What is a strategic plan in marketing?

Strategic marketing planning is the process of writing and following a plan to reach a specific marketing goal. Companies may develop strategic marketing plans to increase revenue and profits, achieve greater visibility, discourage competitors or improve their appearance through a total rebranding.

What are the 4 common types of marketing tactics?

4 Types Of Marketing Plans And Strategies

• Market Penetration Strategy.
• Market Development Strategy.
• Product Development Strategy.
• Diversification Strategy.

What are the three main components of a strategic marketing plan?

With that in mind, a “brilliant marketing plan” will have these three components:

• Messages that potential customers find relevant and timely.
• Measurable vehicles for disseminating those messages.
• Methods that easily and profitably convert prospects into customers.

How do you develop a marketing strategy plan?

Write a successful marketing strategy

1. Identify your business goals.
2. State your marketing goals.
3. Research your market.
4. Profile your potential customers.
5. Profile your competitors.
6. Develop strategies to support your marketing goals.
7. Use the ‘7 Ps of marketing’
8. Test your ideas.

What are the five steps of the strategic marketing planning process?

The Definitive Guide to Strategic Marketing Planning

• 5 Essential Steps for a Successful Strategic Marketing Process.
• Step One: Mission.
• Step Two: Situation Analysis.
• Step Three: Marketing Plan.
• Step Four: Developing Marketing Mix Decisions.
• Step Five: Implementation and Control.

What are the 4 main components of a marketing plan?

The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the product, price, place, and promotion of a good or service.

How do you write a strategic marketing plan?

What are key marketing strategies?

Key elements of a successful marketing strategy

• Segmentation. Your existing and potential customers fall into particular groups or segments, characterised by their ‘needs’.
• Targeting and positioning.
• Promotional tactics.
• Monitoring and evaluation.
• Marketing plan.