7 Steps To Successful Strategic Marketing Planning

Running head: STRATEGIC MARKETING PLAN
STRATEGIC MARKETING PLAN
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STRATEGIC MARKETING PLAN
Introduction
Spree Watches Company offers high quality designer watches aligned with the latest
fashion. The company offered wide range of specialty watches for its target customers. The
watches are generated out of love and passion for the target customers. The company continues
to bring latest innovations and improvements in its product offerings. The company has been
offering digital stylish watches to cater the needs of the younger generations. The manufactured
watches are made as per the demands of the consumers. The watches have the functions of smart
watches which can be connected with the smartphone devices. The report formulates a strategic
marketing plan for spree watches in the market.
Mission statement
The spree watch company offers unique products and services to the customers and focus on
latest fashion and utility to the consumers. The mission of the business organization is to provide
utility to the customers through their product offerings while ensuring that the product is stylish
and catered to the needs and demands of the customers (Paley 2017, pp.252-269). The vision of
the business organization is to ensure stylish and well designed products to the customer to
enhance their life and increase good vibes among the target consumers.
Situation analysis
The company plans to offer high quality designer watches to the consumers on the basis
of the skills of the manufacturers. The company offers various ranges of designer watches for
both men and women (Chernev 2018, pp. 117-135). In the past years the company has seen
much growth and increase in profitability. However, the sales growth of normal watches has

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STRATEGIC MARKETING PLAN
slowed down by 5% in the coast years. There are various competitors present in the market such
as Swatch Fossil and Anne Kline. They hold majority of the market share with string
manufacturing and distribution channels (West, Ford and Ibrahim 2015, pp. 117-135).
 Strategic brand position
Ansoff Matrix of Spree Watches
Market penetration: Spree watches operate in the global market. It engages in market
penetration strategies to make the watches affordable. The unique designer watches play a vital
role in implementing market penetration strategy with increased levels of efficiency (Westwood
2013, p. 66).
Product Development: Spree watches regularly offered specialized products to cater the
changing needs and demands of the customers. This is one of the growth strategies implemented
by Spree Watches (Milichovsky and Simberova 2015, pp.211-219). The company highly invests
in its research and development in order to offer high quality designer products to the customers.
Market development: It involves finding new markets for the products offered by the company.
This is one of the growth strategy implemented by spree watches. The company focuses on
expanding its business operations in new markets for attain long term growth and increased
profitability (Milichovsky and Simberova 2015, pp.211-219).
Diversification: It involves developing new products and services to sell its products in the new
markets. Spree watch considers diversification for increasing its presence in the global market
(Amirkhanpour, Vrontis and Thrassou 2014, pp.252-269). This is one of the largest sources of
revenue for the company.

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STRATEGIC MARKETING PLAN
 Target market segmentation
Spree Watches targets the middle age consumers, both men and women. The company will be
focusing on the younger generation and the teenagers for the digital watches. The company
targets the tech savvy consumers who prefer stylish and designer watches (Amirkhanpour,
Vrontis and Thrassou 2014, pp.252-269). The company also targets the businessmen who require
digital watches linked with their smartphones to get updates quickly. This product will be useful
for the consumers who prefer technology and prefer to save time. It targets the consumers of age
group between 18 to 55 years (Amirkhanpour, Vrontis and Thrassou 2014, pp.252-269). They
prefer branded fashion watches. It is expected that young males and females between the age
group 18-30 years are more likely to purchase smart designer watches. They are highly fashion
conscious and give high attention to styling.
Marketing strategy
 Goals and objectives
The objective is to increase 40% of sales revenue and gain 50% of market share in the industry.
The overall goal of the marketing plan is to increase revenue and growth rate of the business
organizations (Đokić 2016, pp.79-93).
The aim of the business organization is to offer unique styling, cost effective designs to gain
50% of the market share in the financial year (Đokić 2016, pp.79-93).
The objectives of Spree Watches are explained below: