by Julio Viskovich MBA

Created on: July 29, 2007   Last Updated: September 27, 2011

The strategic marketing process involves three crucial phases. These phases include: planning, implementation and control. Although the planning phase is often referred to as the most important, each of the steps is equally responsible for the success of a firm's marketing strategy.

Planning
The planning phase is the most crucial stage in a firm's strategic planning process. The first step is to perform a thorough SWOT analysis. It will help the organization determine its own situation in relation to the market. This analysis is key in fully understanding the internal and external factors that are favorable or unfavorable to the organization's activities. This is done through analyzing a firm's strengths, weaknesses, threats and opportunities. The results from this analysis should directly help in the formation of a firm's strategy which will aim to minimize threats while maximizing on opportunities as well as reveal new product and market opportunities. This information will also be the basis for setting a firm's marketing mix or plan as well as setting realistic and attainable goals and objectives.

The second step in the planning phase takes a market-product approach and involves goal and objective setting (Kerin-Hartley-Rudelius, 2007). This begins with understanding the consumer's wants and needs and involves conducting market research. From a strategic marketing perspective it is important to identify critical issues and attitudes related to the product amongst other things. The specific information to be gathered in the research process must reflect the individual needs of the product, and the external and internal competencies of the organization (article). This will include and analysis of the organizations special capabilities, points of difference, skills and technologies that set it apart from its competitors (Kerin et al, 2007). Once collected, this data can also be used to set measurable objectives and goals for the marketing plan which can later be used as benchmarks for comparison in the control phase and will help in the development of goals and objectives. A business portfolio analysis would be a good tool to use in order to determine whether a new product or SBU would be advantageous or not, and also to evaluate market share and growth potential. The results yielded will provide performance measures and growth targets for an SBU.

This data is invaluable when an organization is trying how to allocate its resources. Also during the planning phase

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