Strategic Marketing Plan
A strategic marketing plan is part of any business’ overall strategy, a list of actions based on corporate mission. These marketing plans are generally reviewed annually, aiming for the business to provide solutions to the customer base. A strategic marketing plan covers three separate dimensions: the customer group, the customer needs, and the technologies employed to meet those goals.
In a competitive business environment, each company is seeking to outsell the competition. Therefore, a strategic marketing plan will have two overall aspects: how one’s business will address the competitive marketplace and how the plan will be implemented on a day-to-day basis. It is impossible to address in advance every possible factor, but general trends, aligned with the company’s mission statement can provide direction.
There are three overall strategies in strategic marketing, each with a different focus. A cost leadership strategy seeks to serve a company that can produce and market a good or service at a lower cost than the rest of the industry. Low costs should translate into higher profit margins. A differentiation strategy creates a good or service that is perceived as unique, emphasizing brand image or superior service. Uniqueness can also translate into high profits. A focus strategy, a more sophisticated strategy, seeks out a small, focused segment of the population and providing superior service to that population.