The Value of Strategic Marketing Planning

 

Strategic Marketing is how a company effectively differentiates itself in the market by capitalizing on its assets (both tangible and intangible).  https://gawdo.com/ Offering consistently better service to consumers. The marketing strategies are implemented to either promote new products, or to counter products that have been proven inefficient or detrimental to a company's business model. A strategic marketing plan should be able to foresee and exploit opportunities to increase sales volume and/or brand awareness. The strategies are generally developed by an experienced marketing manager who has the knowledge of the most effective marketing practices.

Strategy formulation begins by identifying existing customer needs and the desires of customers who are the most likely to purchase a product based on these needs. Once the product and / or service has been identified, a marketing strategy is devised to meet customer needs and satisfy customer desires. The key to a successful marketing strategy is in the identification of the customer's "active wants."

The next step in the marketing process is to formulate a comprehensive strategy. This strategy will include all elements of the marketing mix including: marketing, advertising and promotional efforts, research and development efforts, sales and service support, and customer relations. The marketing process is continuous. Developing a consistent marketing strategy will strengthen a company's overall position in the marketplace. In addition to strengthening a company's position in the marketplace, this process will foster brand awareness and customer loyalty.

While this article is focused on a description of strategic marketing processes, the theory behind each process remains the same. Social media marketing provides a solid foundation for developing a winning marketing strategy because social media allows for the monitoring of marketing actions against a target customer base. Additionally, marketing through social media provides a venue through which a company can build a targeted relationship with its customers. Through a well-planned strategy, companies can also utilize social media marketing to increase brand awareness and improve customer relations.

One of the most common forms of marketing is opportunity marketing. Opportunity marketing requires a company to identify a specific opportunity that it believes it has and build an awareness of the opportunity with its target audience. For example, a cleaning company may want to create a website, blog, or YouTube channel in order to connect with its target audience.

In addition to utilizing opportunity marketing to build a network with its target audience, another way to effectively utilize the Internet to achieve business goals is through the development of a comprehensive marketing tactic. When developing a marketing tactic, a company must determine which marketing tactics will achieve its business goals. These marketing tactics may include a wide range of techniques including traditional advertising such as television commercials, newspaper ads, and other print, broadcast, and online advertising. Also, new forms of advertising may be considered including web advertising, mobile marketing, and event marketing. It should be noted that different marketing tactics will work better for different businesses and should be developed based on the company's goals.

Many companies find that it is beneficial to have a strategic marketing plan, as it can help to guide and direct the organization in the right direction. A strategy helps to inform and guide the organization as it determines which strategic marketing thinking techniques to implement in order to achieve its business goals. This plan may include implementation of new marketing tactics, analyzing current practices, evaluating the competitor's strategies, and evaluating potential marketing partners. Additionally, the strategic marketing planning process allows a company to develop and implement new marketing plans as it is implemented. As a result, many businesses find that their business goals are met faster and in some cases, these plans prove more successful than those implemented by their competitors or by their own internal marketing strategies.

While a strategic planning process is certainly not inexpensive, it can provide tremendous value in terms of informing and guiding a business. If a company is serious about achieving its short-term and long-term goals, then it would be wise to invest in a strategic planning process. It does not cost anything to implement this type of plan and can provide a company with much needed guidance and a strategic approach. The overall goal of any marketing strategy is to increase profits and establish long-term customer loyalty. In order to accomplish both of these goals, it is important to implement a solid marketing strategy that incorporates creativity, quality, and a good sense of timing.