Strategic marketing is an approach that will help an organization to focus its limited resources on the most promising opportunities to improve sales and attain a sustainable competitive edge. The best companies, which form the basis of many large and small organizations, have established elaborate strategic marketing plans as part of their overall business strategy. In contrast to what many companies believe, however, the term strategic marketing is more than just a “word” or a “phrase.” It is a measurable action plan that addresses specific goals with the specific resources necessary to achieve them.
What is Strategic Marketing?
Strategic marketing plans focus on planning to achieve measurable results. This includes a focus on defining the goals of the company in the context of the marketplace, setting reasonable goals, creating appropriate marketing tools and procedures, and testing and evaluating those efforts over time to evaluate their effectiveness. While it is true that the overall business vision is very important, it is not enough. Companies must also have a method for measuring their progress – both quantitatively and qualitatively – towards meeting their quantitative and qualitative goals.
The Two Major Aspects Of The Evaluation Phase Of The Strategic Marketing Process Are: Identifying Deviations From The Plan And Addressing How To Fix Those Deviations
The evaluation phase does not address products or services in a single or complete way. Rather, it assesses the effectiveness of tactics in building the customer base, which is considered the most important aspect of any advertising program. In this manner, the tactics become a strategic proposition – one that drives the customer value proposition (VPS), which is the most important element of the marketing mix.
The VPS is identified using strategies such as positioning, selling, delivering, and retention. In order for this plan to be successful, the company must first develop and test short-term and long-term goals and methods. This is where strategic planning steps in.
Measuring Strategic Marketing Goals
Strategic marketing plans should start by defining what the company is trying to accomplish. Once the question of strategy has been answered, a company can then move in developing a list of tactics that will implement the strategy. The list of tactics includes everything from advertising to public relations. This is where strategic marketing begins.
The final step is to develop and measure goals for each tactic. These goals are then included in the overall marketing plan. Once this stage is complete, it is possible to see where the company needs assistance in the form of strategic planning and the development of measurable goals.
This greatly benefits the business because it is an approach that is developed based on feedback from the marketing plan that they’ve already tried. The process is continuous as well, because every time there are new objectives set, the business must reevaluate everything and start over. It is essential to do that in order to keep the marketing strategy relevant with the ever changing marketplace conditions. Not all strategies will stand the test of time, and it is normal to deviate towards the more appropriate strategies as the consumers evolve and change their attitudes. The marketing environment will decide what strategic marketing goal is most suitable for a business, and so marketing teams should take into account a variety of different factors before developing a new plan.