Copyright

Strategic Marketing Plans: Elements & Development

An error occurred trying to load this video.

Try refreshing the page, or contact customer support.

Coming up next: Ethical Behavior in Marketing: What Are Marketing Ethics?

You're on a roll. Keep up the good work!

Take Quiz Watch Next Lesson
 Replay
Your next lesson will play in 10 seconds
  • 0:04 Making a Strategic…
  • 0:35 Defining Objectives & Metrics
  • 1:20 Identifying Audience &…
  • 3:07 Understanding Features…
  • 3:53 Creating a Positioning…
  • 5:01 Lesson Summary
Save Save Save

Want to watch this again later?

Log in or sign up to add this lesson to a Custom Course.

Log in or Sign up

Timeline
Autoplay
Autoplay
Speed Speed
Lesson Transcript
Instructor: Lynn Doerr

Lynn has worked in various aspects of marketing for many years and has a Master's degree in Marketing Communication.

This course describes key elements for developing a strong marketing strategy: defining an objective and metrics, identifying the customer, understanding the competition, highlighting features and benefits, and developing a positioning statement.

Making a Strategic Marketing Plan

You've developed a great new product, Agent X, the best cleaning solution in the world! It's safe for people and animals, and you're excited to launch it to the market. Now you'll need a solid and strategic marketing plan so you can maximize sales. But what do we mean when we say 'strategy'? Strategy refers to the overall plan you develop to reach your objectives. Marketing plans have very consistent components that apply to many types of products, from cleaning solutions to life-saving medications.

Defining Objectives & Metrics

First, you'll want to define your overall objective. The objective is what you hope to accomplish with your marketing plan. For instance, are you introducing your product to the market and hoping to sell more than your competition? Maybe your product is already on the market but you want to reach a new audience or increase sales. Perhaps you'd like to communicate a new use for your product.

Your objective should be clearly defined as a first step in the process. Defining your objective also will help you set your measures for success. You'll need to set specific metrics, which can be qualitative, or a measurement of quality, such as brand awareness, or quantitative, or a measurement of quantity, such as total market share, market share increase, or overall sales.

Identifying Audience & Competitors

Second, you'll need to identify your audience or customer. Are you selling to men or women? Perhaps your product is for children, so you're selling to parents. Maybe it's a medication and you need to sell to physicians or nurses. Even within these broad categories, you will probably define a more specific customer.

You might want to reach women in a certain age group, such as 25 to 35 years old, or maybe women over 50 or a certain type of physician, such as a pediatrician versus a cardiologist. Defining customer profiles can take some time and research, but better understanding your customers' needs will allow you to present your product in a more favorable way to meet your sales objectives.

This isn't the only thing you need to know about your customer, though. It's also important to understand the buying process. Why, how, and where do customers buy your product? Is it something that might be sold in a grocery store or a high-end boutique? Or will you need a special sales force to explain the product? This will help you determine where to sell your product. Most products are sold in a variety of venues: online, in different types of stores (such as drug stores, grocery stores, and big box stores), catalogs, and even through social media.

Third, you'll want to understand your competition. Is your product the first in the market? The second? Or maybe the fifth? How is your product different? What needs does it fulfill that other existing products cannot? How will you compare your product to other similar products on the market?

Think about an item like soda. How does Coke differentiate its product from Pepsi? Let's go back to your product, Agent X. You know it's unique versus the competition because it's the safest cleaning product ever developed. This is something you will want to highlight versus the other cleaning products on the market.

To unlock this lesson you must be a Study.com Member.
Create your account

Register to view this lesson

Are you a student or a teacher?

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member  Back
What teachers are saying about Study.com
Try it risk-free for 30 days

Earning College Credit

Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.

To learn more, visit our Earning Credit Page

Transferring credit to the school of your choice

Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.

Create an account to start this course today
Try it risk-free for 30 days!
Create an account
Support