Marketing is critical to the success of every business - - it’s the company’s life blood. It effects every aspect of how a company is run. It is the heart and soul of a successful company.
The benefits of a planned marketing strategy are numerous. Business owners often rely solely on their intuition to make business decisions. While this informal knowledge is important in the decision making process, it may not provide all the facts needed to achieve specific marketing results.
A Strategic Plan outlines a company’s overall direction, philosophy and purpose. It examines the company’s current status in terms of its strengths, weakness, opportunities and threats (SWOT Analysis). As the cornerstone for a company’s sustainable success, the strategic plan sets long term objectives and short term means for reaching them. The reason that strategic planning is so helpful is that it saves a company an enormous amount of time and money.
Tactics are the means by which a strategy is carried out. It defines specific actionable steps, sequences of actions, and schedules needed to achieve the Strategic Plan. Tactics should be flexible to meet both internal and external changes. Tactics play a crucial role in determining how much value is created and captured by a company.
A good Marketing Plan outlines the goals of the business and the specific actions needed to achieve them. The marketing plan implements a company’s strategic plans and tactics. It summarizes the questions of the company’s marketing activities such as: who, what, where, when and how much.
A proficient Marketing Plan consists of a well thought out series of Tactics that make a Strategic Plan effective.