2 STRATEGIC MARKETING PLAN

 

Step One: Mission

First, identify and understand the company’s mission. Maybe it’s written down and promoted throughout the organization. If not, talk to stakeholders to find out why your company exists. A mission statement explains why a company is in business and how it can benefit consumers. Sometimes, the mission statement is aspirational, motivating staff and inspiring customers. Or it is simply a straightforward statement about who you are. Either way, you can’t plan a marketing strategy without knowing clearly what business you are in and why.
 
Here are some example mission statements:
 
Citigroup: Our goal for Citigroup is to be the most respected global financial services company. Like any other public company, we’re obligated to deliver profits and growth to our shareholders. Of equal importance is to deliver those profits and generate growth responsibly.
 
IKEA: At IKEA, our vision is to create a better everyday life for many people. Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.
 
Universal Health Services: To provide superior quality healthcare services that: PATIENTS recommend to family and friends, PHYSICIANS prefer for their patients, PURCHASERS select for their clients, EMPLOYEES are proud of, and INVESTORS seek for long-term returns.
 
Unlike the other steps in the planning process, senior leaders or the board of directors typically develop the mission statement and corporate objectives. Your role is to identify those objectives in the planning process to ensure that your efforts stay aligned with corporate leadership.
 
The mission statement is a core message that guides and influences your marketing strategy. Questions to ask when evaluating the mission:

• Why is your company in business?
• What is the purpose of your business?
• What is the strategic influence for your business?
• What is the desired public perception for your business?
• How does your mission statement clarify your strategy?
• How does your mission statement unify your team?

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Step Two: Situation Analysis

The second step of the strategic marketing process is to evaluate internal and external factors that affect your business and market. Your analysis will illuminate your strengths and the challenges you face — either with internal resources or with external competition in the marketplace. Situation analysis provides a clear, objective view of the health of your business, your current and prospective customers, industry trends, and your company’s position in the marketplace.
 
There are several methods to conduct this analysis. A typical analysis is called a SWOT analysis: strengths, weaknesses, opportunities, and threats.

Strengths and weaknesses are internal factors, under your company’s control. What do you do well? What needs to be better? Opportunities and threats are external factors, such as interest rates or a new competitor in the market. Here are some questions that can help you identify internal and external factors:

• Strengths: What do you do well? What are the factors that you control? What is your competitive advantage? How are your products and services superior to others in the marketplace?
• Weakness: Where are you underperforming? What is limiting your ability to succeed? Where do limited resources affect your success?
• Opportunities: What are untapped markets? Where is the potential for new business? Can you take advantage of any market trends?
• Threats: What are the obstacles? Which external factors (political, technological, economic) can cause a problem?