Strategic Planning
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As defined in the text Marketing an Introduction by Gary Armstrong and Philip Kotler strategic planning is the process of developing and maintaining a strategic fit between the organizations goals and capabilities and its changing marketing opportunities. The four steps of the strategic planning process include; defining a clear company mission, setting supporting objectives and goals, designing a sound business portfolio, planning and coordinating marketing and other functional strategies.
The first process is to define a clear mission statement which by definition is a statement of an organizations purpose, or in other words what it wants to accomplish in the larger environment. The second process of setting supporting objectives and goals is more simplistically defined as how to get to the mission statement. The next process is designing a sound business portfolio which is defined as the collection of businesses and products that make up the company or the break down of each unit inside the company. The last process is planning and coordinating marketing and other functional strategies where each unit or business inside the company needs to develop marketing plans.
During my research I also found two roles of strategic planning from EMP training, Western Business School: encourage understanding, development, and maintenance of competitive advantages, and learning process for the organizations allowing the organizations members to anticipate tchanges and to pro actively adjust their mental model.
To give an example of how I believe the strategic planning process works here is an example of how my company is made up. The name is Haasz Entertainment Inc. Our mission statement is to provide customers with an affordable yet efficient product while keeping the quality high and our bottom line profitable...