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Submitted by wolfpacker97 on July 3, 2006
Category: Business
Words: 2374 | Pages: 10
Views: 427
Popularity Rank: 20,204
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Strategic planning is a vital component to any business’ future prospects. The Strategic Planning process is a proactive method that enables the organization to take a long term approach at managing growth. The strategic planning process must provide the company’s decision makers with enough information to enable them to make decisions that will impact the company’s future prospects. Missteps in the planning process could cost the company sales and impact the ability to survive in today’s market place. The executive leadership team must ensure their strategy is disseminated effectively to all department/division level leaders to ensure the business decisions they make are inline with the overall strategic plan.
The Marketing Department’s ability to interpret and execute the strategic plan is of paramount importance. The organization is tasked with executing the Marketing Concept which states “an organization should seek to make a profit by serving the needs of customer groups”. The marketing function is the primary interface to the organization’s customer base. They gather pertinent information on the wants and needs of the customers through their research processes and information systems. The data collected by the marketing function will be a primary input into the key decisions that will come out of the strategic planning process. If the data is incorrect, misinterpreted or a faulty decision is made regarding how the company should allocate resources the company will be adversely impacted. The organization’s leadership makes decisions based on the strategic planning process that will impact the company’s products or their target markets
The Strategic planning process begins at the highest levels of an organization. The executive leadership team determines the purpose for the organization. They review the Situational Analysis, which include data on competitive environment, the economic environment, the social...
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