Skip to main content

ROLE OF STRATEGIC MARKETING PLAN


ROLE OF STRATEGIC MARKETING PLAN
         A strategic marketing plan is useful to a business. The strategic marketing plan is the means of communicating the strategy to top executive on the basis of which they take critical decisions relating to allocation of resources. Strategic marketing plan helps in following:

1. It measure performance.

2. It inform stakeholders in the business.

3. It provides resources needed to build the business.

4. It gain commitment to a strategy.

5. It identify source of competitive advantage.

6. It stimulates change and provide building block for next plan.

7. It assist bench-marking & Performance monitoring.

8. It explain the business to others in order to inform, motivate & involve.
         
       A strategic plan should not be confused with a business plan. Strategic plan is likely to be a short document whereas a business plan is usually detailed document. A strategic plan can provide the foundation and frame work for a business plan. A strategic plan is also different than operational plan. The former is visionary and conceptual. A satisfactory strategic plan is must be realistic and attainable.

Comments

Post a Comment

Popular posts from this blog

Mintzberg’s Modes of Strategic Decision-Making

  Mintzberg’s Modes of Strategic Decision-Making 1. Entrepreneurial Mode: Strategy is made by one powerful individual who has entrepreneurial competencies like innovation and risk-taking. The focus is on opportunities. Problems are secondary. Generally, the founder is the entrepreneur, and the strategy is guided by his or her own vision of direction and is exemplified by bold decisions. 2. Adaptive Mode: Sometimes referred to as “muddling through,” this decision-making model is characterized by reactive solutions to existing problems, rather than a proactive search for new opportunities. Much bargaining goes on concerning priorities of objectives. The strategy is fragmented and is developed to move the corporation forward incrementally. 3. Planning Mode: This decision-making model involves the systematic gathering of appropriate information for situation analysis, the generation of feasible alternative strategies, and the rational selection of the most appropriate strategy. It incl...
Post a Comment
Read more

International Sales Management

Int ernational Sales Management Sales management is the process of developing a sales force, coordinating sales operations, and implementing sales techniques that allow a business to consistently hit, and even surpass, its sales targets. If your business brings in any revenue at all, a sales management strategy is an absolute must. When it comes to boosting sales performance for any size of the operation, no matter the industry, the secret to success is always precise sales management processes. Besides helping your company reach its sales objectives, the sales management process allows you to stay in tune with your industry as it grows and can be the difference between surviving and flourishing in an increasingly competitive marketplace. The past decade has seen a number of changes in global situations. Chief among these is the opening up of Russia, India, and Eastern European countries and the emergence of China as a major market. A sale is an important element of marketing. ...
Post a Comment
Read more

What Are Best Practices

  What Are Best Practices?             Best practices are a set of guidelines, ethics, or ideas that represent the most efficient or prudent course of action, in a given business situation. Best practices may be established by authorities, such as regulators or governing bodies, or they may be internally decreed by a company's management team.             “A best practice is a method or technique that has been generally accepted as superior to any alternatives because it produces results that are superior to those achieved by other means, or because it has become a standard way of doing things, e.g., a standard way of complying with legal or ethical requirements. Best practices are used to maintain quality as an alternative to mandatory legislated standards and can be based on self-assessment or benchmarking. A best practice is a feature of accredited management standards such as ISO 9000 and IS...
Post a Comment
Read more