Businesses make money by serving their customers. The marketing function looks at what market segments the company can access at low cost, studies the needs of the members of these target markets and evaluates how the company can satisfy the needs. A strategic marketing plan draws on the marketing function to support overall corporate goals. If the company wants to grow, it orients the marketing strategy toward increasing sales. If it wants to increase profits, the marketing strategy aims to achieve higher sales margins. A strategic marketing plan is a tool that allows a company to work more effectively toward reaching its goals.
Components
A strategic marketing plan includes details on the target markets, the products the company plans to offer, the ways in which the products will reach the target markets and the means by which the company will inform potential customers of the availability of the products. The strategic orientation of the company directly affects how the marketing department carries out the work under each of these components. For example, if the company wants to create an image of environmental responsibility and sell green products to young professionals, this orientation impacts all the components of marketing. Each phase of the strategic marketing plan has to support the overall company orientation.
Analysis
During the first phase of a strategic marketing plan, the marketing department analyzes the accessible markets and decides on the orientation of each component. It may use techniques such as a SWOT analysis -- which measures strengths, weaknesses, opportunities and threats -- to help structure the investigation. It consults with other departments, such as production, to determine what initiatives are feasible and in keeping with the strategic direction of the company. The analysis determines the contents of the strategic marketing plan and how it supports company goals. It specifies the products, the pricing, the promotions and the channels that the company will use to bring its products to market.
Execution
Once it is clear what marketing initiatives the company plans to carry out, the marketing department has to execute the strategic plan. In this phase, the theoretical framework of the first phase is put into practice. Company resources identified during the planning stage are assigned to the campaign. The company ships products from the factory to the proposed retail outlets. The marketing department implements its pricing strategy, creates and runs ads, and issues promotional material according to the overall plan.
Evaluation
During the final phase of a strategic marketing plan the company evaluates how effectively the plan performed. The evaluation focuses on the specific aspects of the plan and on the overall goals. The company has to determine how well staff implemented the plan and make corresponding changes in its structure and tasks. It has to examine to what extent the plan supported and promoted the company's strategic goals and make corresponding changes in the orientation of the plan. Corrective action during this phase helps ensure that the strategic marketing plan meets expectations.
References
Writer Bio
Bert Markgraf is a freelance writer with a strong science and engineering background. He started writing technical papers while working as an engineer in the 1980s. More recently, after starting his own business in IT, he helped organize an online community for which he wrote and edited articles as managing editor, business and economics. He holds a Bachelor of Science degree from McGill University.
Image Credit
John Rowley/Photodisc/Getty Images
The strategic marketing process consists of three phases: planning, implementation and control. When created effectively, this process ensures the success of an organization’s marketing strategy. When you focus on the implementation phase of the process, which is the putting of the marketing strategies and plans into action, there are ways to help make this step as successful as possible.
Facts
The implementation phase involves assignments addressing the who, where, when and how of reaching the goals and objectives of a business. It is the second step in the marketing process and involves the entire organization. Marketing implementation involves putting the marketing design, execution and scheduling into development. This phase requires the giving of specific tasks and timelines to individuals and groups. The business employees gather the necessary resources to execute the marketing program and release the organization’s product or service to the public.
Features
The implementation phase of strategic marketing translates into policies and procedures for areas of the organization such as marketing, procurement, human resources, research and development, information systems and production. In most cases, a successful implementation has at its helm a very visible leader (i.e. CEO) to communicate effectively the necessary steps of the implementation. Everyone in the organization has some type of role, whether it is large or small. Follow-up endeavors are determined with the use of performance measuring tools. A strategic map is also helpful, as it identifies the key ingredients that direct the organization’s performance. These may include finances, operations, partners and work environment.
Needs
The implementation phase requires several aspects to be successful. First, trained people must be ready to use their unique skills and abilities to implement various elements of the plan. Second, sufficient time and money must be allocated to the project. Third, management must be communicative and ready for meetings with monthly updates. Fourth, the technology and management systems necessary to track progress must be in place. Finally, the workforce must be comfortable with the plan and motivated to succeed.
Elements
According to My Strategic Plan, there are several phases of implementation. These are: 1) finalize the strategic plan with input from all invested parties; 2) align the budget to annual goals; 3) produce various versions of the plan for each group; 4) establish a system for tracking and monitoring the plan; 5) establish a performance management and reward system; 6) present the plan to the entire organization; 7) build annual department plans around the corporate plan; 8) schedule monthly strategy meetings with established methods of reporting progress; and 9) set annual review dates for new assessments and an annual plan review.
Pitfalls
Common mistakes in the implementation phase include no ownership (from managerial staff and/or employees), a lack of reliable communication, a plan that is non-specific and insubstantial, or a plan that is overly thorough and involves too many tasks. Companies often set forth a plan and implement it without a clear manner of tracking its progress. In these cases, the organization will meet to address the progress of the implementation only annually, which leads to passivity. Also, employees who are not held accountable for their role in the implementation can lead to a faltering plan, as can an employee who is ready to make positive changes but lacks the authority to do so. The implementation phase requires close monitoring; the organization that does not watch itself closely will miss cues that indicate necessary modifications.