Marketing Management #4

Effective Strategic Planning

Strategically Right.
It is more important to do what is strategically right that what is immediately profitable.

Marketing Process.
The marketing process consists of analyzing marketing opportunities, researching and selecting target markets, designing marketing strategies, planning marketing programs, and organizing, implementing, and controlling the marketing efforts.

Strategic Control.
Strategic control is the task of evaluating whether the company’s marketing strategy is appropriate to market conditions.

Action Programs.
The marketing plan must specify the actual marketing programs derived from the marketing strategy, to be used in achieving the business objectives.

Marketing-Oriented Strategic Planning.
Market-oriented strategic planning is the managerial process of developing and maintaining a viable fit between the organization’s objectives, skills, and resources and its changing market opportunities.

Implementation.
Every marketing plan must include the company’s mission and financial and marketing objectives to guide the implementation of specific strategies and programs during the period covered by the plan.

Financial Projection.
Financial projections lay the foundation for planning in the manufacturing, human resources, research and development, and finance and accounting departments.