What is the strategic marketing planning process?
DEFINITION AND PURPOSE OF STRATEGIC MARKETING
Strategic Marketing is a process of planning, developing and implementing maneuvers to obtain a competitive edge in your chosen niche. This process is necessary to outline and simplify a direct map of the company’s objectives and how to achieve them.
What is meant by Strategic Marketing?
Definition of Strategic Marketing Management
Strategic marketing management is the process of implementing your business’ mission through specific and strategic processes in order to maximize your current marketing plan.
Why is strategic marketing planning important?
Strategic marketing planning helps you identify actions needed to achieve your goals. … In summary, taking a strategic approach to your marketing planning can have many benefits for your business, among which it ensures that your company is prepared for the constantly changing markets.
What are the five steps in the strategic planning process?
The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
- Clarify Your Vision. The purpose of goal-setting is to clarify the vision for your business. …
- Gather and Analyze Information. …
- Formulate a Strategy. …
- Implement Your Strategy. …
- Evaluate and Control.
What are the 10 steps of the marketing process?
10 Steps to Creating a Marketing Plan for Your Small Business
- State your business purpose.
- Define your market situation, focusing on issues that affect your customers, your product, and your competition.
- Set goals and objectives.
- Define your market and customer profile.
- Define your position, brand, and creative strategy.
What are the 7 steps of marketing?
Here are the steps you need to take in order to piece together the essential elements of your business’ marketing plan.
- Step 1: Know Your Business. …
- Step 2: Determine Target Market. …
- Step 3: Analyze Competitors. …
- Step 4: Set Goals. …
- Step 5: Outline Strategies. …
- Step 6: Set a Budget. …
- Step 7: Get to Work!
What are the 4 types of marketing?
Here is a quick rundown of the four types of marketing strategies I plan to cover to give you a look at what’s to come.
- Cause Marketing. …
- Relationship Marketing. …
- Scarcity Marketing. …
- Undercover Marketing.
What are the 3 marketing strategies?
There are three ways to compete–product, service, and price.
What are the four basic marketing strategies?
The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy: product, price, place, and promotion. It sounds simple and it really is (the harder part is implementing it, which we will get into later).
What are the three main components of a strategic marketing plan?
Great marketing plans are based on three key components: diagnosis, strategy, and communication.
What is the difference between marketing strategy and strategic marketing?
Marketing strategy is the part of marketing that deals with STP, Segmentation, Targeting and Positioning. … Marketing tactics on the other hand, deals with the management of the 4P’s; Product; Price, Place and Promotions. Strategic marketing is an approach that looks at marketing in the long term.
What are the components of strategic marketing?
Some of the critical components incorporated into a successful strategic marketing plan are:
- Goals, mission and vision of the organization. Not simply listing them. …
- Interests of all stakeholders. …
- Branding considerations. …
- Incorporation of all media. …
- Realistic risks.
What is the first step in strategic planning process?
Step 1: Implementation Schedule
Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals.
What are the 6 steps in the planning process?
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.