Relationship Between Strategic Planning & Marketing Strategies | Your Business
Relationship Between Strategic Planning & Marketing Strategies realistic marketing strategy to achieve your strategic goal and propel your business to greater. Marketing plans cover between one and five years. Solid marketing strategy is the foundation of a well-written marketing plan. .. most powerful tool by which you think through the relationship between desired results and available means. What's the difference between a corporate strategy and a marketing strategy? social media and public relations activities that support the company's brand.
It needs to concentrate on the 20 per cent of products or services, and on the 20 per cent of customers, which will account for 80 per cent of the volume and 80 per cent of the profit.
What Is the Difference Between a Marketing Strategy & a Marketing Mix?
The 7 P's can sometimes divert attention from the customer, but the framework they offer can be very useful in building the action plans. It is only at this stage of deciding the marketing objectives that the active part of the marketing planning process begins'.
This next stage in marketing planning is indeed the key to the whole marketing process. The "marketing objectives" state just where the company intends to be; at some specific time in the future. James Quinn succinctly defined objectives in general as: They are essentially about the match between those "products" and "markets. They are part of the marketing strategy needed to achieve marketing objectives. To be most effective, objectives should be capable of measurement and therefore "quantifiable.
An example of such a measurable marketing objective might be "to enter the market with product Y and capture 10 per cent of the market by value within one year.
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The marketing objectives must usually be based, above all, on the organization's financial objectives; converting these financial measurements into the related marketing measurements. He went on to explain his view of the role of "policies," with which strategy is most often confused: Price- The amount of money needed to buy products Product- The actual product Promotion advertising - Getting the product known Placement- Where the product is located People- Represent the business Physical environment- The ambiance, mood, or tone of the environment Process- How do people obtain your product In principle, these strategies describe how the objectives will be achieved.
The 7 P's are a useful framework for deciding how the company's resources will be manipulated strategically to achieve the objectives. It should be noted, however, that they are not the only framework, and may divert attention from the real issues.
The focus of the strategies must be the objectives to be achieved - not the process of planning itself. Only if it fits the needs of these objectives should you choose, as we have done, to use the framework of the 7 P's. The strategy statement can take the form of a purely verbal description of the strategic options which have been chosen. Alternatively, and perhaps more positively, it might include a structured list of the major options chosen.
One aspect of strategy which is often overlooked is that of "timing. Taking the right action at the wrong time can sometimes be almost as bad as taking the wrong action at the right time.
Timing is, therefore, an essential part of any plan; and should normally appear as a schedule of planned activities. Having completed this crucial stage of the planning process, you will need to re-check the feasibility of your objectives and strategies in terms of the market share, sales, costs, profits and so on which these demand in practice.
As in the rest of the marketing discipline, you will need to employ judgment, experience, market research or anything else which helps you to look at your conclusions from all possible angles. Detailed plans and programs[ edit ] At this stage, you will need to develop your overall marketing strategies into detailed plans and program.
Although these detailed plans may cover each of the 7 P's, the focus will vary, depending upon your organization's specific strategies.
A product-oriented company will focus its plans for the 7 P's around each of its products. A market or geographically oriented company will concentrate on each market or geographical area.
Each will base its plans upon the detailed needs of its customers, and on the strategies chosen to satisfy these needs. Again, the most important element is, indeed, that of the detailed plans; which spell out exactly what programs and individual activities will take place over the period of the plan usually over the next year.
Without these specified - and preferably quantified - activities the plan cannot be monitored, even in terms of success in meeting its objectives. It is these programs and activities which will then constitute the "marketing" of the organization over the period. As a result, these detailed marketing programs are the most important, practical outcome of the whole planning process. These plans should therefore be: Clear - They should be an unambiguous statement of 'exactly' what is to be done.
Corporate Strategy Vs. Marketing Strategy | employment-agency.info
Quantified - The predicted outcome of each activity should be, as far as possible, quantified; so that its performance can be monitored. Focused - The temptation to proliferate activities beyond the numbers which can be realistically controlled should be avoided.
One is composed of the what, where and when while the other decides how much emphasis to put into each component of marketing. Marketing Mix The marketing mix is composed of four main components, known as the 4 Ps: The components of the marketing force you to consider how much you will charge for the product or service you are selling; as well as when and where the product will be sold.
For instance, a cleaning service would be wise to sell its service during the spring when consumers are planning major projects; similarly, promotions at around key holidays will also drive in more business. Marketing Strategy The marketing strategy looks at the big picture of providing a profitable product or service to a customer while taking into account that same customer is being courted by the competition. To survive against strong competition, your company will need to pay attention to your competition's price and quality; then make decisions on how to win customers.
For instance, is your company equipped to sell a superior product at a higher price point; or would your firm do better by offering a comparable product at a lower price?
How Does Marketing Strategy Relate to the Marketing Mix?
Beyond 4 Ps While the "4 Ps" are accepted as the main components of the marketing mix, there are models that call for the inclusion of other factors.
People, customers, the processes to created the product or service as well as the presentation of the product are some of the expanded areas of the marketing mix. If you have a service business, consider the appearance of your employees and work vehicles as part of the product presentation.
Strategic Monitoring Research is a main component of developing a sound marketing strategy.