Strategic marketing plan is an approach which enables an organisation to focus its limited financial resources on the most strategic opportunities to boost sales and attain a sustainable competitive edge. The resources within the company can be used effectively for operations, products, services, marketing and sales. The main advantage of such approach is that it reduces the overall cost of ownership for any business.
Strategic marketing also helps in achieving a more defined look towards future goals of the organisation. It has the potential of assisting the companies in reaching more specific customer segments. This enables the company to develop a more focused and disciplined approach towards marketing strategies, products and services that works in the best possible manner for the company’s growth and profit margins. Moreover, strategic marketing provides the company with the capability of planning and designing the product portfolio that works effectively for the organisation.
Moreover, it also provides an easy way of monitoring the status of the overall performance of the marketing strategy and enables a company to track the changes in sales, profit margins, customer satisfaction, return of investment and other important key factors. The above mentioned benefits are only some of the many that one can derive from a well-planned and strategic marketing strategy. As a result, it is important for any organisation to develop a good marketing strategy, which will work efficiently in order to achieve the organisation’s overall organisational goals. A strategic marketing plan should also be backed by a solid implementation strategy.