Strategic Marketing Planning Concepts

Study Notes

Strategic Marketing Planning

Strategic marketing planning is a crucial aspect of a firm's overall business strategy. It involves the development of marketing strategies based on the company's strategic goals and objectives. The process of strategic marketing planning includes several stages, such as analyzing the company's current situation, identifying opportunities and threats, and mapping out marketing action plans for implementation. Here are some key aspects of strategic marketing planning:

SWOT Analysis

A significant part of strategic planning is developing a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. This analysis considers the internal and external environment's influence on business performance. It provides managers with valuable insights into the company's situation, allowing them to develop appropriate marketing strategies and capitalize on new opportunities.

Marketing Plans

Marketing plans include marketing strategies and specific goals and deadlines for achieving them. They ensure that marketing activities are carried out within the set timeframe and meet the overall objectives. Strategic marketing planning helps marketers to clearly define their marketing goals and outlines specific steps to reach these goals.

Five Main Stages

The process of strategic marketing planning typically includes five main stages: 1) defining marketing objectives, 2) developing marketing strategies, 3) creating a marketing budget, 4) implementing the marketing plan, and 5) controlling and adjusting the marketing plan as needed.

Corporate vs. Marketing Strategy

Corporate strategy, which is the responsibility of top corporate management, defines the scope of the firm with respect to the businesses, industries, and markets in which a company will compete. Marketing strategies, on the other hand, are planned and implemented on a business unit and product level. Large companies often have separate corporate and marketing strategies, with corporate strategy focusing on the overall business scope and marketing strategy focusing on the specific products and customers.

Strategic Planning Evolution

Strategic planning has evolved from the process of annual budget planning in the 1950s to the more sophisticated approaches of the 1960s and 1970s, which required companies to extend their planning horizon and predict future trends. By the 1980s, strategy development shifted to operating managers, and strategic management became the common term.

Role of Products in Marketing Strategy

Products play a crucial role in marketing strategy, as they directly impact customer value and satisfaction. Companies must consider various aspects of the product, such as its features, benefits, and price, when developing marketing strategies.

Core Competencies in Marketing Strategy

Core competencies are strengths that a company possesses and can leverage to gain a competitive advantage. They are an essential aspect of marketing strategy, as they determine the unique value that a company can offer to its customers.

Interrelationship Between Strategy Elements

Strategic marketing planning involves the interrelationship between product, customer, market area, and core competency decisions. These elements are interconnected, and understanding their relationships is crucial for developing effective marketing strategies.

Integrated Model of Marketing Planning (IMMP)

The Integrated Model of Marketing Planning (IMMP) outlines the logical connections among strategies, structures, and functions. It provides a comprehensive framework for understanding the various elements of marketing strategy and how they work together to achieve the company's goals.

In conclusion, strategic marketing planning is a complex process that involves analyzing the company's current situation, setting goals and objectives, developing marketing strategies, creating a budget, implementing the plan, and controlling and adjusting the plan as needed. It is an essential aspect of a company's overall business strategy and plays a crucial role in achieving its goals and staying competitive in the market.

Description

Explore key concepts in strategic marketing planning, including SWOT analysis, marketing plans, corporate vs. marketing strategy, and core competencies. Learn about the evolution of strategic planning and the interrelationship between strategy elements in marketing.