There are nine major steps required to develop a well-crafted, strategic marketing plan: set your marketing goals, conduct a marketing audit, conduct market research , analyze the research, identify your target audience, determine a budget, develop specific marketing strategies, develop an implementation schedule for
The 5 Steps of the Strategic Planning Process Determine your strategic position. Prioritize your objectives . Develop a strategic plan. Execute and manage your plan. Review and revise the plan.
The four phases of strategic management are formulation , implementation , evaluation and modification .
The evaluation phase of the strategic marketing process involves comparing results with the planned targets to identify deviations and taking actions to correct negative deviations and exploit positive ones.
Here are 10 steps to developing a strategic marketing plan : Set goals and objectives. Before you create a marketing plan , you must have a purpose for it. Analyze your situation. Map your messages. Live out your mission. Outline your tactics. Make a timeline. Mind your budget. Divide and conquer.
THREE PHASES OF STRATEGIC MARKETING PROCESS Planning Phase . Implementation Phase . Evaluation or Control Phase .
What is the Strategic Planning Process? Identify Your Strategic Position. The first stage prepares you for the rest of the strategic planning process. Gather People and Information. Perform a SWOT Analysis . Formulate a Strategic Plan. Execute Your Strategic Plan. Constantly Monitor Performance.
The six steps are: Step 1 – Identifying problems and opportunities. Step 2 – Inventorying and forecasting conditions. Step 3 – Formulating alternative plans. Step 4 – Evaluating alternative plans. Step 5 – Comparing alternative plans. Step 6 – Selecting a plan .
Step 1 – Review or develop Vision & Mission. Step 2 – Business and operation analysis (SWOT Analysis etc) Step 3 – Develop and Select Strategic Options. Step 4 – Establish Strategic Objectives . Step 5 – Strategy Execution Plan . Step 6 – Establish Resource Allocation. Step 7 – Execution Review.
Like models, strategic planning frameworks help an organization through the strategic planning process. Most frameworks cover the basics of strategic planning (mission, vision, goals), but include additional sections and have more specific focus areas.
Stages in the Planning Cycle Define objectives . The first, and most crucial, step in the planning process is to determine what is to be accomplished during the planning period. Develop premises. Evaluate alternatives. Identify resources. Plan and implement tasks. Determine tracking and evaluation methods.
Objectives include baseline performance, targeted performance, and an established date for achieving the objective . Any example of a strategic plan must include objectives, as they are the foundation for planning. In this example, our objective is to increase client satisfaction from 82% to 90% by December 31st.
Strategic marketing is a method through which an organisation differentiates itself from its competition by focusing on its strengths to provide better service and value to its customers.
Marketing strategy helps in discovering the areas affected by organizational growth and thereby helps in creating an organizational plan to cater to the customer needs. It helps in fixing the right price for organization’s goods and services based on information collected by market research.
The goal -setting step in the planning phase of the strategic marketing process sets quantified objectives for use in the evaluation phase . If measured results fail to meet objectives , managers need to take corrective action and try to find the cause of failure and take necessary steps to fix it.