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Strategic Market Planning - Meaning & Stages

Published in Marketing and Strategy Terms by MBA Skool Team Last Updated: July 25, 2023Reading time:

What is 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.

Strategic Market Planning Stages

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.

This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Browse the definition and meaning of more similar terms. The Management Dictionary covers over 1800 business concepts from 5 categories.

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