Working with strategies

Once you have done the Internal analysis and the external analysis that led to identifying th SWOT, you are prepared to define strategies.

There are different strategies to define. Here are some:

segmentation

(to be completed soon)

Product

There are different strategies to define. Here are some:

distribution

(to be completed soon)

 

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Setting up the Marketing Plan – some basics

A Marketing Plan is the document that will describe what you will do in the next year, years or future.

When you set up a plan you must have secure the hygienic factors first:

  • Technical Viability
  • Commercial Viability
  • Economic Viability 

But the most important thing is:

  • how do you guarantee that this project is giving return
  • how much will the return be
  • when do I get the return on the investment

Therefore you need to think about “how to generate entrance barriers” to exclude potential competitors from the market. For this you need to:

  • Competitive Advantages
  • Differentiation

What is a Marketing Plan (1 year)

  • A marketing plan is a “working document”
  • Actions specific to marketing
  • Oriented towards an objective (measurable)
  • A goal is what you are trying to reach
  • An objective is measurable and you have to reach
  • Takes place on a specific scenery
  • Tools to take a decision

Your plan must include:

  1. Identified business opportunities
  2. Describe how to penetrate the market
  3. Defined objectives, strategies
  4. Marketing Mix

The document must be:

  • realistic
  • flexible
  • include the important things
  • participated
  • adapted to the company
  • annual

Internal Analysis

When analysing the company and doing the internal analysis it is important to get a picture of the situation of the company. Therefore these areas are studied:

  • The history of the company
  • The history of its products and description of the portfolio
  • The characteristics of the company structure
  • The mission and strategies
  • The productive capacity
  • The financial capacity
  • The capacity of innovation
  • The capacity of structure
  • Sell strategies
  • Communication strategies
  • Strengths and weaknesses

What do you suggest you need to analyze internally in order to get a good picture of your company?

Introduction to the External and Internal Analysis of your Strategic Marketing Plan

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 marketclients 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?

Creating a Strategic Marketing Plan from scratch

It is time to refresh some knowledge, pick up the books, study some new stuff and apply what you learn, in reality. I’m talking about the phenomena: study. A high percentage of my time-off-work will be spent on a Master in Marketing for the coming months  and my plan is to reflect the steps I’m will be taking, but applied on my project www.teterum.com to make it more “down-to-earth”.

For every step taken in this process I will add a link to the post here:

Steps to take when setting up a Marketing Plan 

Three different phases will take us through these steps 

PHASE 1

1) Analysis of the External environment (see intro)
2) Analysis of the Internal environment (see intro)
3) Diagnostic of the situation (SWOT etc)

PHASE 2

4) Taking strategic decisions
–          Setting mission, vision, values, corporate culture
–          Corporate strategies
Defining the business
Defining the portfolio of products or services
Defining competitive strategies
Defining strategies for growth
–          Functional strategies

PHASE 3

5) Taking operational decisions
–          Action plans
–          Prioritization of activities
–          Budgeting and financials

The project

The project I have chosen is the one I launched with Ivan Ruiz Sevilla in September. We are still making changes and listening a lot to our customers for the pilot market – Spain –  we decided to go for.

This is the perfect project to work with as it’s a Start-Up project based on a MVP (Minimum Viable Product) strategy with a limited time of test time to detect the market demand.

Have you worked with a Marketing Plan lately that you would like to share? More than happy to share experiences