Question

Explain what the importance of Strategic Marketing Planning is and how it is used at your workplace.

Answer 1

Strategic marketing plan is a part of business plan which consists of actions that describes the company's advertising and marketing strategies. It explains business activities that focus on meeting marketing objectives in set timeframe.

The characteristics of a marketing plan are:-

• It provides marketing strategies to meet the goals and objectives of the organization.
• Marketing plan should be based on valid facts and assumption.
• It should focus on using existing resources.
• Proper planning and guidelines to implement those plans by the organization.
• It should be continuos.
• It should be short, simple and understandable.
• It should be flexible and adaptable to different situations.
• It should specify performance standards so that it can monitored and controlled easily.

Strategic marketing plan is very important for any business. The reasons are:-

• It helps in making appropriate business decisions based on the marketing plan and objectives.
• It provide correct direction to the business in order to be successful.
• It helps in providing useful information that may be necessary for the success of the organization.
• Marketing strategy can help in creating the positive impression of the company.
• Marketing strategies help in saving time and money by showing correct direction to the organization to market its products appropriately.

Strategic marketing planning is used at workplace to make strategies by identifying, analyzing and evaluating needs and opportunities at workplace. It helpsstrategies in a more critical way and should not be influenced by personal opinion. The desired outcome can be viewed and planned in an effective way.