Strategic Marketing Plan: Stages & Implementation

Stage 4: Strategic Marketing Plan Development

This stage defines the guidelines for profitable competition, leveraging market opportunities while establishing clear marketing objectives. It involves three key levels:

• Level 1: Portfolio Strategy
• Level 2: Segmentation and Positioning Strategy
• Level 3: Functional Strategies

Portfolio Strategy

Often referred to as the "body of strategic business units," the purpose of portfolio analysis is to assist companies with multiple Strategic Business Units (SBUs) in allocating resources effectively across different products and markets. Key tools include:

• BCG Matrix
• Ansoff Matrix
• GE-McKinsey Matrix

Segmentation and Positioning Strategy

This level involves:

• Segmentation Strategy: Choosing from undifferentiated, differentiated, focused, or customized approaches.
• Positioning: Designing a product and its image to occupy a specific, desirable place in the minds of consumers.

Functional Strategies

These are detailed strategies for specific marketing functions:

• Product/Service Policy: Defining the extent of the product range, creation, modification, or disposal of products, and brand policy/image.
• Price Policy: Setting pricing strategies and discount structures.
• Sales and Distribution Policy: Determining sales systems, location of points of sale, and market coverage.
• Communication Policy: Managing internal and external communications, messaging, media selection, and support channels.

Stage 5: Marketing Action Plan Implementation

This stage involves translating the marketing plan into actionable steps. Key activities include:

• Appointing a responsible person to oversee and implement action plans within the defined timeline.
• Allocating adequate human, material, and financial resources.
• Evaluating projected costs.
• Prioritizing actions based on their importance.

Specific actions are detailed across the marketing mix:

Product Actions

• Expansion, modification, or elimination of the product range.
• Repackaging initiatives.
• Introduction of new brands.
• Improvements in product quality or characteristics.

Price Actions

• Modification of current rates and discount prices.
• Changing conditions and terms of sale.

Distribution Actions

• Changes to distribution channels.
• Increasing retail coverage.
• Modification and/or establishment of conditions and functions for wholesalers and retailers.
• Changes in carriers.
• Improvements in delivery processes.
• Increased number of sales representatives.
• Changes in sales territories and routes.

Communication Actions

• Execution of specific marketing campaigns.
• Media selection.
• Determination and allocation of communication budgets.
• Personal contact with distributors and customers.

Marketing Plan Structure

A comprehensive marketing plan typically includes the following sections:

• Introduction: An introduction to the company under study, its activities, and historical development.
• SWOT Analysis: A detailed analysis of strengths, weaknesses, opportunities, and threats.
• Current Marketing Strategies: A review of marketing strategies developed and implemented so far.
• Proposed Marketing Strategy: A proposal for a new product or changes to existing strategies.
• Action Plans: Detailed plans for implementing the proposed strategies.
• Conclusions: Summary and final thoughts.
• Bibliography: References used in the plan.