The quality of marketing planning often determines the success or failure of a product; sometimes, even, the future of a company. To give your marketing plan a solid foundation, we recommend that you give due consideration to the following five building components:
At the core of the strategic analysis is the existing scenario in which the company, product or service is operating. Key issues that must be dealt with comprehensively are:
What goals do you wish to achieve as a company or with your offering? Here we distinguish between:
Do not rely on financial goals alone, since in most cases, there is a delayed reaction to worsening figures. Goals relating to your market and customers (e.g. decreasing customer satisfaction) are often early indicators of a change.
A strategy describes the way you will achieve the goals you have already set and develops a competitive advantage. Porter’s competition matrix defines three basic strategies:
Strategy implementation is the most costly step in the marketing planning process and often requires considerable human resources. The four cornerstones of a marketing mix are:
The previously determined marketing budget is then split up between these instruments. The goal is to achieve the strategy as efficiently and successfully as possible.