The businesses which are successful always manage to find a strategic fit between the firm and the environment it operates in while formulating a strategy. The strategic marketing plan should also be based on a consumer perspective. It must be aligned with the vision of the organization and must build on the strengths and avoid the weaknesses. It should also aim to minimize the threats and optimize the opportunities. The 6Ps of marketing must be properly identified. Segmentation, Targeting and Positioning (STP) plays a crucial role in the development of strategic marketing plan.
There are four key elements of strategic planning process:
1) Identification of the business: The companies who fail to understand and identify the industry in which they are operating are bound to collapse. The nature of the business must be clearly defined.
2) Situational Analysis: This includes the SWOT analysis and the PESTEL analysis.
3) Marketing Strategy Analysis: It includes the customer analysis in order to know the demand and needs of the customer. The competitors are also analyzed in order to search for any gaps in the markets. SWOT analysis is carried out in this phase which helps the company to analyze their internal operations.
4) Controlling: This is about putting the plan together. It includes the marketing mix and the activities which will help in achieving the marketing objectives.