The Plan Should Contain the Following Five Components

Company Positioning– It should outline the current position of the firm regarding financial results. Such an analysis allows the planning team to identify the strategies that were previously put in place and assess the success of the overall plan against the financial results. In the end, a SWOT analysis reveals the current situation of the company.

Goals and Strategies- The strategic marketing plan is never complete without listing the organizational goals and strategies to be implemented. The goals inform the rationalization of resources in production, distribution, and marketing while the strategies discuss the conversion of targets into realities. For instance, a goal may state the intention to improve the brand recognition and image while the corresponding plan defines the most appropriate media or promotion method to achieve desired results.

Market Opportunities – The plan should always assess emerging or existing market opportunities that may be harnessed in the short and long term. By so doing, the planners can easily dedicate resources to the most promising opportunity.

Target Market Defined – It is important to define the target groups for all your products and services. This step allows you to conduct more research on their needs, demands, and even preferences to capitalize on sales. Also, define the demographic and geographic stratification of these groups.

Marketing Budget – Last and most importantly, a strategic marketing plan is considered complete due to the inclusion of a realistic marketing budget and the dedication of an implementation period. Tough decisions have to be made at this point. These include the division of duties and responsibilities.