Strategic Marketing! What is your Marketing Plan?

Do you have a marketing plan? Are you thinking about creating one?  The following videos will help you.  They teach us what we need to know about creating a marketing plan.  First are some questions that need answering before we start.  Use the four p’s of marketing to talk about how to attract and retain customers.   Your costs, profits, and strategies change during each step of the product life cycle.  Brand management is about communicating value and building relationships.

What Is Strategic Marketing?

Strategic marketing is how a business approaches the marketplace.  Some questions need answering before creating your marketing plan.

  1.  Market segmentation and targeting.
    • Which customers do we want to serve?
  2. How are we going to create value for customers?
    • Features and benefits.
  3. How are we going to deliver our product?
    • Distribution.
  4. How are we going to engage and communicate with the customer?
    • Branding, communications, and promotions.
  5. How are we going to capture value?
    • Pricing.
  6. How are we going to capture our space in the marketplace?
    • Positioning.

How to Write a Strategic Marketing Plan!

Create the strategic marketing plan using the four P’s of marketing.  It should talk about keeping and attracting customers.

  1. Product:  List the features and benefits of all your products.
  2. Promotions:  Start by writing a positioning statement.  Decide which promotions to use and how to use them.
  3. Price:   What will you sell your products or services for?
  4. Place: Distribution is how the products and services are delivered.  Customers cannot buy from you if they don’t have access to your products or services.

Understanding the Product Life Cycle.

Strategic marketing looks at changes in cost, profit, and the marketing  strategy with each step of the product life cycle.  Prices and costs start high in the introductory stage, and drop as the cycle progresses.  The strategy will progress from visionary to strategic to operational to cost management.

  1. Development Phase:  This is prelaunch before introducing the product.  Start by looking at the end of the product life cycle.  How soon before your product to reach maturity?  Can you create extensions to lengthen the product life?  This is market penetration.  Your key strategy is to show how your product is unique.
  2.  Introductory Phase:  The primary function of marketing is to show the uniqueness of your product.  Profit is good but not great because costs are high and prices are not that high.  Profit opportunities start declining after this stage.  Use  good brochures and material to communicate value because distribution at that stage is mostly through direct sales.
  3. Growth phase:  This is when your product is doing really well.  There will be more products and competition added in the marketplace.   Your key strategy is to show how you are different.  This is known as product differentiation.  Your success comes through product leadership.
  4.  Maturity stage:  During this phase you have to add value by offering more and more services.  Good operational skills help you offer more efficient services.  Your goal is to achieve operational excellence.   After sale service is your marketing strategy at this stage of the life cycle.
Brand Management

Everyone talks about brand management today.  Your brand is a promise.  It should inspire everything you do.  Today brands want to build emotional relationships with the customer.  Get to know your customers and they will tell you what they want.  Create products your customers tell you they like and they will reward you.

  1. Creating Value is product management.
  2. Communicating Value is brand management.
  3.  Delivering Value is Customer Management.  It is more than list building, direct mailings, etc.

While watching the videos we learned what questions to answer before creating a plan.  We create the plan using the four p’s of marketing.  The strategy changes during the steps of the product life cycle.  Brand management is communicating value and relationship building.  What is your marketing plan?

Thank you for reading today.

By:  David Baker

References:

Growthink, “How to Write a Strategic Marketing Plan”, growthink.com https://www.youtube.com/watch?v=-ul65NjOMzo

Seba, Tony, “What is Strategic Marketing”, Stanford Marketing Course BUS47,  https://www.youtube.com/watch?v=45ly4zzzhcA

Kotler, Phillip, “Marketing Strategy”, London Business Forum,  https://www.youtube.com/watch?v=bilOOPuAvTY

Chatterjee, Jayanta, “Contemporary Issue Strategic Marketing”,http://nptel.ac.in,  https://www.youtube.com/watch?v=51zCRh0nOWc