The success of a business largely depends on the respective business strategy and implementation of the strategy in a correct way. The strategy should include among various aspects how the business resources could be utilized in a rational way, how the market is to be managed, and how the technology is to be utilized for optimizing the business operations. In a sound business strategy, there should be a sound strategic marketing plan and undoubtedly this is the most important aspect of a business. A strategic marketing planning is a creative process in itself. Students of business management or marketing management can seek help from the Strategic marketing assignment help of BookMyEssay for completing their assignments and understanding the subject well.
Major Components of a Strategic Marketing Planning
It is necessary to understand the market from the very core and consumer behavior before developing any strategic marketing plan. This plan includes the concepts like the targeted market, targeted demography, or market segmentation. Here are the most important components of a strategic marketing planning:
- Organization’s financial position: It should describe the current financial position of the organization and how effective was the previous planning in ameliorating the financial position of the organization in the past. At the same time, a SWOT Analysis should be included to reveal the current situation of the company. Overall, this component will help to understand what should be done to improve the current financial position of the organization.
- Organizational goal: It is perhaps the most important component of a strategic marketing plan. Both the long-term and short-term goals are to be decided and described in details. The goals should be realistic and achievable. They should be compatible with the organization’s current resources and market positioning.
- Opportunities and impediments in the current market: A strategic marketing plan should include the major opportunities and impediments in the current market. It should assess the possible impediments in future in the current market and how those can affect the progress of the organization. It will help to redefine the strategy and how the current resources could be applied in generating new opportunities.
- Target market: the strategy should define the new target markets. It should include the existing ones and if any absolutely new market is to be targeted.
- Budget: No marketing strategy is complete without mentioning the budget allocated for the whole activity and for what period that budget is allocated. The duties and responsibilities of the marketing people will be allocated as per the budget.
Strategic marketing planning is immensely important and beneficial for an organization. It dissolves out many petty issues immediately and brings clarity to the organizational goals. If you are as a student is taking the help of BookMyEssay’s Strategic Marketing assignment writing help for your assignments, case studies or dissertation, you will get an in-depth idea on the importance and benefits of strategic marketing plans.