Implementation planning of Marketing Strategies

After the firm's strategic objectives have been identified, the target market selected, and the desired positioning for the company, product or brand has been determined, marketing managers focus on how to best implement the chosen strategy. Traditionally, this has involved implementation planning across the "4Ps" of marketing: Product management, Pricing, Place (i.e. sales and distribution channels), and Promotion. Taken together, the company's implementation choices across the 4Ps are often described as the marketing mix, meaning the mix of elements the business will employ to "go to market" and execute the marketing strategy. The overall goal for the marketing mix is to consistently deliver a compelling value proposition that reinforces the firm's chosen positioning, builds customer loyalty and brand equity among target customers, and achieves the firm's marketing and financial objectives. In many cases, marketing management will develop a marketing plan to specify how the company will execute the chosen strategy and achieve the business' objectives. The content of marketing plans varies from firm to firm, but commonly includes: • An executive summary • Situation analysis to summarize facts and insights gained from market research and marketing analysis • The company's mission statement or long-term strategic vision • A statement of the company's key objectives, often subdivided into marketing objectives and financial objectives • The marketing strategy the business has chosen, specifying the target segments to be pursued and the competitive positioning to be achieved • Implementation choices for each element of the marketing mix (the 4Ps) • A summary of required investments (in people, programs, IT systems, etc.) • Financial analysis, projections and forecasted results • A timeline or high-level project plan • Metrics, measurements and control processes • A list of key risks and strategies for managing these risks