Marketing Strategy V/s Marketing Plan

Marketing Strategy V/s Marketing Plan

Content;

1. Overview and the key difference
2. What is the marketing strategy
3. What is the marketing plan
4. Side-by-side comparison – Marketing strategy v/s Marketing plan
5. Summary

Overview and the key difference

The key difference between the marketing strategy and the marketing plan is that the marketing strategy can be explained as a course of action to achieve a marketing objective, while the marketing plan is the set of actions implemented to achieve the marketing strategy; that is, how to achieve the desired strategy.

There is a strong relationship between the two in which the marketing strategy is the foundation of the marketing plan. If managed effectively, marketing can give a company a competitive advantage. Thus, companies should devote enough time and effort to developing effective marketing strategies and plans.

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What is your Marketing Strategy?

A strategy is a course of action developed to achieve a specific goal. Thus, a marketing strategy can be explained as a course of action to achieve a marketing goal. Companies can have various marketing goals, such as being a market leader or having a global marketing presence. What the company needs to do to achieve such a desired status is the marketing strategy it needs to adopt.

For example, Company ‘A’ is a chocolate manufacturer located in Belgium, which sells chocolates nationwide and has the 5th largest market share in the confectionery market in Europe. The company is trying to increase market share; however, it is difficult to do so in the local market due to severe competition. As a result, the company entered one of the neighboring countries, the Netherlands. By conducting a massive marketing campaign, the company believes that it will be able to become the fourth-largest chocolate producer in Europe.

A company, in order to decide on its marketing strategy, should first understand the current situation of the company (where is the company now?). SWOT analysis is a good tool for an organization to understand the current situation. It is a useful tool for identifying the company’s strengths and internal weaknesses, as well as its external opportunities and threats.

What is a Marketing Plan?

The marketing plan is the set of actions implemented to achieve the marketing strategy; that is, how to implement the marketing strategy.

The marketing planning process

The next steps should be considered when building a marketing plan.

Describe the target market

The target market should be analyzed for age, gender, income, and customer preferences. The market needs to be segmented based on the above components to understand the customer groups that the company’s product could attract.

For example, continuing with the example above, Company ‘A’ addresses customers of all ages; thus, you offer different types of chocolate, such as milk chocolate and white chocolate primarily for young customers and raw chocolate and sweet-bitter chocolate for older customers (less sugar).

List your marketing goals

The marketing objective that the company wants to achieve must be specified quantitatively to evaluate its achievement.

For example, the marketing plan is for a period of 2 years, during which sales will increase by 25% every six months.

Develop your marketing communication strategy

This step is vital and deals with the tactics used to achieve the marketing goal. Various tactics can be used for this purpose, such as advertising and public relations.

For example, Company ‘A’ intends to advertise on television, emphasizing that “Belgian candies are the best in quality”

Set your marketing budget

Any marketing goal cannot be achieved without the proper allocation of resources; thus, a marketing budget should be prepared to list the projected revenue and expenditure.

For example, the entire marketing year is expected to cost EUR 120,000 and generate revenue of EUR 180,000; thus, it generates a profit of € 60,000

Comparison – Marketing Strategy V/s Marketing Plan

Summary – Marketing Strategy S/s Marketing Plan

The difference between a marketing strategy and a marketing plan is that the marketing strategy can be explained as a course of action to achieve a marketing goal, while the marketing plan sets out the steps on how to achieve the marketing strategy.

Marketing is the way to communicate details about the company’s products and services. Innovative marketing strategies and Marketing plans can lead to massive profits for companies. However, the disadvantage of such efforts is also common in businesses where corporate giants such as Pizza Hut, Burger King, and Dr. Pepper have also failed in some marketing efforts.

I hope this blog ‘Marketing Strategy V/S Marketing Plan’ helps you to get a clear vision of marketing strategy and plan.

And if you need help creating and implementing a marketing strategy & marketing planning, or do you just want to learn more about online marketing? Do not hesitate to contact us!

In case you are looking for in-depth knowledge about digital marketing strategy and plans, you can visit the NIDE Institute website. NIDE with their industrial expertise provides online classes with a better understanding of digital marketing which will help to boost your business and career.