Along with marketing goals, the plan outlines specific steps to take to reach the set goal. That's where strategic marketing planning comes into play. A company can set a goal to increase its sales by 10% within two years, but without an action plan with clear steps on what to do, this is unlikely to happen. While goals are vital to business success, they are rather vague for implementation. Thus, by developing a plan, marketers can ensure marketing activities are carried out within the set timeframe and meet the overall objectives. Marketing plans include marketing strategies and specific goals and deadlines for achieving them. This information helps managers understand the company's situation and develop appropriate marketing strategies. This analysis will likely include the company's strengths, weaknesses, opportunities, and threats. Understand the company's current situationĪ significant part of strategic planning is developing a SWOT analysis that considers the internal and external environment's influence on business performance. Let's take a closer look at some of them. Strategic planning in marketing is vital as it comes with many benefits. (Figure 1) Importance of Strategic Planning in Marketing Once the plan is concluded, it is implemented to achieve the company's objectives. Marketing plans are developed based on the scope of the strategic plan. Strategic marketing planning is the development of marketing strategies based on the overall business strategy. Market Segmentation Targeting and Positioning.
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