A strategic marketing plan is an approach that will help an organisation to focus its limited resources to the most lucrative opportunities to increase revenue and reach a sustainable competitive edge. The time tested professional approach of planning is based on the principle that organisations can best achieve their marketing objectives by acting in the most disciplined and focused manner. This is one of the fundamental differences between conventional marketing and strategic marketing.
A strategic marketing mix strategy refers to a set of marketing goals that an organisation has established and decided to work towards over a longer term basis. These goals are then coupled with a series of short-term strategies that need to be developed in harmony with the long-term ones. A swot analysis of the organisation is used to identify the key drivers of its growth. It is through this swot analysis that the right marketing mix strategy can be formulated. In simple terms, it is a tool used to determine the strength and weakness in the organisation and the kind of action required to turn these strengths into game changing advantages.
The key drivers associated with a strategic marketing planning phase plan are the overall organisation performance, the competitive environment, and the existing and future competitive landscape. It is during this stage that the activities of the marketing department are prioritised as part of the overall strategy process. It is important to remember that in this planning phase there are no sudden decisions made to execute a marketing function. It is a slow and systematic process where the requirements are analyzed and the required actions are coordinated according to strategy. This will result in the execution of the most beneficial marketing functions in the shortest time possible.
Once the overall strategic marketing plan is finalised, it is implemented. This will involve the conduct of specific market research, the development of marketing programs and campaigns, and the measurement of results. It is during this phase where the true picture of the organisation as a whole can be understood. It is during this point when a marketing management consultant should be involved in the organisation. A swot analysis is conducted to understand the strength and weakness of the organisation from a strategic perspective. Once the true picture has been uncovered, the strategic marketing plan can be adjusted accordingly.
Once the implementation of the marketing strategy is complete, it is vital to track the success of the measures taken. Analysis of the results of the marketing actions is required to determine if the organisation is on track with its desired goals. Monitoring the success of the strategies helps in formulating the necessary corrective actions. The above mentioned points reiterate that the process of marketing is very complex and requires a comprehensive attention from every member of the organisation. It is for this reason that it is one of the most important functions to be handled by a professional marketing consultancy firm.
The results of a well-executed marketing plan are not only good for the business, it benefits but are also good for the business owner who gets to reap rewards by being able to channel the benefits effectively. Strategic marketing helps businesses cut costs whilst at the same time achieving a higher Return On Investment (ROI). As one can see, a marketing strategy can be effective both in terms of benefits received and costs incurred. So, one should always choose a firm that can help in the execution of a strategic marketing process.