Why Strategic Marketing Planning is Important For Your Business
Strategic marketing is a method which will help an organization to focus its limited financial resources on the most profitable opportunities to boost sales and reach a sustainable competitive edge. Marketing research can be used by an organization for the development of a strategic marketing plan. This plan focuses on the development of measurable strategic objectives and short and long-term business goals. These objectives will help to determine what kind of resources the organization can commit to for reaching the short and long term strategic objectives. The strategies formulated in the marketing plan help the organization to exploit the market opportunities that arise in various economic, social, environmental and political arenas.
A major part of the strategic marketing strategy will involve the assessment of the organizations own internal strength and weakness and its ability to overcome the external and internal barriers that come with time and situation specific planning. This planning process will seek to exploit the unique opportunity that comes with any given time and situation. It also involves the identification of the appropriate target market, the processes and people necessary for attaining the objectives, the means by which the marketing goals can be attained, the competition and the steps to be taken to ensure that the objectives are met. These factors form the basis of the strategies formulated by the planning committee.
Once the strategic marketing plan is ready, it is used by the leadership to implement the plans for achieving the organisational goals. The process enables the leaders to assess the current situation and make necessary corrective changes to the structure and the functioning of the organisation. The strategies also play an important role in helping the organisations achieve future objectives and goals. This is the reason why the strategic marketing planning process has been called as the corner stone of any successful organisation. This helps the leaders to know their own strengths and weaknesses and to use these to the best effect to achieve the organisational goals.