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The terms marketing strategy and marketing plan get thrown around with wild abandon. People seem to have the misconception that they mean similar things or that they are interchangeable.
In this article we are going to define the meaning of both Marketing Strategy and Marketing Plan. This creates a standard within your business so that each person is working on the same page.
Before we take the overall word, we are going to take the individual words of Strategy and Plan and define these.
Strategy – Is the overall workout involved in setting goals, priorities, objectives and determining targets to achieve said goals and mobilizing resources to execute necessary actions. A strategy describes how the end goal/goals will be achieved by the resources available.
Plan – Is typically any diagram or list of steps with details of timing and resources, used to achieve an objective.
As you can see these words are not interchangeable and do not mean the same thing.
Marketing Strategy – is the overall workout of how a business is going to achieve its goals. It will set the goal, the priorities, the objectives and coordinate the available resources to achieve the businesses goals.
Marketing Plan – Is a list of actions to do for a specific objective of the marketing strategy.
As you can see that they are related. You create an overall marketing strategy. You write marketing plans to execute objectives of the marketing strategy.
Regardless of what you are doing in marketing, you should be using each of these tools to help your business attain its goals.
When working out a marketing strategy there are many aspects to take into consideration.
As you are working on your marketing strategy, marketing plans will need to be written to execute specific aspects of the strategy.
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