Strategic Marketing - An Overview
Welcome to the December blog from Stratosphere (www.stratosphere-llc.com), a Strategic Planning and Marketing Consulting Firm whose mission is to Create Strategies That Take Your Business To New Heights.
Our first blog in November (Introduction to Strategic Planning) provided an overview of Strategic Planning and 10 reasons why it is critical for any business. This blog will focus on Strategic Marketing and provide a definition, it's importance and a high-level summary of the process to complete a Strategic Marketing Plan.
Definition of Strategic Marketing
Strategic Marketing (or Marketing Strategy) is the process by which an organization differentiates itself from its competitors and provides better value for its targeted customers. A strategic marketing plan should align with an organization’s strategic plan or business plan.
Why Strategic Marketing Is Important For Any Business
Strategic Marketing ensures greater success for your business by producing increased revenue and higher profitability, because it:
Ensures tactics are aligned with higher-level strategies and not “ad-hoc”
Ensures that the most likely customers are targeted
Provides a clear message about why customers should choose your business instead of others
Results in allocation of marketing resources in a prioritized and focused manner
High Level Overview of Strategic Marketing Process
Our strategic marketing process to develop a winning marketing strategy and plan is summarized below:
Product or Service
Target Market and Segmentation
Competitive Strategy and Value Proposition
Marketing Goals and Objectives
Marketing Strategies
Marketing Mix (Branding, Positioning, Pricing, Promotion)
Budgets and Action Plans
Performance monitoring
Our mission at Stratosphere is to create strategies that take your business to new heights. To learn more about Stratosphere, please visit www.stratosphere-llc.com. For any questions on Strategic Marketing or if you need help for your business, please contact Nirav Sheth at (952)220-1260 or niravsheth@stratosphere-llc.com.
Happy Holidays to all of you, and wishing you a relaxing, peaceful time with family and friends as we bring 2017 to a close.
Warm regards,
Nirav Sheth
Founder and President,
Stratosphere, LLC