Business Market Planning

The broad scope of strategic planning encompasses all the products/services the company offers, all the markets it serves, both environmental and internal variables and production, research, finance, and other organizational elements needed for success. Strategic planning looks beyond the immediate circumstances, in the process clarifying where the firm wants to be in the future. Marketing decisions such as which market niches to address, product distribution channels, and direct marketing tactics flow directly from business strategy. And third, top management philosophy and mindset should provide the foundation for developing the strategic marketing plan. The first step in pulling the strategic marketing plan together is to use the output of the Situation Analysis and SWOT work to establish specific marketing objectives that are SMART: specific, measurable, achievable, relevant, and time-bounded.

Marketing mix analysis for each product/service: the focus is on each product/service category. For each one the firm will have specify the target population, pricing, places for product/service delivery, and any changes the firm will need to make, and key features and benefits to promote.

Marketing activity analysis for each product/service: the focus is on each marketing activity. It is necessary to identify the responsible party, the timeframe, and the budget for each activity and record that information on the worksheet.

Promotional activity analysis for each product/service: Repeat the process, but this time the firm focuses on specific promotions. It is necessary to identify specific techniques, marketing/promotional messages, and actions the firm is trying to get its target markets to take.

This planning process has to be made a team effort. Strategic market planning must be a living, breathing process, so expect to periodically reevaluate the firm's status. All members of the marketing and management team need to be informed about progress in implementation, and the plan revised as new opportunities and ideas emerge. The firm can discover that the Big Picture approach can help it better manage its marketing activities and increase sales.