What and how are they expected to deliver? This phase requires the giving of specific tasks and timelines to individuals and groups. This phase has four key components that will provide a clear diagram of where your company is and what it is doing.
All staff will have job functions that will impact on strategy. Bring influential employees, not just executive team members into the planning process. Which new markets to develop and how to enter them? As we all know: This is also important to employee engagement see below. Measuring performance is another important activity in strategy monitoring.
It also redistributes responsibilities and powers between managers. Monitor and Adapt A strategy must be a living, breathing document. Analyze competition and adjust — Though Apple and Microsoft have always been in competition, the two technology giants have not passed up opportunities to collaborate.
Set marketing and product goals Once the customer needs are understood, goals can be set to meet them, thus increasing the chances of success with new products. Communicate the strategy through a combination of presentations, workshops, meetings, newsletters, intranets and updates.
Micro environment affects the company in its industry. In this phase, the theoretical framework of the first phase is put into practice.
So how do we engage staff?
Companies often set forth a plan and implement it without a clear manner of tracking its progress. Political — this analyzes how legal issues and government regulations affect profit and consumer behavior. And while most companies do great marketing, only a few have created brand attachment and customer loyalty through their marketing practices and tactics.
Analyze Before you can identify the needs of its potential customers, you have to take a look at your resources and capabilities, which may include funding, time and human resources. If your strategy failed to execute, your strategy was junk. For example, a product diversification strategy may require new SBU to be incorporated into the existing organizational chart.
At this level, executives at top parent companies choose which products to sell, which market to enter and whether to acquire a competitor or merge with it. A strategic marketing plan draws on the marketing function to support overall corporate goals.
This company was voted overall winner of the CMO Survey Award for Marketing Excellence and before that it was listed in the top marketers group for five years in a row, as reported in Forbes.
A Complete Guide A well defined and feasible marketing strategy makes meeting customer needs a likely and attainable goal. First, trained people must be ready to use their unique skills and abilities to implement various elements of the plan.
Implementation Phase The implementation phase is the action portion of the process.
Developing planning schedules — time needs to be allocated to specific tasks so they can be accomplished.During the final phase of a strategic marketing plan the company evaluates how effectively the plan performed. The evaluation focuses on the specific aspects of the plan and on the overall goals.
The company has to determine how well staff implemented the plan and make corresponding changes in its structure and tasks. Strategic planning process is a systematic or emerged way of performing strategic planning in the organization through initial assessment, thorough analysis, strategy formulation, its implementation.
The strategic marketing process consists of three phases: planning, implementation and control. When created effectively, this process ensures the success of an organization’s marketing strategy.
When you focus on the implementation phase of the process, which is the putting of the marketing strategies and plans into action, there are ways to help make this step as successful as possible. LO4 Describe the strategic marketing process and its three key phases: planning, implementation, and evaluation.
An organization uses the strategic marketing process to allocate its marketing mix resources to reach its target markets. In this article, we explore, 1) the definition and purpose of strategic marketing, 2) the three phases of the strategic marketing process, 3) guidelines for effective strategic marketing process, 4) problems to expect in the strategic marketing process, 5) p.e.s.t: trends to consider when implementing marketing strategy, 6) strategic marketing process simplified, and 7) why Apple’s strategic marketing process is genius.
the "how" phase; involves developing the program's marketing mix and its budget. The Implementation Phase of the Strategic Marketing Process four components: (1) obtaining resources (2) designing the marketing organization (marketing program needs and organization to implement it) (3) developing planning schedules, and (4) actually executing the marketing program designed in the planning phase.Download