What is a marketing strategy plan?
The marketing strategy plan translates the overall business goals into marketing-related choices and actions. It focusses on what has to be done. The how is detailed in the underlying marketing plans. Often there is a considerable overlap with actions already taken within the business strategy process. Sometimes certain analyses (especially the customer and competitor analysis) are repeated in more detail to answer specific questions like:
- What are our customers actually doing with our products?
- Why is customer segment X not buying our products?
- Where do our customers prefer to buy our products?
- Why has competitor X grown so strong? What are their USPs?
The aim of marketing is not to “make advertisements” or “do promotions”, as is often thought. Increasingly many companies believe that if a company services its customers excellently, promotion itself becomes less and less needed. In that regard, American writer and Professor Peter Drucker hit the nail on the head. Understanding the customer and adopting the company’s offering towards the customer’s need should be the primary focus of any marketing department.