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Strategic Planning & The Marketing Process

Strategic Planning & The Marketing Process

STRATEGIC PLANNING

Strategic Planning is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities.

It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio and coordinating functional strategies.

Strategic Planning set the stage for the rest of the planning in the firm. It involves defining a clear company mission, setting supporting company objectives, designing a sound business portfolio and coordinating functional strategies. At corporate level the company first defines its overall purpose and mission.

Mission Statement:

An organization exists to accomplish something. Mission statements of the organizations purpose what it wants to accomplish in the larger environment.

When the management senses that the organization is drifting it must renew its search for purpose.

Mission statements ask;

□ What is our business?
□ Who is the customer?
□ What do consumers value?
□ What should our business be?

Mission statement should be;

□ An invisible hand that guides people in organization
□ Neither too narrow nor too broad
□ Fitting of market environment
□ Based on distinctive competencies (Why we are better from others? Some plus points, etc)
□ Motivating

Mission Statement of Some Companies

Company Product Oriented Market Oriented

Revlon We make cosmetics We sell life style, expressions, success & status
memories.

Disney We run theme parks We provide fantasies and entertainment
a place where America still works the way it’s
supposed to

Wall-Mart We run discount stores We offer product & services that deliver value
to middle Americans

DESIGNING THE BUSINESS PORTFOLIO
Portfolio is the collection...