SOSTAC MODEL

SOSTAC MODEL MARKETING PLANNING: -

While many people seem to use the SOSTAC acronym as a generic term, it derives from the SOSTAC Planning System created by writer and speaker PR Smith in the 1990's, The SOSTAC model and associated methodology are now used by blue chip corporations around the world and also by many smaller businesses and organisations.

As stated in the heading the SOSTAC acronym stands for:

S stands for Situation Analysis - which means where are we now?

O stands for Objectives which means where do we want to go?

S stands for Strategy which summarises how we are going to get there.

T stands for Tactics which are the details of strategy.

A is for Action or implementation - putting the plan to work.

C is for Control which means measurement, monitoring, reviewing, updating and modifying.

SOSTAC MODEL AS STAGE WISE

STAGE 1 SITUATION ANALYSIS WHERE ARE WE NOW?

• How are we performing?
• What are our distinctive competitive (marketing) advantages?
• How effective is our Marketing Mix?
• Are we focusing on the best segments with the right type of customer?
• Are we using the most appropriate channels for communication and distribution?
• What uncontrollable event(s) or trend(s) can impact my business?

STAGE 2 SET OBJECTIVES WHERE DO WE WANT TO GO?

• Business Mission?
• Business Objectives?
• Marketing Objectives – Business Development?
• Marketing Communication Objectives?
• The SMART Test for Objectives
• Make sure your objectives are practical and measurable.

Do they fit the following criteria?

• Specific (with numbers)
• Measurable (to monitor progress and confirm achievement)
• Actionable (can we do it?)
• Reasonable (realistically attainable)
• Timed (incorporate deadlines)

STAGE 3 STRATEGY HOW DO WE GET THERE?

• Segmentation – How do we want to divide up the market(s)?
• Targeting – Which segments of the market do we wish to focus upon?
• Positioning – How do we want to be perceived in each different target segment?

STAGE 4 TACTICAL PLAN HOW DO WE IMPLEMENT THE STRATEGY?

• Which Communication Tools are we going to use?
• How are we going to use them?
• What message(s) do we wish to communicate?
• Are we being consistent across different tools and messages?
• Do we have the necessary resources/budgets?

STAGE 5 ACTION PLAN WHO, WHAT, WHEN?

• Who is going to do what?
• When are they going to do it?
• What is the resource allocation for the action?
• What are the key performance measurements?
• How is performance going to be recorded?

STAGE 6 CONTROL KEEPING TRACK OF PROGRESS

• Do action performance measurements relate to objectives?
• Responsibility for measurement?
• Frequency of measurement?
• Resources for measurement?
• Review of measurements?
• Actions on variance?

REFERENCE:-

http://corporateskills.co.uk/project-management-skills/sostac-model-marketing

http://www.davechaffey.com/images/Internet-marketing-strategy.png

http://www.businessballs.com/pr_smiths_sostac_planning_method.htm