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Thread: What is strategic planinig and market process?

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    Default What is strategic planinig and market process?

    WHAT DO YOU KNOW ABOUT STRATEGIC PLANNING AND MARKETING PROCESS?

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    Strategic planning

    The process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities is called Strategic planning. Planning is basically concerned with what are we going to do and how are we going to do it? Organizations, which are not able to perform the effective planning, are actually planning for failures. To meet changing conditions in their industries, companies need to be farsighted and visionary, and must develop long-term strategies. Strategic planning involves developing a strategy to meet competition and ensure long-term survival and growth. The marketing function plays an important role in this process in that it provides information and other inputs to help in the preparation of the organizations strategic plan. Planning is performed to:
    • Address changing environment and consumers
    • Develop shared goals within organization
    • Address competitive threat
    • To anticipate the future
    • Determine actions that are needed to achieve objectives

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    Types of Strategic planning


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    Strategic planning is mainly of three types:

    (1) Strategic Planning:


    Major activities in strategic planning process include developing the company's goals and plans. Typically strategic planning focus on long-term issues and emphasize the survival, growth, and overall effectiveness of the organization.

    (2) Tactical Planning:


    Tactical planning is concerned with translating the general goals and plans developed by strategic managers into objectives that are more specific and activities. These decisions, or tactics, involve both a shorter time horizon and the coordination of resources.

    (3) Operational Planning:


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    Operational planning is used to supervise the operations of the organization. It is directly involved with non-management employees, implementing the specific plans developed with tactical managers. This role is critical in the organization, because operational managers are the link between management and non-management personnel. Your first management position probably will fit into this category.

    Characteristics of a Strategic Plan


    Strategic planning consists of developing a company mission (to give it direction), objectives and goals (to give it means and methods for accomplishing its mission), business portfolio (to allow management to utilize all facets of the organization), and functional plans (plans to carry out daily operations from the different functional disciplines). Since most companies are interested in growth, this chapter explores several growth alternatives within the context of strategic planning and portfolio analysis. The product/market expansion grid shows four avenues for growth: market penetration, market development, product development, and diversification. Many companies operate without formal plans. However, formal planning can provide many benefits:
    1. It encourages management to think ahead systematically.
    2. It forces managers to clarify objectives and policies.
    3. It leads to better coordination of company efforts.
    4. It provides clearer performance standards for control.
    5. It is useful for a fast-changing environment since sound planning helps the company anticipate and respond quickly to environmental changes and sudden developments.

    Strategic planning Process:


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    It is defined as the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities.
    a). Strategic planning sets the stage for the rest of the planning in the firm.
    b). There are four steps to the strategic planning process:
    • Stating a clear company mission.
    • Setting supporting company objectives.
    • Designing a sound business portfolio.
    • Planning and coordinating and other functional strategies.

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