Strategic Marketing Planning Process:
There are four key elements of strategic planning process:
1) Identification of the business: The companies who fail to understand and identify the industry in which they are operating are bound to collapse. The nature of the business must be clearly defined.
2) Situational Analysis: This includes the SWOT analysis and the PESTEL analysis.
3) Marketing Strategy Analysis: It includes the customer analysis in order to know the demand and needs of the customer. The competitors are also analyzed in order to search for any gaps in the markets. SWOT analysis is carried out in this phase which helps the company to analyze their internal operations.
4) Controlling: This is about putting the plan together. It includes the marketing mix and the activities which will help in achieving the marketing objectives.
The Strategic Marketing Planning Process answers the following questions:
• Where are we now?
• Where do we want to be in future?
• How will we get there?
• How effectively can the goals be achieved?
Flexible Marketing Strategy:
Flexible Marketing strategy is the ability of the company to adapt to the changes in the environment by updating their marketing strategies. This also takes into account the following:
– Response to Competitor’s Activities: Often a company needs to change its strategy because of competitor’s strategy.
– Response to Changing Consumer Trends: Consumer trends keep on changing and can provide a major opportunity or even a threat to a business, so a strategy should be flexible enough to react to such changes.
– Response to Market Environment: Market Environment also keeps on changing and it also can provide an opportunity or threat to a company.
– Response to Technology: All the successful companies are adaptable to the technological changes. Technological changes can give a huge cost advantage to a company.
A flexible strategy can lead to confusion and chaos. Whenever a company will see an opportunity it will enter that market causing various products in various markets without realizing their competencies. This can cause economical loss. In emerging markets the strategies should be highly flexible. I such markets focused strategies are not feasible because the directions would not be that clear.