THREE PHASES OF STRATEGIC MARKETING PROCESS Planning Phase . Implementation Phase . Evaluation or Control Phase .
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 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.
The marketing strategy process consists of company vision, company mission, marketing objectives, and the marketing strategy itself. Marketing strategy involves segmenting the market , selecting a target or targets, making differentiation and positioning decisions, and designing the marketing mix.
Stages in the Product Lifecycle There are four stages in the product life cycle: introduction, growth, maturity, and decline. Life Cycle: Firms’ products progress through the stages of development, which is indicated by their changing profits over time.
4 Types of Marketing Strategies to Spice Up Your Campaigns Cause Marketing . Cause marketing , also known as cause-related marketing, links a company and its products and services to a social cause or issue. Relationship Marketing . Scarcity Marketing . Undercover Marketing .
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.
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 .
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.
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.
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.
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.
7 Steps in Creating a Marketing Plan Do Your Research. Get a hold of data to inform your strategy all the way down the line. Write a Brand Summary. Start from the beginning. Define Your Target Audience. Who is your target audience? Add a Situational Analysis . Outline Marketing Objectives. Create the Marketing Strategy. List the Tactics and Implementation.
Step 1: State your marketing objectives. Step 2: Identify demographics of your. Step 3: Identify your competition. Step 4: Describe your product/service. Step 5: Define place (distribution strategy) Step 6: Choose your promotion strategy. Step 7: Develop a pricing strategy. Step 8: Create a marketing budget .
Strategic planning is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you’re going. The strategic plan gives you a place to record your mission, vision, and values, as well as your long-term goals and the action plans you’ll use to reach them.