Strategic Planning in Marketing
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.
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
The purpose of the situational analysis is to look at a company’s internal environment in terms of its Strengths, Weaknesses, Opportunities as well as Threats, this enables the company to then set objectives accordingly.
"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are
Strategic planning within a company is a tool used in companies that help mature areas in total quality management. This type of planning creates a cohesive management system for lower level employees to better adapt in. “Strategic planning determines where an organization is going over the next year or more and how it 's going to get there. Typically, the process is organization-wide, or focused on a major function such as a division, department or other major function”(McNamara, 2008). In order to plan effectively one must first make a clear assessment of the plan and have an analysis on the corporations mission statement and objective.
Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.
SWOT analysis provides a structure for analyzing either your own strengths and weaknesses, and the opportunities and threats you face, or in a work context for analyzing the strengths, weaknesses, opportunities and threats a business or event faces. Ideally it is one step in a process which helps you to
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.
SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that the company face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you will giving you the opportunity to ward off possible threats from external sources.
Marketing strategy is a method of focusing an organization's energies and resources on a course of action which can lead to increased sales and dominance of a targeted market niche. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm's marketing goals, and explains how they will be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in
Every organization needs to have a marketing strategy so that they know who are their competitors, which market they need to target, do they have resources to compete in that market and what strategies they need to adopt to gain competitive position in the industry. The most important thing is with the help of marketing, company is able to make people aware of its product.
A situational analysis (SWOT) involves the identification and analysis of the internal strengths and weaknesses of a business within its current state of operation, and the opportunities and threats from the external environment in which future prospects can be drawn.
A strategic marketing plan focuses on the goals, objectives, strategies and strategies related to the goals. Goals are comprehensive and it provides the general guidelines on how the marketing organization wants to achieve, such as an expanded market segment (Kotler et al, 2013). Objectives are tied up together with target goals and provide further specific, determinate results - for example, an increase in the market share of a specific geographical area for a particular product, with a certain amount
Marketing mix is nothing but a critical mix of right amount of efforts and mechanism that is made up of the product that an organisation offers, market segmentation and the marketing strategy, selling the product at the right price and to the right customers through right people.
Marketing plan involves the strategies like pricing strategies, promotional strategies, distribution strategies etc. Pricing strategies determines the criteria that are followed in calculating the price of the product. Distribution strategies deals with the method used to distribute the products to the market. (Russell, 2010)