When it comes to the difference between a marketing plan and a marketing strategy, don’t be too hard on yourself if you are not sure what the difference is. The two terms are very commonly confused; however, knowing the difference between the two of them can add much-needed clarity to your marketing endeavors and your business’ goals.

What is a Marketing Strategy?

If you are unfamiliar with what a marketing strategy is, it is the clear and precise framework of goals that you have regarding your overall marketing efforts. More definitively stated, your overall business goals will typically shape your core marketing strategy. A marketing strategy and your company’s goals will almost always go hand in hand in both discussion and real application.

What is a Marketing Plan?

When it comes to a marketing plan, this is the exact set of steps involved in achieving your greater marketing goals. In other words, a marketing plan is a detailed map that charts the course you or your company will take to complete a particular task.

What Are The Core Components of a Marketing Plan?

Any marketing plan can be broken into three essential parts. These parts include the “what,” “how,” and “taking action.” The “what” portion of the plan defines what you have to do to reach your ideal target audience. The “how” aspect involves how you plan to reach the correct marketing demographic. And finally, the “taking action” aspect consists of carrying out your plan and executing your marketing strategy.

What Are The Core Components of a Marketing Strategy?

As most marketing experts will tell you, the core aspects of any marketing strategy are made up of four key components. These include an external marketing message, internal positioning goal, short-term goals and objectives, and long-term goals and objectives. Breaking your marketing strategy down to these four components will help you to develop a crystal clear path towards ensuring that your strategy fulfills your specific business agenda.

Knowing The Difference Will Propel You Forward

Understanding and grasping the difference between a marketing plan and a marketing strategy will equip you with a clarity of thought and vision to help meet your short and long term business goals. Without understanding these concepts clearly, you may end up in a muddied world uncertain on how to grow your bottom line.