Difference between Marketing Planning and Strategic planning

The Purpose of Strategic Planning

Strategic planning is designed to provide an organization, its divisions, departments or even individual players with a game plan or road map to achieve specific goals and objectives. Strategic planning identifies internal and external effects and opportunities to consider in the creation of strategies and tactics. From a marketing standpoint, strategic planning might help to identify new market opportunities as well as new competitive threats.

The Planning Process

A number of steps are involved in any strategic planning process, including a strategic marketing planning process. These steps include identifying the overall planning goal, selecting team participants and gathering data related to the internal and external environment.

They can include conducting a SWOT (strengths, weaknesses, opportunities and threats) analysis, developing specific objectives, creating strategies and tactics, and designing a measurement and reporting process. In many organizations, the overall strategic plan provides direction for the creation of sub-plans, including a strategic marketing plan.

A marketing plan includes:

• An introduction with in depth description of long term aims and objectives.

Introduce the business, brand and product with the objectives to be achieved in the long run

• Marketing summary

Sum the marketing strategies and overview into a summary.

• Market landscape

Describe the targeted market and industry

• SWOT Analysis

Explore your strengths, weaknesses, opportunities and threats and keep a record of analysis for future reference.

• Specific aims & objectives

Highlight specific and short term aims and objectives

• Brand policy & plan

Aims and objectives related to building brand identity and strategy

• Promotional plan

Aims and objectives for overall promotional campaigns

• Engagements, time limits and financial plans

Defined actions, deadlines to carry out actions to accomplish the objectives and the budget necessary for implementing the actions.

Goals, Objectives, Strategies and Tactics

The components of a strategic marketing plan include goals, objectives, strategies and tactics, according to Opportunity Marketing.com. Goals are broad and provide general direction in terms of what the marketing organization would like to achieve, for instance an increased market share.

Objectives are tied to goals and provide more specific, measurable outcomes; for example, increase market share in a specific geographic area for a specific product, by a certain amount or by a specific date. Strategies and tactics indicate how goals and objectives will be met.

Strategies are broad: for instance, implement a social media strategy. Tactics are more specific and indicate the individual tasks to achieve the strategies for instance, set up a Twitter account or establish a YouTube channel.

The Important Role of Measurement

It is not enough to strategize a plan must include some form of measurement and a process for monitoring and reviewing results. An overall strategic plan might outline broad objectives for marketing; the marketing plan would detail more specific objectives for the marketing department to monitor and report on.

The results achieved whether they fall short or exceed expectations provide input used to consider changes or adjustments in the plan. Ongoing measurement and reporting can help to ensure the strategic plan continues to achieve measurable results.

Using digital analytical tools, such as those that come free with most websites, help businesses track where potential customers are coming from and what they’re searching for. Administering and analyzing sales reports and customer surveys also help manager learn what they are doing right and wrong.

Marketing Strategy

Sometimes the terms are used interchangeably, but they actually mean two different things.

Marketing Strategy: Shaped by your business strategy, your marketing strategy should explain the problem and how you will overcome it. It’s the offering you deliver, how you will deliver it, and why your marketing efforts will help you achieve your company’s mission and strategic goals. Once you have your strategy, only then will you be able to develop an effective marketing plan.

Marketing Plan: Driven by your marketing strategy, your marketing plan is the execution. It’s the roadmap of marketing efforts that help you achieve your marketing goals. Your plan should include detailed campaigns of what you will do, where you will do it, what they will cost, how and when you will implement them, and how you will track success.

If you have your marketing strategy, are your plans working to meet those goals? If not, this may be the reason why you’re not seeing your desired results.

The difference between marketing strategy and marketing plan comes down to purpose and application.

Marketing strategy is driven by your business strategy: What do you want? Where you will play? How you will win? A marketing plan includes goal-driven activities and tactics to help you achieve the strategy.