Getting started with the Analytical Phase of a Strategic Marketing Plan
In many companies the VP Marketing is the one that should drive the planning of the strategies related to product-market. Who would know better what the market wants, who the audience is and when to launch what? This role is the one that should know what products should be produced by the production department and sold by the sales department, based on his or her in-depth analysis of the market, the audience, the history of the company and the internal environment. In a Strategic Plan, you define which business is the one to focus on and in the Strategic Marketing Plan you focus on what products within that business you should focus on for what market, what segmentation strategies to apply, position on the market. Information vital in order to set the marketing mix – the action plan for implementing the defined strategies.
The analytical phase is composed by two mayor areas, the external and the internal analysis. The idea with applying these two analysis is to have a good base for making the diagnose of the situation: which are the opportunities, what threats should we be aware of, which strengths should we empower and which are the weaknesses this company or offering will meet on the studied market.
Working through the Market Analysis
The aim of the analysis is to know the historical evolution of the company, the market, clients and the providers in order to identify what opportunities and threats this market presence.
Naturally, you start with the External analysis – (includes the market analysis, the analysis of the customer, the providers and the competitors) but work in parallell with the internal analysis because you have to study the external side to understand what your internal strengths and weaknesses are. In next post I go through the external analysis and steps to take within that area.
What experiences would you like to share on the analytical phase of your Strategic Marketing Plan?