STRATEGIC PLANNING PROCESS IN MARKETING: STRATEGIC PLANNING PROCESS IN MARKETING Strategic planning in marketing involves
Where should the company be in the next 5 to 10 years ?
Which are the market it should serve?
What are the products it should offer ?
Should there any product line or brand extension, what are intervals?
Should co enter into collaborations in the near future or do business independently?
The strategic planning process not only help an organization gain a clear picture of its future, but also helps in maintaining good relationships among its various departments
For long term sustain following strategy necessary
A) Product strategy
C) Sales promotion
Slide2: SCOPE andamp; IMPORTANCE OF STRATEGIC PLANNING BEFORE FORMULATING , EXECUTING,andamp; IMPLEMENTING A STRATEGY, AN ORGANIZATION HAS TO ANALYZE THE CHANGES TAKING PLACE IN THE ENVIRONMENT andamp; THE VARIOUS OPTIONS AVAILABLE . THE ORG. SHOULD ENSURE THAT THE STRAGEGIES HELP ACHIEVE ITS GOALS AND OBJECTIVES. DEFINING STRATEGIC MARKET PLANNING: DEFINING STRATEGIC MARKET PLANNING Strategic market planning is the process of communicating and sharing data between different dept. of an org. to collectively formulate future strategies and implement them with max. efficiency.
Stragegy formulation helps the decision maker of the organization to proactively respond to the need of the market and thus stay ahead of the competition. Slide4: StrategicBusiness Planning The strategic business planning process will be successful when managers understand the existing and future tech. requirements of the company .The information system manager should have an overall understanding the strategic business plan of the org. which will help him fulfill the technological needs of the company. Prepare a statement that describes which business the firm is in and what are the firm's products that customers need.
Develop mission statement.
State the premises on which the plan is based
Analyze the co’s past performance
Evaluate the impact of changes taking place in the market
Compare the image of the com. With that of the expected image of the customers
Search for the critical success factors of the firm and try to add value to them
Check the performance of the management. Slide5: BUSINESS MISSION The strategic business units of a co. should have their own mission statements clearly defining their priorities and the purpose of their existence. Business mission should be developed in such a way that they reflect the requirements of the customers suppliers distributors stockholders, and employee of the co, the mission statement of a com. Should convey the fundamental and unique purpose of its business mission.
Slide6: SWOT ANALYSIS Swot analysis is the process of analyzing the company and the environment in which it is operating
T Threats STRATEGIES: STRATEGIES STRATEGIES ARE THE METHODS AND TECH. USED TO ACHIEVE THE LONG-TERM AND SHORT-TERM GOALS OF AN ORG.
STRATEGIC ALLIANCES: STRATEGIC ALLIANCES The late twentieth and early twenty-first century have witnessed many strategic allainces. Corporate giants such as Tata- Birla, Hutch-BPL etc.
Many allainces fail because of poor leadership , to lead the strategic allaince, a manager should have an in-depth knowledge of the functions of the organization manager often fail to gauge and adjust to the new situation, when allaince are formed between com. Belonging qualities for an alliance to be successful a manager should have a broad vision and act as an effective interface between the employee of the two comp.
Such manager should concentrate on long term relationships rather than focusing on immediate benefits.
Implementation: Implementation To implement a strategy, a firm needs commitment, leadership and superior managerial skills strategies must be converted into actions to be achieved on a day to day basis. This strategy has to be clearly communicated to all the employees and their responsibilities and duties, clearly defined. However, most organizations lack proper implementation of the strategy. Feed back & Control: Feed back andamp; Control A firm has to continuously monitor its strategy implementation process. The manager has to obtain regular feedback and employ control mechanisms to make sure that the strategic implementation is moving in the right direction , sometimes, the environment may be so volatile that certain structural adjustments in the strategic process have to be made.
Employee generally resist change due to several reasons. They could be reluctant to change the habituated process of working, there could be a lack of interest in updating the skills; there may be apprehensions about the viability of new tech. etc. Therefore, the management has to be very cautions about the changes, taking place in the environment and adapt to such changes accordingly. Effecative feedback mechanisms about the market situation have to be obtained on a periodic basis. Strategies have to be devloped based on the feed back from the market. Thank you: Thank you For paying your kind attaintion