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Strategic Market Planning
Did You Know?
"An organization's marketing strategy combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the product mix in order to achieve the maximum profit and sustain the business. The marketing strategy is the foundation of a marketing plan."
-- Definition of "Marketing Strategy," Wikipedia
Marketing Strategies That Deliver Results
Mosaic Marketing Model: The Process of Marketing Your Business
The marketing planning process involves 5 steps both the development of objectives and specifications for how they will be accomplished. Below we outline these five basic steps that are key to this process.
1. Determination of Organizational Objective
The basic objectives, or goals, of the organization are the starting point for marketing planning. They serve as the foundation from which marketing objectives and plans are built. These objectives provide direction for all phases of the organization and serve as standards in evaluating performance. Soundly conceived goals should be S.M.A.R.T – specific, measurable, attainable, realistic and time-specific.
2. Assessing Organizational Resources
Planning strategies are influenced by a number of factors both within and outside the organization. Organizational resources include capabilities in production, marketing, finance, technology, and personnel. By evaluating these resources, organizations can pinpoint their strengths and weaknesses. Strengths help organizations set objectives, develop plans for meeting objectives, and take advantage of marketing opportunities. Resource weaknesses, on the other hand, may inhibit an organization from taking advantage of marketing opportunities.
3. Evaluating Risks and Opportunities
Environmental factors – competitive, political, legal, economic, technological and social – also influence marketing opportunities. The emergence of new technologies or innovations may open new opportunities for under-marketed products. The marketing environment may also pose threats to marketing opportunities. For example, a new genetically engineered drug may be developed with the potential to become a $1 billion-a-year product. But a government agency may delay requests to market the drug due to regulations.
4. Marketing Strategy
The net result of opportunity analysis is the formulation of marketing objectives designed to achieve overall organizational objectives and develop a marketing plan. The marketing planning effort must be directed toward establishing marketing strategies that are resource efficient, flexible, and adaptable. The marketing strategy is the overall company program for selecting a particular target market and then satisfying consumers in that segment.
Mosaic Marketing Team will develop an 11 point Marketing Plan that will guide your business to future growth in market share.
5. Implementing and Monitoring Marketing Plans
Once you have your newly refined branding, messaging, and marketing tools in place it's time to attract new business and grow your brand.
The overall strategic marketing plan serves as the basis for a series of operating tactics necessary to move the organization toward accomplishment of its objectives. At every step of the marketing planning process, marketing managers use feedback to monitor and adapt strategies when actual performance fails to match expectations.
Through our marketing consulting, continued creative services, and advertising efforts our clients are able to monitor results and track progress towards achieving their goals. For clients on a retainer basis, we review goals and progress each month while designing, implementing, and maintaining marketing campaigns that align with their refined branding.
Some Important Questions to Consider
Here are some important questions to consider when planning an overall marketing strategy:
Do you need help in developing a marketing plan because you haven't clearly defined your marketing goals?
Are you seeking an experienced partner to enhance your brand?
Does your brand need to be "refreshed" because it might be going stale?
Are you encountering communication issues when dealing with existing customer, clients or donors?
Do you know the full demographic profile of your target customers, clients or donors?
Do you have metrics in place to measure your progress and determine if your marketing program is succeeding?
We're Here to Help!
Do you have a question or do you need more information? We offer free estimates, and we are always prompt in responding to requests. Our operators are standing by. Feel free to make their day by calling (203) 483-4598 x301.