Strategic Planning

Topics: Management, Strategic planning, Strategic management Pages: 2 (261 words) Published: March 2, 2012
1- Define strategic planning and briefly describe the four steps that lead managers and the firm through the strategic planning process. Discuss the role marketing plays in this process.

Strategic planning
The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities .

Defining a Market-Oriented Mission

An organization exists to accomplish something, and this purpose should be clearly stated. Forging a sound mission begins with the following questions: What is our business? Who is the customer? What do consumers value? What should our business be? These simple-sounding questions are among the most difficult the company will ever have to answer. Successful companies continuously raise these questions . and answer them carefully and completely

Setting Company Objectives and Goals

The company needs to turn its mission into detailed supporting objectives for each level of management. Each manager should have objectives and be responsible for reaching them

Designing the Business Portfolio

Guided by the company’s mission statement and objectives, management now must plan its business portfolio—the collection of businesses and products that make up the company. The best business portfolio is the one that best fits the company’s strengths and weaknesses to opportunities in the environment. Business portfolio planning involves two steps. First, the company must analyze its current business portfolio and decide which businesses should receive more, less, or no investment. Second, it must shape thefuture portfolio by developing strategies for growth and downsizing.

Business portfolio

The collection of businesses and products that make up the company.
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Location Planning Essay
  • Human Resources (HR) Planning Process Presentation Essay
  • Essay on Strategic Planning
  • Strategic Planning Essay
  • Strategic Planning, Learning Theory, and Training Needs Analysis Essay
  • Strategic Planning Case Essay
  • Nursing Management (Planning) Research Paper
  • Essay about Strategic Plan Analysis

Become a StudyMode Member

Sign Up - It's Free