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Definition: Strategic Market Planning
Strategic Market Planning is an ongoing process through which the company creates marketing strategies and plans its implementations in the target market. The process taken into account the current position of the company, helps in identifying the promotional opportunities & then evaluating these opportunities. Target market is identified through comprehensive research.
Marketing is a complicated process and mostly cannot be planned in short period of time. The strategic market planning takes into account long term and short term view of the market and considers various parameters to plan according to the target market.
The strategic market planning has three stages:
1. Segmentation of the market and customers
2. Profiling of the market segments
3. Development of the actual marketing strategy
The strategic market planning can be applicable to various marketing objectives like increasing market share, new product launch, market research etc.
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