Strategic Planning in Marketing

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Strategic Planning in Marketing Preface The purpose of the strategic planning is to find ways in which the company can best use its strengths to take advantage of the opportunities in the environment. For long run survival and growth, companywide strategic planning is done which involves defining a company’s mission, setting companies goals and objectives, designing the business portfolio, planning other functional strategies. Marketing Strategies and programs operate within the broader strategic plans of the company. Guided by the company strategic planning, the marketers manage the marketing system. The management process consists of:- Analyzing: Provides review of the company present situation. Planning: Setting of the goals and…show more content…
 SWOT Analysis: the information gathered during the situation analysis is used to identify the strengths and weaknesses (internal) and opportunities and threats (external). Ultimately, how the company will leverage its strengths and opportunities and to work to overcome weaknesses and threats.  Marketing Objectives, strategies and tactics: As with Organizational objectives, marketing objectives should be measurable, realistic, specific and mutually consistent. Strategies identify the plan of action to achieve goals. Tactics indicate specifically what the company will do.  Marketing Mix is set of tools used to describe the combinations of the four inputs that constitute the core of an organization marketing system. The four elements are: Product, Price, Place and Promotion. All the four factors are interrelated. That is, decision of one area usually affects actions in others. Each of the four contains countless variables. Thus, from the multitude of variables, the marketers must select the combination that will best adapt the environment, satisfy the target markets and meet the organizational goals.  Product Strategy: a) Planning and developing right products and service. b) Changing existing products c) Adding new products d) Branding, Packaging and Labeling. Example: 1.Mahindra & Mahindra Ltd. (M&M) was the flagship company of the Mahindra Group, a diversified business group with interests in key sectors of the Indian economy. The
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