What is the link between marketing strategy and marketing planning process?
Strategy is the matching of the activities of an organization to the environment in which it operates and to its own capabilities
(Johnson & Scholes, 2001).
So when you start to prepare your marketing plan to make a strong marketing strategy, you should consider those very important three factors;
A. Define your business.
B. Define your marketing core competencies.
C. Develop an integrated marketing mix.
The following diagram shows you how the previous three factors could incorporate together to make a very strong
Adapted from Drummond, Ensor & Ashford, 1999
So let's take each factor in details:
1. Defining your company Business:
Situational Analysis: to conduct a situational analysis for your business, you should consider both internal and external factors that could affect your business.
- The Internal factors called
Internal Audit, Internal environmental analysis or Micro Environmental Analysis.
- The External Factors called
External Audit, external environmental analysis or Macro Environmental Analysis.
So Macro and Micro Environmental Analysis will help you to define your company business well.
2. Define your marketing core competencies:
Those include your marketing capabilities, the skills of your market executives, your sales team, how much you are going to invest in your products, the facilities and resources that you could use to implement your marketing plan.
3. Develop an Integrated Marketing Mix:
The Marketing Mix is called 7 P's in most of marketing books, which are:
When you manage all of the previous three factors; defining your business, determining your core competencies and integrating your marketing mix, you should consider the following issues:
- Synergy: means to manage all of the three factors together, monitoring the implementation phase and preparing your actions if any possible risk could happen.
- Consistency: means to manage all of the three factors all the time, you should monitor your competitors all the time, observing and analyzing the marketing dynamics and changes, develop your competencies that help to create a differentiation for your products than existing competitors in the market, implement your marketing mix and predict the possible risks before it could happen.
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