To develop a marketing plan, a company must identify its market, position itself in the marketplace, and assess the competition. This stage is called marketing strategy. It also includes the firm’s overall objectives, marketing tactics, and positioning, and outlines the firm’s marketing expenditure levels. Which of the following best represents the three major phases of a marketing strategy? Which of the following best describes the purpose of the strategic planning process?

A good marketing plan will involve a lot of people and should focus on each one of them. Employees are key in influencing customer views, and customers provide feedback to help businesses improve their offerings. Ultimately, the success of a marketing plan relies on how well the company interacts with both its internal and external stakeholders. The final phase of the strategic plan is called the implementation phase.

The third phase of a marketing strategy is market segmentation. In this phase, the company must define its long-term goals and then break them down into specific objectives that can be measured over a period of time. For example, a marketing plan objective might be to gain 100 social media followers in the first month. In this stage, the company needs to define its competitive advantages and potential profit pitfalls.

Product positioning is a critical part of marketing strategy. A product needs to have a distinct place in the consumer’s mind in relation to other products. The goal is to have a product that is perceived as closer to the ideal than the competition’s. The company should strive to provide a unique blend of new features to the target market. Using these attributes, marketers can influence consumer concepts and perceptions.

The fourth phase is promotion. Promotion involves a variety of communication disciplines and helps a company create measurable responses and transactions. This phase benefits both customers and businesses. The downside is that it can create channel conflict. Promotion facilitates exchanges, informs audiences, and persuades customers. It also needs to be integrated with the other two phases. If a company wants to be successful, its marketing strategy must encompass the four Ps.

Planning should include competitive research. GrowthBar is a great tool for this. Once a team understands the key players in the market, they can begin to create a marketing strategy based on these insights. Once the plan is finalized, it’s time to track results and measure their effectiveness. As a result, it’s critical that the plan includes tracking and evaluation tools.

The executive summary serves as a primer for the rest of the plan. This section should be brief, under three paragraphs. The executive summary should include a brief description of the company and its growth. It’s also important not to mention specific metrics, since these will be highlighted in the next section of the marketing plan. The executive summary is a vital part of the marketing plan, so make sure it’s concise.