What is the purpose of strategic marketing planning?

The aim of strategic marketing planning (SMP) is to shape and reshape the company’s businesses and products so that they yield target profits and growth.” Strategic planning takes place at four levels- Corporate, division business unit and product.

What is the strategic planning process in marketing?

There are nine major steps required to develop a well-crafted, strategic marketing plan: set your marketing goals, conduct a marketing audit, conduct market research, analyze the research, identify your target audience, determine a budget, develop specific marketing strategies, develop an implementation schedule for …

What is the main purpose of strategic planning?

Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization’s …

What are the three phases of the strategic marketing process quizlet?

An organization uses the strategic marketing process to allocate its marketing mix resources to reach its target markets. This process is divided into three phases: planning, implementation, and evaluation.

What is strategic planning and marketing planning?

Strategic marketing planning is the process of creating a marketing strategy that outlines what your objectives are, what programs you’ll use to achieve those objectives, who is responsible for those metrics, and by when you’ll be achieving those goals.

What are the three phases of the strategic marketing process?

What are the useful pointers in developing strategic plan?

6 Expert Tips On Strategic Planning

Start with a core team. “Begin by building a team to own the process and ensure there is representation from all key areas of the organization.
Do it faster.
Make plans realistic, measurable, and data-based.
Use scenario planning.
Test your assumptions.
Make it fun.

What are the benefits of good strategic planning?

Here are the top 5 benefits of strategic planning:

It allows organizations to be proactive rather than reactive.
It sets up a sense of direction.
It increases operational efficiency.
It helps to increase market share and profitability.
It can make a business more durable.

What is the most important part of the strategic planning process explain?

The key to identifying the most important elements of a strategic plan is to choose goals and objectives that expand your potential without straining your resources or creating too much risk.

How is benchmarking used in strategic planning in business?

Benchmarking is a technique that enables better strategic planning in business. Benchmarking involves looking at other examples of best practices used by competitors or within other industries. Benchmarking may be used to evaluate products, services, processes or functions.

How does benchmarking help in the learning process?

Benchmarking accelerates the learning process by allowing a company to identify weak points that will yield the greatest improvements, as well as understanding strengths that can be leveraged for strategic advantage. Benchmarking studies follow methodologies similar to the following:

What are the risks of competitive benchmarking?

Another risk of competitive benchmarking is the potential for faulty comparisons. If you are a single-product company, benchmarking your website traffic against an established brand that offers a range of products is unrealistic. Competitive benchmarks offer valuable insights about your market challengers.

Which is the best tool to benchmark your marketing?

An agency specializing in digital marketing or one of several tools can give you data on competitor keywords, pay-per-click (PPC) advertising campaigns, and overall website performance. SEMrush, Moz, Ahrefs, and Ubersuggest are four popular tools. Other competitor metrics are harder to come by than others.