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 …show more content…
[pic] Potential buyers: Who have buying power, but they are not our customers. Strategic Growth: Strategic growth is done on four levels; □ Company Level □ Division Level □ Business Level □ Product Level Strategic Planning Gap: It is the difference between the desired level of sales & projected level of sales. Desired Level of Sales: Sales which is our target or the maximum we can sale is the desired level of sales. Projected Level of Sales: Sales which can be generated from current resources is know as projected level of sales. How can we fill strategic planning gap? Intensive Growth: □ To increase sale by increasing market share □ To increase sale by introducing new product □ To increase sale by introducing your existing product in new market Market Penetration Strategy: Increasing your customers by getting more market share through existing products Market Development Strategy: Offering your existing products in new markets Product Development Strategy: Offering a new improved product is same market Integrated Growth: Backward Integration: Increasing growth by producing raw material Forward Integration: Increasing growth by opening retail stores to sell your products, buying your customers Horizontal Integration: Increasing growth by buying your competitor Diversification Growth: Concentric Diversification Strategy: Offering new
While it is true that Ms. Forthright had always exceeded her budgeted sales, the extent to which she diverts away from the managers projections does not necessarily means that she is violating honesty and integrity. Her decision on what her budgeted sales for the year is highly relevant to the data available to her. Her projections tends to lie between the field manager and the marketing manager’s predictions, which can be reasonable because in the past years, the field manager’s projections tend to be over what the actual sales of the year will be.
* Our company’s sales forecast has been based on performance from previous years along with market circumstances. We are looking at the future of the business objectively which we then can evaluate past to
The sales targets should be identified for the year ahead, quarterly and monthly, listing the order of the product.
Strategic planning involves taking information from the environment and deciding upon an organizational mission, and upon objectives, strategies, and a strategic architecture. There are many different ways to go about deciding on your mission. Michael Porter, a researcher from Harvard, had a few ways for developing frameworks for developing an organization’s strategy.
Strategic planning is the management activity of an organization to achieve the organization’s goals through setting priorities, focusing activities and resources, working of employees and stakeholders, agreement establishment, and evaluation of the organization’s direction (Balanced Scorecard Institute, 2015).
Strategic planning can dictate the success of any organization if properly planned as well as the failure of an organization if not implemented as planned. Strategic planning is all about making choices. It is a process designed to support leaders in being intentional about their goals and methods. Simply stated, strategic planning is a management tool, and like any management tool, it is used for one purpose only—to help an organization do a better job. This portion of the strategic plan will explain why an
Strategic Planning is the process of developing and maintaining a strategic fit between the organizations goals and capabilities as well as emerging market conditions and opportunities. This process begins with a clear company mission statement. However, this is only a small piece of a dynamic and perpetual process. Other activities involved with strategic planning also include setting supporting organizational objectives, designing a sound product mix as well as coordinating functional strategies. Strategic planning works to set the groundwork for the rest of the subsidiary planning functions in the company.
Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.
Strategic planning is "a disciplined effort to produce fundamental decision and actions that shape and guide what an organization (or other entity) is, what it does, and why it does it" (Herman, The Jossey-Bass Handbook of Nonprofit Leadership and Management, 155)
To be able to understand the goal of your company you have to be able to understand the overall goal in relation to the measurements, meaning that the rate at which the system generates sales increases while at the same time decreasing the money that the company has used to purchase things and also decreasing the amount of money that is spent moving “inventory” into the throughput. The interesting part of these measurements is that they all have to do with the goal of the company, meaning that they all involve money, which is the overall goal of the company, to make money.
Throughout the business industry the people who are most associated with the business process has found strategic planning and management development "requires constant shifting back and forth between long-run and short-run thinking" (Dess and Miller, 5). Planning is a business process that involves one or more people (depending on the type business) whom decide where the business 's objectives lie and how to initially accomplish them over a period of time. Strategic management development is a business process that also involves one or more people (again depending on the type of business). This particular process essentially allows the "application of the basic planning process at the
Strategic planning is a review and planning process that is undertaken to make thoughtful decisions about an organization’s future in order to ensure its success.
According to literature, strategic planning is vital for strategic management. Burgelman (1994) points that strategic planning is a process which decides how, when and who is going to plan and how the results will be implemented. Drucker (1974) identified that the planning for an organization’s future that includes setting major overall objectives, the determination of basic approaches to be used in
Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals,
Strategic plan is defined as a plan which outlines the firm 's direction for the future and a broad framework of goals and objectives that needs to be achieved in line with this direction. On