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Strategic marketing planning as an Essential Marketing Tool
Pages 6 (1506 words)
Strategic Marketing Planning as an Essential Marketing Tool Introduction Strategy is long-term actions of the company that when effectively executed leads to superior performance. It is drafted in a marketing plan that includes information about the competitors, target market, and other forces from the environment.
Strategic Marketing Planning Strategic marketing plan is a “management process leading to a marketing plan” (McDonald, 2008, p.7). It is a systematic approach by managers that includes the written or detailed plan of the current status of the company, its goals, and how to attain it. The company obtains information about the mission statement and corporate objectives; analyses the financial performance of the company through the marketing audit; reviews the strength, weaknesses, opportunities, and threats; forecasts the marketing impact; sets marketing objectives and strategies; estimates the anticipated outcome; classifies alternative plans and mixes; and projects the budget needed. Marketing planning is essential for business establishments that aim to gain competitive advantage, which is limited to establish brand, build, defend, and maintain. To achieve competitiveness, firms must employ techniques or models such as Porter’s generic competitive strategies. Generic Competitive Strategies Porter’s Model was developed to encourage the firm to gain competitive advantage through following the suggested strategies. The famous hypothesis of Porter is “stuck in the middle” when firms failed to utilise one of the strategies such as differentiation, cost leadership, focus, or combination as illustrated in Figure 1 below. ...
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