The Principles of Strategic Marketing: Strategic Marketing Plan

Standard Bank is one of the leading banks in Africa and provides financial services to individuals and businesses. The bank operates a corporate art gallery that hosts international arts and drives thought leadership by providing opportunities for the growth and sustainability of the arts industry across the African continent. The corporate art gallery, established in 1990, is popularly known as the home to the most comprehensive African art collection within South Africa and is ranked by TripAdvisor as a must-see in Johannesburg. The key feature of the art gallery is that it is the only corporate gallery that hosts international arts, operates as a non-commercial part of the bank and focuses on offering culturally significant exhibitions that feature both local and international artists. As a result, the bank is committed to improving cultural development among African artists by showcasing their work and providing a platform that caters to the rising needs for visual arts on the continent.Adapted from Standard Bank (2023)

You have been approached by the manager of the art gallery at Standard Bank to develop a strategic marketing plan that can communicate the features and benefits of the art gallery to young adults across Africa. The following considerations regarding the strategic marketing plan must be noted:

• Purpose of the strategic marketing plan: Enhance the competitive position of Standard Bank as an innovative and purpose-led brand within a social space via the use of the art gallery.
• Objective of the strategic marketing plan: Improve competitive position, enhance brand awareness and generate engagement among the targeted audience.
• Timeline and media budget for the strategic marketing plan: The strategic marketing plan must be launched within the first six months of 2025 and has a paid media budget of R5 million.

In order to compile your strategic marketing plan for Standard Bank, using the scenario of the corporate art gallery, the following components should be addressed.

Answers to Above Questions on Strategic Marketing

Answer 1: A strategic marketing plan is essential from the point of view of leading an organisation to a higher success level. In the given case scenario, a strategic marketing plan is essential for Standard Bank in order to allow it to achieve competitiveness as an innovative and purpose led brand in meeting out the needs and expectations of its customers.