of the marketing planning process is also a valuable aid in helping managers organize their thinking about the marketing process and the various methods and procedures used.
A strategic marketing plan takes into account the market environment facing the business (e.g. trends, competitive environment, regulatory issues, technological advancements, etc.) Thus, the emphasis is not only on projections but also on an in-depth understanding of the market environment, particularly competitors and customers. Its goals are to take maximum advantage of opportunities, solve problems and counter threats to the business.
Developing the Strategic Marketing Plan
The strategic marketing plan process typically has three stages:
1. Segment the market
- Geographic
- Demographic
- Psychographic
- Behaviour
2. Profile the market segments
- Revenue potential
- Market share potential
- Profitability 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:
1. Situational Analysis – Where is the company now?
- Market Characteristics
- Key Success Factors
- Competition and Product Comparisons
- Technology Considerations
- Legal Environment
- Social Environment
- Problems and Opportunities
2. Marketing Objectives – Where does management want the company to go?
- Product Profile
- Target Market
- Target Volume in Naira and/or Units
3. Marketing Strategies – What should the company do to achieve its objectives?
- Product Strategy
- Pricing Strategy
- Promotion Strategy
- Distribution Strategy
- Marketing Strategy Projection
How to Use a Strategic Marketing Plan – Tactical 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 Framework and Tactical 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.
How Financial & Business Advisory Associates can help develop your strategic marketing framework and tactical plan;
With several years of strategic marketing experience, and helping companies implement marketing and sales programs, F&BA brings a valuable perspective to developing strategic marketing plans and programs.
F&BA can lead your strategic planning team, or assist senior management, throughout the entire strategic marketing plan process.
We can help you:
- Research customer attitudes toward your company, your product category, and your competition.
- Evaluate the attractiveness of potential target markets
- Determine the competitive strengths and weaknesses of your company and your competitors
- Develop marketing communications and sales development strategies for each target market
- Design the metrics to measure performance
- Develop your overall Strategic Marketing Framework
- Develop your tactical Marketing Plan