5 Steps Of Strategic Marketing Planning Process

5 Steps Of Strategic Marketing Planning Process

Strategic marketing is a planned procedure that looks to set up a unique direction and particular purpose for all promoting and marketing efforts. Its results are recorded in a plan of marketing which is consistently updated. The five stages in strategic marketing are:

          1. Vision and mission statement;

          2. Analysing the situation;

          3. Setting objectives;

          4. Building up a marketing strategy;

          5. Planning and evaluation.

1. Vision Statement & Mission Statement

A Vision Statement is an announcement (ordinarily 2-3 sentences) that gives the reader an overall picture of what the firm wants to become or what the firm plans to achieve.

It is vital to get clear where an association is going before it can build up a strategic plan for how to arrive. The actual value of the vision statement is to give leadership and employees a common goal.

2. Mission

The initial stage in strategic marketing is to provide a reason about why the organizations exist and how it benefit the target customers in long term period. Particularly, this statement of mission is intended to predict the future and explain a progressing part for the firm’s product, expertise or service.

3.Situation Analysis

In order to evaluate and prioritize their strength, weakness, threats and opportunities, some firms or organizations perform swot analysis.

This second stage in the strategic marketing process which helps the managers of the organization to get some idea about how to build and develop the resource for the challenges they face. However, strength and weakness are common internal factors which are been controlled by the firm.

Read More About Travel Tourism: Most Beautiful Caribbean Islands

4. Goals Or Objectives

The third stage in strategic marketing is to set promoting targets. These are clear, quantifiable objectives that give decision makers a reason for settling on decisions and surveying progress.

Objectives are ordinarily communicated regarding at least one quantitative targets like income, benefit, deals or piece of the overall industry. More importantly, each and every objective must be achievable within a specific period of time.

5. Strategy

The fourth step in strategic marketing is strategy development. This includes choosing a particular, a particular gathering of buyers who are profoundly prone to purchase the company’s item.

Organizers should likewise pick usage strategies, particularly, powerful approaches to utilize the marketing tools of items or products, advancement, cost and dispersion to reach and influence respective buyers.

6. Evaluation

The fifth step, evaluation, implies indicating how, when and by whom these strategies or tactics are to be checked and assessed in a regular period of time.

Multimag Comments

We love comments
No Comments Yet! You can be first to comment this post!

Your data will be safe! Your e-mail address will not be published. Also other data will not be shared with third person. Required fields marked as *