SOSTAC is a widely-used marketing planning model
that outlines a systematic approach for developing and implementing marketing plans. It is an acronym for Situation Analysis, Objectives, Strategy, Tactics, Action, and Control. Here is a brief description of each component of the SOSTAC model:
- Situation Analysis: This involves an assessment of the internal and external factors that may impact the success of the marketing plan, including a review of the company's strengths, weaknesses, opportunities, and threats (SWOT analysis).
- Objectives: This involves setting clear and specific goals for the marketing plan, such as increasing sales or brand awareness.
- Strategy: This involves developing a strategic approach for achieving the marketing objectives, such as a segmentation, targeting, and positioning (STP) strategy.
- Tactics: This involves the implementation of specific tactics or actions to execute the marketing strategy, such as advertising, promotion, or social media campaigns.
- Action: This involves the actual execution of the tactics, including the creation of marketing materials, ad placement, and other marketing activities.
- Control: This involves monitoring and evaluating the performance of the marketing plan, using metrics and analytics to track progress and make necessary adjustments to the plan.
By following the SOSTAC model, businesses can develop a comprehensive marketing plan that is grounded in data, aligned with their objectives, and executed effectively to achieve success.