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| *Ostroff, Fair and Company>>>Marketing & Sales |
Wt are the steps of steps of stretegic planning process? |
Wt are the steps of steps of stretegic planning process? Strategic planning process: 鈥trategic planning is defined as the process of developing and maintaining a strategic fit between the organization鈥檚 goals and capabilities and its changing marketing opportunities. 鈥trategic planning sets the stage for the rest of the planning in the firm. Steps to the strategic planning process: 1.Defining a clear company mission. 2.Setting supporting company objectives. 3.Designing a sound business portfolio. 4.Planning and coordinating marketing and other functional strategies. Step # 1: Defining a clear company mission. 鈥he first step in the strategic planning process is defining the company mission. 鈥n organization exists to accomplish something. 鈥 mission statement is statements of the organization鈥檚 purpose鈥攚hat it wants to accomplish in the larger environment. The mission statement must avoid being too narrow or too broad. Mission statements must: 1). be realistic. 2). be specific. 3). fit the market environment. 4). indicate distinctive competencies. 5). be motivating. Step # 2: Setting supporting company objectives. The company鈥檚 mission needs to be turned into detailed supporting objectives for each level of management. This second step in the strategic planning process requires the manager to set company goals and objectives and be responsible for achieving them. The mission leads to a hierarchy of objectives. Step # 3: Designing a sound business portfolio: 鈥he third step in the strategic planning process is designing the business portfolio. 鈥he business portfolio is a collection of businesses and products that make up the company. 鈥he best business portfolio is the one that best fits the company鈥檚 strengths and weaknesses to opportunities in the environment. 鈥n order to design the business portfolio, the business must: oAnalyze its current business portfolio and decide which business should receive more, less, or no investment. Step # 4: Planning and coordinating marketing and other functional strategies: The final step in the strategic planning process is planning and coordinating marketing and other functional strategies. 鈥ach department (such as marketing, finance etc) provides information for strategic planning. 鈥arketing plays a key role in the company鈥檚 strategic planning process. 1. think. 2. worry 3. have a cup of tea 4. watch telly 5. forget all about it 6. remember it one day before you have to do it 7. panic 8. wing it |
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