Strategic Marketing Plan

Definition: The process of making specific decisions concerning the marketing approach that will be incorporated into the business plan.

Objective: The objective of the strategic marketing step is to narrow the marketing decisions to those that offer the highest opportunity to maximize profitability.

Product: The product of this step is a concise marketing component of the business plan that reflects the optimum strategic business options for the enterprise.

Marketing Activities: The marketing activities common to this step are those necessary to articulating a specific explanation on the marketing approach the enterprise will use.

During the strategic marketing plan step, the following activities must be completed:

• Define competitive advantage of enterprise and product

• Define marketing objectives (product, markets, image, service levels, business results, market share and sales levels)

• Select target markets

• Identify target market niche

• Select product features

• Select price

• Select distribution channels;

• Obtain direct market feedback

• Identify marketing team

Marketing Information: The completion of the marketing study step usually will result in a comprehensive explanation of what and to whom the enterprise will market the product as well as when, where, and how the product will be marketed.

Assessment:

Have you defined the competitive advantages of the enterprise and the product?
Have you defined market objectives for the product, market image, service levels, market share, and sales levels?
Have you selected target markets?
Have you selected your market niche?
Have you selected product features?
Have you selected a price?
Have you selected distribution channels?
Have you obtained direct market feedback?

Return to The Goldsmith Commercialization Model

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