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Models used in Strategic Marketing Planning Essay Sample

An overview of Strategic Marketing Planning Models Essay

In this sample, we will discuss the models used in strategic marketing planning.
Strategic marketing planning is a running process through which a company decides marketing strategies and plans its executions in the target market.
Moreover, Strategic planning helps companies to discover their growth path. The planning process comprises steps like analyzing strengths, weaknesses, opportunities, and threats and then practically planning further operations.

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Meaning of a strategic marketing planning model

A strategic marketing planning model is the model a business uses its strategy and forms a plan to execute it to enhance operations and achieve its goals.
The companies need to discover the planning model to identify its desires and to achieve the goals.

Need of planning models

A strategic planning model benefits the business in various aspects. It provides a specific path to the organization, which leads them to make an effective marketing strategy and hit the target.
Moreover, it helps the departments to work by being focused on the common organizational goal.

Types of Strategic Planning Models

There are many types of strategic planning models we will discuss some of the most popular and essential models here:

Alignment Model:

An alignment model is the most used model among all. It aligns IT strategies and business together. Besides, it requires identifying the specific goals of a company and the path to reach the goals. These are the four steps to follow in this model:

  • Strategy execution: Business planning is driving the model.
  • Technology potential: It sees the business strategy as the driver with IT support.
  • Competitive potential: It deals with emerging IT capabilities to build new services and products.
  • Finally, the service level is focused on building the best IT system in the company.

Balanced Scorecard:

The balanced scorecard(BSC) aligns the work with prioritizes and with an overall strategy, monitors and measures progress.
BSC explores four unique aspects of the business:

  • Financial performance of the organization and the most effective financial resources.
  • Gauging the performance of the shareholders or clients and your service
  • Judging the internal process on their efficiency and quality
  • Analyzing organizational capacity infrastructure, personnel, culture, tech, and other

Basic Model

It is a simple model and often used by start-ups to guide decision-making.
First, set the mission statement for your business. The mission statement is a summary of the inspiration behind the organization. Next, list the goals t0 achieve to fulfill the mission statement. Now, break down the tasks to reach their goals.

 

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Blue Ocean Strategy

The blue ocean strategy is designed to launch the product or service in the market with little to no competition.
Therefore, find the niche that can be exploited for profit.

Goal or Issue Bases

The goal-based modes(or issue-based model) builds on the basic model and are intended for a more established business. Hence, it’s more in-depth and the most popular model.
Start with SWOT analysis, which stands for Strengths, Weaknesses, and Threats Analysis. It identifies and analyzes external and internal factors that influence your product, service, or business.
Next, define the mission statement. Then planning, designing a budget, and an implementation schedule.
A year later, you must monitor the outcomes and report on the growth.

Conclusion:

All the models we have discussed here are widely used by companies in UAE and globally. Any start-up or established company must follow these planning models to ensure their long-term growth in the market.

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