Marketers must understand the tools of their trade, and one of the key tools is the strategic marketing plan. The overall purpose of a marketing plan is to enable the marketer to set up and coordinate the marketing efforts. In preparing the plan, the marketer evaluates the marketplace and the effect it will have on the marketing of the product. This plan forms the basis of the strategic marketing plan (Online WomenÆs Business Center, 1997). Developing a marketing plan allows the marketer to build a framework of foundational data that reveals whether or not there is a viable market for the product and what the demographics of potential purchasers will be; this ensures that the marketing strategy will be geared toward the people who are most likely to buy the product. The marketing plan also allows the marketer to see up front what will be required in terms of resources and funding to market the product successfully; this is necessary to ensure an appropriate return on investment.
A marketing plan and a strategic marketing plan should fit together seamlessly. The initial plan(the marketing plan(presents the product and sets up goals and objectives for marketing it. Its focus is on the product and the expected impact on the business of its marketing and sale. The research that goes into developing the marketing plan will elucidate various aspects of the productÆs appeal, thus helping to define its market niche. An analysis of the market as well as a situational analysis to define the circumstances relevant to marketing the product will bring together the surrounding facts that impinge on the productÆs successful launching. The financial analysis will determine what profits the product needs to generate and an estimated cost for achieving the profits.
The strategic marketing plan is the next logical step after the marketing plan. It takes the marketing data and uses it to zero in on a target audience to develop specific...