Fundamentals

Please do yourself a favor and don't call it Strategic Planning. For most, understanding the difference between strategy and planning can be confusing. While the terms are often used interchangeably, they represent two distinct aspects of the marketing process.

Strategy refers to the overall direction and approaches a company takes to achieve its goals. It involves identifying the company's unique value proposition, its target market, and the tactics it will use to reach and engage with that market. A marketing strategy sets the overall direction for the company's marketing efforts and helps align them with its overall business goals.

On the other hand, planning is the process of developing specific actions to achieve the goals set out in the marketing strategy. It involves creating a detailed plan for how the company will execute its marketing tactics, including timelines, budgets, and metrics for measuring success.

An analogy for this difference would be a map and a compass. The map represents the strategy; it shows where you are, where you want to go, and the routes to reach there. The compass represents planning; it helps you navigate and orient yourself toward the destination.

Marketers need to understand the difference between strategy and planning, as they play complementary roles in the marketing process. A well-defined strategy helps to ensure that a company's marketing efforts are aligned with its overall business goals. In contrast, a well-executed plan helps ensure those efforts are carried out effectively and efficiently.

In summary, strategy is the overall direction and approach a company takes to achieve its goals, while planning is developing specific actions to achieve those goals. Both are important aspects of the marketing process, and they work together to help companies achieve their marketing objectives. As a marketer, it's essential to understand the difference between strategy and planning and develop them to reach your goals.