Marketing Strategy VS Marketing Plan

Many people feel confused about the difference between a marketing strategy and a marketing plan. In business development, both are equally important and have their respective roles so that many people can know the business that is built. Then, what is the difference between a marketing strategy and a marketing plan? The following is an explanation:

A. Definition of Marketing Strategy and Marketing Plan

A marketing strategy is a strategy used by producers of goods or services to win a market competition on an ongoing basis. Marketing strategy is also one part of the marketing plan. In other words, the marketing plan must describe the marketing strategy. The marketing strategy is formed from business goals and business objectives and must go hand in hand.

A marketing plan is a plan to achieve marketing goals. The marketing plan must be prepared properly and with full consideration to maximize the product or service sales. Unlike a marketing strategy, a marketing plan is a matter of “how” to achieve marketing goals. In short, strategy is thinking, while planning is action.

B. How Marketing Strategy and Marketing Plan Works

The marketing plan is guidance or roadmap that provides instructions or guides marketers to carry out a marketing strategy.

The sequence is as follows:

  1. Marketing Objectives
  2. Marketing Strategy
  3. Marketing Plan Marketing

Objectives Consist of:

  1. Increase market share to a larger or more specific size.
  2. Increase market share percentage.

Marketing Strategy Consists of:

  1. What to do
  2. Informing the product or service to consumers.
  3. Informing the different factors to consumers

Marketing Plan Consists of:

  1. “How” to do it: Create marketing and promotional campaigns that will achieve “what” ” in strategy.

C. Formula for Success

Goal or Objective — > Marketing Strategy — > Marketing Plan — > Implementation — > Evaluation = Success

  1. Goal or Objective, outlining the “main goal” of marketing.
  2. Marketing Strategy, outlining “what” must be done to achieve marketing goals.
  3. Marketing Plan, outlining “how” to carry out the strategy or “how” to achieve the goal through “what” in the strategy.
  4. Implementation, is the “real action” of the marketing strategy and “how” the strategy is executed.
  5. Evaluation is a “step that must be done” to ensure that the implementation is by the marketing plan. The marketing plan includes everything needed to carry out the marketing strategy to achieve the goals or objectives.

D. Components of Marketing Strategy

1. Executive Summary

An executive summary is a summary that contains information related to all matters included in the business plan.

2. Background

The background explains the business goals, marketing goals and challenges that must be faced by the company.

3. Market Analysis

Market analysis is an investigation of the implementation of marketing to find out what affects the results of the marketing process and the effects obtained from these results.

4. Segment and Target Market

Analysis of market segments and target markets will explain how the market is divided and grouped. Also, determine the target market, then select one or more segments and target markets to serve.

5. Competitive Analysis

Competitive analysis is a marketing strategy to identify competitors by researching their products, sales and marketing strategies.

6. Customer and Consumer Analysis

Customer and consumer analysis is an activity to analyze something that is needed by the customer and understand their characteristics.

7. Positioning

Positioning is the act of designing products and marketing mixes to create a certain impression in the minds of consumers.

8. Selling and Distribution

Selling and distribution explain what sales strategies will be used and which distribution channels are chosen to distribute products or services.

9. Pricing

Pricing contains the determination of the selected pricing strategy that follows the selected segment and target market.

10. Communication and Promotion

Communication and promotion explain what communication patterns to the target market will be used, both communication to consumers or end-users and communication to intermediary traders.

D. Marketing Plan Components

1. Executive Summary

An executive summary contains an overview of the marketing plan.

2. Environmental Analysis

Environmental Analysis is the monitoring, evaluation, and dissemination of information from the environment (internal & external) to support the company’s success in competition.

3. Market Analysis

Market analysis is an analysis or implementation to study various market problems. Market analysis involves the market location, market size, and market characteristics.

4. Review of Marketing Objectives and Performance Analysis

A review of marketing objectives and performance analysis explains the results of the review of marketing objectives and whether they are still to current market conditions or not. Also, it describes marketing performance analysis including sales volume, sales value, market share, sales growth, profit margin and so on.

5. SWOT Analysis

SWOT analysis explains the strengths and weaknesses of product or service brands, as well as opportunities and opportunities for product and service brands as well as threats that can occur.

6. SWOT Strategy

SWOT Strategy explains what strategies can be used with existing strengths and opportunities, existing weaknesses and opportunities, strengths with existing threats and strategies related to weaknesses and threats.

7. Goals

Goals are specific targets that can be acted upon or achieved in a smaller time frame. For example, one year or less to achieve certain targets.

8. Marketing Objectives

Marketing objectives explain what must be done to know and understand the customer so that the product or service being sold will be suitable and by the wishes of the customer.

9. Marketing Strategy

It will contain a description of the marketing strategy, which includes:

a. Segment & Target Market

Segment & target market contains one or more market segments to be served and the selected target market.

b. Positioning

The positioning contains the perception of what they want or want to instil in target consumers.

c. Marketing Mix Strategy

Marketing Mix Strategy contains a marketing mix strategy, where the marketing mix can contain 4P, 4S, 7P or others that are adapted to the marketing strategy approach or marketing concept used.

d. Organization

An organization contains the formation or organizational structure of the business units. Especially the marketing division related to the marketing strategy you want to use.

e. Budget

The budget contains how much it costs for each activity, and what or how to use the budget.

f. Evaluation And Control

Evaluation And Control is the last part of the marketing plan which contains performance standards, budget control, systems and procedures used.

 

That is the difference between a marketing strategy and a marketing plan. Even though they look the same, they are different. I hope this helps.


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