Strategic And an Innovative Marketing Plan †MyAssignmenthelp.com

Question: Discuss about the Strategic And Innovative Marketing Plan. Answer: In todays world, it can surely be said that without a firm planning no business organization can become successful in this competitive market. Thus it can be said that to gain desired success, the organization will have to make an innovative marketing plan. A goodstrategic marketing plan should consist of three major components and those are Company Positioning, Goals and Strategies and Target Market Defined. In this report these components are highlighted go get the basic idea of the strategic nature of a marketing plan. The key elements of marketing in todays world are making specific goals and strategies, chalking out the current position of the organization in the market and the ability to define the target customers. Company Positioning The management of the business organizations should chalk out the current position of their organization in respect to the financial results. These types of detailed analysis can allow the management to locate the strategies that might help to increase the profitability of the organization (Koku 2014). Then the management team can choose to do a SWOT analysis to get the idea of the present situation of the organization in the market of operation. Strategies promoted by marketing plans: Goals and strategies A strategic marketing plan would remain incomplete if the management does not implement any specific goals and strategies for the organization. These organizational goals appraise the rationalization of the resources in distribution marketing and production when the marketing strategies would allow the conversion of the targets into realities (Foxall 2014). For an example, it can be said that a strategic goal might express the intention behind improving the brand recognition and the brand reputation, when the parallel plan would surely define the suitable media or any method of promotion to attain the desired success. Target Market Defined For the management of any business organization, it is necessary to define the target customers for all the products and services of their organization. This technique allows the management to conduct further research on their requirements, preferences or demands in order to monopolize the market (Nykiel 2016). Apart from that the management should define the geographic and demographic stratification of those groups. Coca-Cola In this context, it can be said that Coca-Cola is such an organization, where they somewhat follow these basic strategies of marketing and in todays world they are one of the oldest successful beverage manufacturer organization. They know that in order to sustain their reputation and profitability they will have to get to know the market demands and they will have to adapt with the market changes that have been changing very rapidly nowadays (Armstrong et al. 2015). Thus in global market Coca-Cola is one of the biggest names because with time they have improved their quality of the products, they have understood the value of a proper marketing strategy along with that the management of Coca-Cola have successfully read the market demands and gained the desired competitive advantage in the market. These are the keys behind their success as a global brand. Thus to conclude, it can be said that Strategic Marketing Plans are essential for a business organization to sustain their productivity and profitability along with the reputation or the brand value. References Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015.Marketing: an introduction. Pearson Education. Foxall, G., 2014.Strategic Marketing Management (RLE Marketing)(Vol. 3). Routledge. Koku, P.S., 2014. Strategic Marketing Plan. InDecision Making in Marketing and Finance(pp. 35-47). Palgrave Macmillan US. Nykiel, R.A., 2016.Marketing Your Business-A Guide to Developing a Strategic Marketing Plan.