Subject: Strategic Marketing

Assignment

Submitted by: Fawad Nawaz Khattak

 1. What is strategic control discuss the various components of strategic
control.
Strategic control is a process used by organizations to monitor and evaluate the implementation
and effectiveness of their strategies. It ensures that the company stays on track to achieve its
strategic objectives and can make adjustments as needed in response to changes in the internal
and external environment.
Components of Strategic Control
Premise Control:
This component involves the continuous monitoring of the assumptions or premises on which the
strategy was based. If these premises change, the strategy may need to be adjusted. For example,
if a company based its strategy on the assumption of stable raw material prices, it needs to
monitor market conditions to ensure this assumption remains valid.
Implementation Control:
This focuses on the implementation phase of the strategy to ensure that the intended actions are
carried out properly. It involves setting milestones and performance standards, and regularly
reviewing progress against these benchmarks. It helps in identifying any deviations from the plan
early on so that corrective actions can be taken.
Strategic Surveillance:
This is a broader form of control that involves monitoring a wide range of internal and external
factors that could affect the organization's strategy. It is less focused than premise or
implementation control but is designed to detect unforeseen developments that may impact the
strategic plan. This could include changes in market conditions, regulatory shifts, or
technological advancements.
Special Alert Control:
This involves the rigorous and rapid reassessment of the company’s strategy in response to
unexpected, significant events. These events could be crises or opportunities that arise suddenly
and require immediate attention and possibly a strategic shift. Examples include natural disasters,
economic downturns, or major technological breakthroughs.
Balanced Scorecard:
A strategic planning and management system that organizations use to communicate what they
are trying to accomplish, align day-to-day work with strategy, prioritize projects, products, and
services, and measure and monitor progress towards strategic targets. It typically includes
financial measures, customer knowledge, internal business processes, and learning and growth.
Steps in the Strategic Control Process
Set Performance Standards:
Establish clear, measurable objectives and standards to gauge performance against strategic
goals. These standards should align with the overall strategic objectives of the organization.
Measure Actual Performance:
Collect data on actual performance and compare it to the established standards. This involves
monitoring various performance metrics and collecting relevant information to understand how
well the organization is doing in relation to its strategic goals.
Analyze Deviations:
Identify and analyze any deviations between actual performance and the standards.
Understanding the reasons behind these deviations is crucial for determining the necessary
corrective actions.
Take Corrective Action:
Implement corrective actions to address any deviations. This could involve changing the
strategy, reallocating resources, or adjusting implementation plans to get back on track toward
achieving the strategic objectives.
Continuous Monitoring and Feedback:
Maintain an ongoing process of monitoring performance, providing feedback, and making
adjustments as needed. This ensures that the strategy remains relevant and effective in the face of
changing conditions and new information.

2. What is strategic planning process discuss the steps involve in strategic

planning.
The strategic planning process is a systematic approach used by organizations to define their
strategy or direction and make decisions on allocating resources to pursue this strategy. It
involves setting goals, determining actions to achieve the goals, and mobilizing resources to
execute the actions. The process ensures that an organization remains aligned with its long-term
objectives and can respond effectively to changes in its environment.
Steps Involved in Strategic Planning
1. Mission and Vision Statement Development:
 Mission Statement: Defines the organization's purpose, core values, and primary
objectives. It answers the question, "Why do we exist?"
 Vision Statement: Describes the desired future position of the organization. It answers
the question, "Where do we want to go?"
2. Environmental Scanning:
 External Analysis: Identifies opportunities and threats in the external environment.
This includes analyzing industry trends, market dynamics, competition, regulatory
changes, and economic conditions.
 Internal Analysis: Assesses the organization's internal strengths and weaknesses. This
involves evaluating resources, capabilities, organizational structure, culture, and
processes.

3. SWOT Analysis:
 Combines internal and external analyses to identify the organization’s Strengths,
Weaknesses, Opportunities, and Threats. This helps in understanding where the
organization currently stands and what factors could influence its success.
4. Setting Objectives:
 Establishes specific, measurable, achievable, relevant, and time-bound (SMART)
objectives that the organization aims to achieve. These objectives should align with the
mission and vision and address the findings from the SWOT analysis.
5. Formulating Strategies:
 Develops strategies to achieve the set objectives. This involves choosing a course of
action from various alternatives. Strategies could include market penetration, product
development, diversification, partnerships, or cost leadership.
6. Strategy Implementation:
 Converts strategies into actionable plans. This includes allocating resources, assigning
responsibilities, setting timelines, and establishing a framework for execution. Effective
communication and change management are crucial at this stage.
7. Performance Measurement and Control:
  Establishes mechanisms to monitor and evaluate progress toward strategic objectives.
This involves setting performance metrics, conducting regular reviews, and comparing
actual performance against targets. Feedback from this process informs any necessary
adjustments.

8. Review and Adjust:

 Continuously reviews and updates the strategic plan based on performance data and
changes in the internal and external environment. This ensures that the organization
remains agile and can adapt to new challenges and opportunities.
Detailed Steps in the Strategic Planning Process
1. Define the Mission and Vision:
 Engage stakeholders in defining the organization’s core purpose and aspirations.
 Ensure that the mission and vision are clear, inspiring, and aligned with stakeholders’
values.
2. Conduct Environmental Scanning:
 Use tools like PESTEL (Political, Economic, Social, Technological, Environmental,
Legal) analysis for external factors.
 Conduct internal audits to assess strengths and weaknesses in areas such as finance,
operations, human resources, and technology.
3. Perform SWOT Analysis:
 Identify internal strengths and weaknesses through internal audits and analysis.
 Identify external opportunities and threats through market research and external
analysis.
4. Set Strategic Objectives:
 Engage stakeholders to ensure objectives align with overall mission and vision.
 Prioritize objectives based on their impact and feasibility.
5. Formulate Strategies:
 Develop broad strategic themes or pillars that will guide specific initiatives.
  Create detailed action plans for each strategic theme, including timelines,
responsibilities, and resource requirements.
6. Implement Strategies:
 Develop a detailed implementation plan with specific tasks, deadlines, and assigned
responsibilities.
 Ensure that necessary resources (financial, human, technological) are allocated to
support the implementation.
7. Measure and Control Performance:
 Use balanced scorecards or other performance measurement tools to track progress.
 Schedule regular review meetings to assess performance and address any issues.
8. Review and Adjust the Plan:
 Foster a culture of continuous improvement and adaptability.
 Use insights from performance reviews to make informed adjustments to strategies
and objectives.
The strategic planning process is dynamic and iterative; requiring ongoing assessment and
refinement to ensure that the organization remains aligned with its long-term goals and can
navigate the complexities of its operating environment effectively.

3. What is Marketing Plan?

A marketing plan is a comprehensive document or blueprint that outlines an organization's
overall marketing efforts. A professionally written marketing plan typically includes the
following components:
1. Executive Summary:
o A brief overview of the main goals and recommendations of the marketing plan.
o Summarizes the main points of the entire plan, making it easy for stakeholders to
understand.
2. Market Analysis:
o Detailed analysis of the market environment, including market size, growth rate,
trends, and key market segments.
 o Competitive analysis identifying major competitors, their strengths and
weaknesses, and market positioning.
3. Target Audience:
o Identification and analysis of the target market segments.
o Detailed buyer personas that describe the demographics, psychographics, needs,
and behaviors of the target audience.
4. Marketing Objectives:
o Specific, measurable, achievable, relevant, and time-bound (SMART) objectives
that the marketing efforts aim to achieve.
o Aligns with overall business goals and strategic vision.
5. Marketing Strategies:
o Broad approaches that will be used to achieve the marketing objectives.
o May include branding, positioning, and messaging strategies.
6. Marketing Tactics:
o Specific actions and initiatives that will be implemented to execute the marketing
strategies.
o Includes details on product, price, place (distribution), and promotion (the 4 Ps of
marketing).
7. Budget:
o Detailed budget outlining the financial resources allocated to various marketing
activities.
o Includes a breakdown of costs for advertising, promotions, digital marketing,
events, and other expenses.
8. Implementation Plan:
o Timeline and roadmap for executing the marketing tactics.
o Includes roles and responsibilities, key milestones, and deadlines.
9. Monitoring and Evaluation:
o Key performance indicators (KPIs) and metrics that will be used to measure the
success of the marketing plan.
o Methods for tracking progress, analyzing results, and making adjustments as
needed.
 10. Appendices:
o Supporting documents and additional data that provide further detail and context.
o May include market research reports, SWOT analysis, and other relevant
information.

Example of a Professional Marketing Plan Outline

Executive Summary
This marketing plan outlines XYZ Corporation's strategy for launching its new product line in
the North American market. The plan includes detailed market analysis, identification of target
segments, marketing objectives, and the strategies and tactics that will drive our marketing
efforts. Our goal is to achieve a 10% market share within the first year of launch.
Market Analysis
 Market Size and Growth: The North American market for our product category is
valued at $5 billion, with an annual growth rate of 3%.
 Trends: Increasing demand for eco-friendly and sustainable products.
 Competitive Analysis: Major competitors include ABC Inc., DEF Ltd., and GHI Corp.
ABC Inc. holds the largest market share at 25%.
Target Audience
 Primary Segment: Environmentally conscious consumers aged 25-45 with a household
income above $50,000.
 Buyer Persona: "Eco Enthusiast" - Jane, 30 years old, urban professional, values
sustainability and is willing to pay a premium for eco-friendly products.
Marketing Objectives
1. Achieve a 10% market share within the first year of launch.
2. Increase brand awareness by 20% within the first six months.
3. Generate 50,000 qualified leads through digital marketing channels.
Marketing Strategies
 Branding: Position XYZ as a premium, eco-friendly brand.
 Positioning: Highlight the unique sustainable features of our product.
 Messaging: "Eco-friendly innovation for a better tomorrow."
Marketing Tactics
  Product: Launch a range of eco-friendly products with unique features.
 Price: Premium pricing strategy to reflect the high quality and sustainability of the
product.
 Place: Distribution through online channels and select retail partners.
 Promotion: Digital marketing campaigns, influencer partnerships, and eco-themed
events.
Budget
 Total marketing budget: $1 million
 Digital marketing: $400,000
 Promotions and events: $300,000
 Influencer partnerships: $200,000
 Miscellaneous: $100,000
Implementation Plan
 Q1: Finalize product development and branding.
 Q2: Launch digital marketing campaigns and influencer partnerships.
 Q3: Host launch events and expand distribution channels.
 Q4: Monitor performance and adjust strategies as needed.
Monitoring and Evaluation
 KPIs: Market share, brand awareness, lead generation, conversion rates.
 Methods: Monthly performance reports, customer feedback surveys, sales data analysis.
Appendices
 SWOT Analysis
 Market Research Report
 Competitor Analysis
This structured approach ensures a clear, organized, and effective marketing plan that aligns with
the company's overall business goals and objectives.