In this article we describe Part 3 of the Marketing Plan, Developing Strategy with the Marketing Plan.
Wat is the third part of the marketing plan?
In the previous part there is research conducted to the internal and external company environments. Here opportunities, threats, strong and weak points are identified. This third part of the marketing plan is the link between the research and the ultimate choice of strategy. Information from the research is translated into strategic options and a preferred strategy. For this, SWOT Analysis is used in section five. In sections six and seven company/corporate and marketing strategies are formulated.
What must happen in the third part of the marketing plan?
- Section 5 - Conducting a SWOT Analysis
- Section 6 – Company objectives and strategy
- Section 7 – Marketing objectives and strategy
Section 5 – SWOT analysis
In this section a SWOT Analysis is conducted in order to take the findings from the company’s environment from the research phase as the starting point of the strategy. The SWOT Analysis arises from the opportunities and threats from the external environment and the strong and weak points of the internal environment. By selecting and combining these, strategic options emerge.
- 5.2.1 Selecting
- 5.2.2 Combining
- 5.2.3 Strategic options
- 5.2.4. Preference strategy
Section 6 – Company objectives and strategy
After a preference strategy has come forth from the internal and external analysis, company objectives and strategy need to be formulated. What does the company want to achieve and in which way will this be realised? In this part of the marketing plan the intention is that answers will come to these questions.
- 6.1 Introduction
- 6.2 Evaluation / review of mission
- 6.3 Company objectives
- 6.4 Developments/Growth trajectory
- 6.5 Competition strategy
- 6.6 Internal or External growth
- 6.7 Conclusion (as clarification of the theory)
- 6.8 Fictional example
Section 7 – Marketing objectives and strategy
In the previous section the company objectives and strategy are established. The following step is describing the tactic. In which way can the company objectives and strategy be realised and conducted? This section is about decisions about marketing tactics. This consists of the following components:
- 7.1. Marketing objectives
- 7.2. Segmentation and choice of target group
- 7.3. Positioning