Reference no: EM133031555

STRATEGIC MARKETING PROCESS (THINK OF MAKING YOUR OWN BUSINESS)

1. Step one: Plan your mission, goals, and objectives. Before doing anything else, your marketing leaders and stakeholders must sit down and define your business's mission, and goals, and objectives.

2. Step two: Analyze industry positioning. With your mission statement, goals, and objectives mapped out, it's time to turn an eye outward to see where your company lies in terms of the overall industry, as well as how it's positioned with current customers.

• Strengths, or the things your company does well in comparison to its competitors.
• Weaknesses, or the factors that may hold your organization back from market success.
• Opportunities, including the external elements like trends that could create the potential for new business or revenue streams.
• Threats, or the external factors (economical, political, technological, etc.) that might create obstacles for your company.

3. Step three: Establish marketing tactics. Put in the effort ahead of time to plan out your mission, goals, and objectives, as well as your place in the market and the ways in which you're perceived by customers.

4. Step four: Put your process to work. With all the necessary planning in place, it's time to put your tactics and process into action.

• Obtaining resources, including the required financial backing and subject matter experts, when necessary.
• Developing schedules for each tactic and campaign. Be as specific as possible with these tasks to ensure they can be accomplished effectively.
• Executing the process.

5. Step five: Evaluate, modify, repeat. This phase is where many organizations make a critical misstep.