Strategic marketing planning as an Essential Marketing Tool

Strategic marketing planning as an Essential Marketing Tool  Essay example
Masters
Essay
Marketing
Pages 6 (1506 words)
Download 0
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…

Introduction

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. ...
Download paper
Not exactly what you need?

Related papers

Marketing planning for Starbucks
The paper provides an insight into the marketing planning approach taken by Starbucks and analyses the possible strategies that could have provided the company with a more effective model of customer retention and market share expansion plan. The first part of the paper provides an assessment of the marketing audit techniques followed by an assessment of the main barriers to marketing planning,…
Strategic Marketing Management
Thus, it is important for a firm to characterize by the advantages made obtainable for the customer. After building the significance for the firm’s customers, it is then given the right to confine a part of it with the help of pricing. In order to sustain as a feasible establishment, it is necessary for the firm to keep on the practice of building and confining value with time. Inside this…
Marketing Planning on Portakabin
Currently, it is employing more than thousands of people and expanding its operations in European countries. Although construction industry relies on the same traditional methods of first designing building architecture and then moving ahead with the project; Portakabin changed the entire industry by introducing innovative products in the market. The management of company realized that it will…
Marketing Planning
At this point, it is essential to note that customer satisfaction and sustained marketing of a product could still alter the life of a product in the market by extending its relevance. When marketing planning is considered in terms of the product life cycle aspect, there are two things that come into play and these are theories as well as practices regarding the marketing phenomenon and the…
marketing essential
The organization has been effectively successful over the last 100 years. The organization has become an icon of global culture. The organization believes in partnership business with several bottlers around the globe. The organization has generated revenue of more than 35 billion US dollar in the year 2010. Moreover the organization has achieved a net income of almost 12 billion US dollar in the…
Marketing Planning Report
Companies are now planning strategies to increase the sustainability of their organization’s growth. The present report aims to identify the business drivers of Coca-cola retailer and prepare an effective marketing planning for future growth and development. 1.1 Company Coca-cola is an American multinational beverage company. The organization is involved in manufacturing, retaining and marketing…
Strategic Marketing
It is a democratic country which ensures that the tourism industry enjoys stability and hence the hotel industry will also get benefitted. India has a specific ministry called tourism ministry which formulates strategies to enhance the tourism sector in India. Indian government charges huge amount of taxes from the luxury hotels which will have a huge impact as political scenario changes. The…