WHAT IS MEANT BY STRATEGIC MARKETING PLANNING - eNotes

? ? ? ? the process of managerial and operational activities required to create and sustain effective and efficient marketing strategies,...

Developing the Strategic Marketing Plan
The strategic marketing plan process typically has three stages:

1.Segment the market?
? ?Geographic?
? ?Demographic?
? ?Psycho-graphic?
? ?Behavior
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:

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
Marketing Objectives - Where does management want the company to go?
Product Profile
Target Market
Target Volume in Dollars and/or Units
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

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 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.

Source: http://www.enotes.com/business/q-and-a/what-meant-by-strategic-marketing-planning-366006

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