Strategic marketing plan is a method which will help an organization to focus its limited resources in the most lucrative opportunities to boost sales and attain a sustainable competitive edge.
A well-planned and executed strategic marketing plan ensures that a company’s resources are dedicated to those areas where they have the highest chance of profit. Strategic marketing planning also provides a measurable return on investment by improving the market position and visibility of a given company. These plans will guide a company on where to make the next strategic move and thereby improve its bottom line. In short, it focuses on maximizing revenues.
Strategic marketing focuses on four separate but interrelated components: Strategic Goals and Objectives, Plans and Tactics, and Customer Focus Areas.
The strategic goals and objectives will be the driving force behind the strategic marketing. These goals and objectives need to be realistic and able to be attained within the given limitations. They should therefore be able to be attained despite market, competitive, and financial constraints.
The strategic marketing plan will then establish plans and tactics to achieve the strategic goals and objectives. Tactics are the methods and techniques to be employed to execute the strategic marketing plan. Strategy plans will be executed through strategic marketing efforts. Social media and other online venues are great tools for social marketing. Some examples of social media strategies include: blogging, video marketing, podcasting, commenting on blogs, social networking on various forums, and so on.
It is important for companies to determine their strategic planning objectives long-term and in the medium-term.
This allows them to align their short-term and long-term actions with the same objectives. This gives them the leverage needed to succeed in the increasingly competitive environment in which they operate. A long-term strategic plan is essential for companies that want to achieve long-term success.
Companies must conduct a thorough analysis of their competitive environment, their product or service offerings, potential competitors, and potential market segments. With this information, they can make informed decisions on the actions to take as part of their strategic marketing mix. They can also choose the actions that best support their short- and long-term objectives. Once they have determined their strategic marketing mix, they need to evaluate how each aspect of their organization or business competes against its competitors.
In conclusion, strategic marketing involves identifying, anticipating, and counteracting the competition’s moves. It is necessary for companies to adopt strategies that effectively counter the competition’s moves. It is equally important for companies to adopt strategies that effectively counter the competition’s moves so that they can achieve long-term success in the competition. Finally, strategic marketing involves a thorough understanding of the competitive environment, the products and services that they offer, and their respective short and long-term objectives.