Planning to Succeed: Creating Strategic Marketing and Sales Plans
By Merle

If you fail to plan, then you plan to fail – it’s an adage that applies especially to the field of marketing. And it’s the central premise behind developing and implementing a strategic marketing plan.

State your Objectives

Companies usually set objectives in terms of desired profit, total sales, or market share. Profit tends to be the most popular company focus. Market share refers to how much of the market you snag compared to your competitors. Other objectives can be your total sales, number of loyal customers, or customer satisfaction. Company objectives always provide a time frame and are verifiable which is why objectives are usually stated in percentages and dollar signs.

Situation Analysis

Looks at the current business environment and can be elaborate or very simple. The components examined are competition, the size of the market, types of customers, channels of distribution, and economic conditions. By taking an overview of the whole picture and stating your strengths and weaknesses, you'll have a clearer understanding of how well your company will compete.

Target Market

Who are your customers? Your company can't sell to everyone, so you need to decide what part of the market segment you're going to serve. A thorough understanding of who your customers are and how to find them are imperative to your company's success. Look at demographics such as how much money they make, where they live, how much education they have, etc.