- BUSINESS MISSION – What is the mission statement of the company and what are the goals of the company in the next 5 years?
- SITUATION ANALYSIS (SWOT ANALYSIS)
- Internal Strengths and Weaknesses – Has the company identified a competitive advantage within the internal strengths?
- External Opportunities and Threats – Social, Demographics, Economic, Political, Legal, and Financial. Identify these external opportunities and threats to gain and understanding of the macro environment and competition.
- OBJECTIVES – Are the objectives based in sales, profits, or customers?
- MARKETING STRATEGY
- Target Market Strategy – Identify your market segments.
- Marketing Mix
- IMPLEMENTATION, EVALUATION, AND CONTROL – What is the implementation timetable and what are the measurable performance standards?
These five pillars lay the foundation for identifying a marketing strategy. The answers to these questions will provide the implementation strategy moving forward for any company with growth goals.
Source: Western Michigan University Marketing Department