Strategic Marketing Tools

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 Women's 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 product's appeal, thus helping to define its market niche. An analysis of the market as we

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tegic marketing plan can include quite a number of components, although which ones to include may differ from product to product and company to company. KnowThis.com's "How to Write A Marketing Plan" lists the following components: Purpose and Mission; Situational Analysis; Product, Market Analysis; Distribution Analysis; Competitor Analysis; Financial Analysis; Other Analysis; Strategy and Objectives; Marketing Strategy; Marketing Objectives; Tactical Programs (including Markets, Product, Promotion, Distribution, Pricing, and Others); Budgets, Implementation; Budgeting and Analysis; Implementation; and Additional Considerations. KnowThis.com provides a description for each of these components, as well. The purpose of the marketing plan for example is to "offer brief explanation for why this plan was produced" and "suggest what may be done with the information contained in the plan." The mission statement consists of a single paragraph that includes an encompassing long-term vision of the company and why it is in business; it includes the company's markets, the product's benefits to the consumer, and the company's "corporate philosophy for doing business." The situation analysis, or "5C Analysis" as described by NetMBA.com, i

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