Strategic And Tactical Marketing Plan
Strategic And Tactical Marketing Plan – Some words in business and marketing seem to have been borrowed from the armed forces or military. Even the word strategy has more to do with war than with everyday life. Without forgetting guerrilla warfare, ambushes, the front, strategic marketing, tactics…
Many people use the word strategy very frequently, politicians talk about it, religious leaders talk about strategy to outdo the common elements of society, police need a strategy to stop robbery, goondaism or robbery in a area.
Strategic And Tactical Marketing Plan
Another term related to strategy that most people use is tactics. They say that politicians use the religious card to get the votes of minorities and so on.
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In simple terms, strategic marketing is a plan to achieve a goal or objective: you could achieve higher sales volume in rural areas, you could get more votes from women in Assembly elections, or you could emerge number one in the cosmetics market and soon.
The way you execute the plan is called a tactic. To get female votes, politicians may distribute free sarees in an area, to emerge as a leader in the cosmetics industry, a company may spend heavily on mass media campaigns and sponsor beauty pageants.
When strategy and tactics are combined, the net result could be an upward shift in product demand, increased brand awareness, and increased sales volume achieved. Or a company may adopt competitive prices to keep up with others in the industry or to achieve maximum sales volume.
The question arises: what should come first, tactics or strategy? Obviously, it is the marketing strategy or plan that has to come first, followed by the tactics. However, this is not to detract from the tactical side of marketing.
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According to Jim Joseph, author and marketing expert, the tactic matters in the sense that it connects with customers and motivates them to buy.
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Most countries have a Planning Commission, like in India, which identifies long-term goals to develop infrastructure, resources, housing, increase employment, raise education levels of poor and rural populations.
In a federal system, the states also play a role in identifying the projects to be carried out and the means to raise resources through grants and loans from the union government.
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For companies, developing a marketing plan or strategy is the first step to getting noticed in the market. Unlike a business plan, a marketing plan is developed with the intent of acquiring and retaining customers. It also explains the tactics and tools to achieve it.
Both strategy and tactics require a broad understanding of the target audience, their tastes, preferences, and motivation to buy products, as well as an understanding of the state of the industry, the state of the company, and that of competitors.
The market share you have in the industry and how you compare to your competitors is critical to putting together a marketing plan.
Market strength refers to the number of your brands in the top five sales categories, weakness could be a saturated market or a lack of knowledgeable marketing and sales people.
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The product must be positioned in the entry, medium or premium market. It depends on the competition, which buyers are likely to buy the product and at what price.
A marketer must be able to clearly identify the target audience for their products and services. It must be defined in terms of age, demographics, gender, family, income, lifestyle levels, among others.
Are they conservative or traditional, have higher disposable income, and are they motivated to spend more? Are they business class, salaried, and at marginal income levels?
A marketing goal might be to reach the number one position in geography or with respect to a particular brand, or it might be to get more sales. But it is very important to specify in quantitative terms, say 10 or 25% increase in sales.
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Once the product has been developed and the reference target defined, the next step is to design marketing communication strategies to reach the target and convince them to act.
It could be through mass media ads, social media campaigns (Twitter, Facebook, Pinterest, Reddit). So, the marcomm strategy describes the tactics that will be carried out to achieve the objectives and the execution of the tactic generates the desired impact on the product and the market.
When starting out, whether you are a start-up or an established business, creating annual marketing budgets is of the utmost importance. You may need a combination of newspaper, television, social media, billboards, and banners to build your brand and drive more sales.
It is very important to keep the sales margin as a barometer of how much to spend on advertising promotion. In low-margin industries, spending too much on advertising may not be the desired tactic.
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On the other hand, in industries like cola, where production costs are low relative to selling price, companies can afford to increase their marketing budget to increase their market share.
Efforts must be made to keep marketing costs within budget, otherwise it may be difficult to get financial approval.
It was once believed that knowing the four P’s of marketing knew everything: product, price, place, and promotion. However, the market involves many more complexities and is not easy for the common man to understand.
Strategic marketing involves adjusting the price of the price location, the place of marketing and perhaps the product itself. For example, Maruti Suzuki Ltd, India’s leading seller of passenger cars, has revived its premium brands with no market success through design changes and repositioning of models in a new showroom called Nexa.
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And the results remain to be seen: Sales of the premium cross-branded S-Cross posted sales of 50,000 in the six months after the relaunch, according to Suzuki.
Pricing is the basic tactic that companies adopt to achieve their goals. However, it is also the most complex tactic for marketers to follow.
A price that is too high could deter buyers of the product and attract them to competitive offers, while a price that could be perceived as too low can cause buyers to doubt its quality and value.
Contrary to popular perception, pricing is not calculated on the basis of cost plus reasonable profit. It is based on the brand image created in the mind of the consumer and at a level that the market is willing to support.
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According to experts, pricing as a marketing tool is difficult to leverage effectively as it involves both horizontal and vertical decision making within an organization.
Pricing tactics are usually done on the basis of supply and demand, their elasticity, and other parameters. Price elasticity refers to a percentage change in the quantity demanded in response to an upward or downward change in price.
The price has a greater influence on products that have a high elasticity of demand, since it can cause a significant increase or decrease in revenue. There are two types of pricing: strategic marketing and tactical pricing.
Strategic marketing pricing looks at the organization’s long-term profit goals, while tactical pricing is about achieving short-term goals, such as festival bids, end-of-season sales with a 50 % discount etc Street.
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Sometimes it may be necessary to modify or abandon the product and develop a new product with a view to competition. Mosquito repellents in India were initially smoke coils that caused respiratory problems for many people and also covered the place with ash.
Later, companies began to develop liquid repellents that were powered by electrical current by slowly discharging the liquid and eliminating the odor of mosquitoes.
Most products are sensitive to geographic areas and cultural differences. What is sold in the rural market may not like the urban market.
Low-priced cars may be better suited to emerging markets than developed markets, while places with extreme cold, wet, and heat require different types of region-specific products.
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Marketing promotion consists of communicating the brand’s message to the consumer through mass media, email campaigns, social networks, billboards, banners, participation in events, fairs.
Marketing communication activities are part of the marketing strategy to achieve certain long-term brand goals, gain more sales, more market share, or related goals.
Millennials were born in the United States between 1980 and 2000 and have a different mindset towards buying, spending and consumption patterns. They comprise 79 million people with a purchasing power of $170 billion a year.
This group is more prone to online, social media and mobile technologies. Therefore, more effort is needed to address this target group. What separates Millennials from boomers and Generation X is that they tend to share everything with friends online.
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So brands can capitalize on that behavior by offering millennials positive customer experiences to share a tweet about their company or let others know they bought their product.
The changing dynamics of the market require a change in marketing strategies and tactics. In the 1970s, Arm & Hammer baking soda took a hit as its demand in households waned.
Its promoters Church & Dwight Inc have devised a strategy to get current customers to grab the yellow box at the supermarket and use more baking soda. it was for
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