therefore, knowledge of strategic planning, implementation, and control is necessary for a marketer to survive in the changing environment. 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. the focus of this definition is on a plan that integrates the activities of all departments within a firm. strategic planning is a formalized review process that can lead to higher profits and sales for the whole business organization. during that period, companies realized that they could rely no more on conventional planning to schedule production and project sales and profit; rather, it should be replaced by strategic planning to ensure the organization’s existence in the face of odds.
in the beginning, it is acknowledged that each of the company’s businesses is different, and as a result, their profit potentials are different as well. second, each business is assessed accurately by considering the market’s growth rate and its position and fit in that particular market by using current and anticipated sales and profits. the purpose of developing such a plan is to achieve the long-run objectives of the company. if you want to understand marketing management in its true perspective, you must have a clear comprehension of strategic planning. the corporate strategic plan is prepared, showing guidelines for each of the businesses so that the company can ensure a profitable future. each business unit also prepares a business unit strategic plan to make the unit a profitable one.
market oriented strategic planning is the managerial process of developing and maintaining a viable fit between the organisation’s objectives and resources and the markets ever-changing opportunities and environment. the company has to change with the changing market environment, even if it bears a heavy loss in case of changed technology or a changed trend. an sbu has three characteristics: i. dogs: the companies or business units under ‘dogs’ category have less market share as well as less market growth rate. therefore, the marketer or investor should consider more critically to invest in ‘dogs’ business units. such business units have their opportunities to operate at high market share, the question mark is in the investor’s or marketer’s mind is “where to invest?”, and “how much to invest?” iii. a star is the market leader with high market growth rate and high market share. a star does not necessarily produce positive cash flow.
cash cows: a “cash cow” produces a lot of cash for the company, but the market’s growth rate is lowered down. each business unit has its own profitability and has its own market share at different market growth rates. 4, 5 and 6 are considerably healthy business units. i. to encourage its own customers to purchase more of its products, i. concentric diversification strategy: refers to the situation when the company seeks for new product having existing technologies and marketing factors though the new product may appeal to a different group of customers. for example: from music systems to game stations. horizontal diversification strategy: refers to new products with new technologies and marketing synergies unrelated to existing product lines with current customers. conglomerate diversification strategy: refers to new products, new technologies and absolutely new market.
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market oriented strategic planning is the managerial process of developing & maintaining a viable fit between an organization objectives/ skills/ resources and its changing market opportunities. aim: shape/ reshape companies business & products so that they yield targeted profits and growths. market-oriented strategic planning is the managerial process of developing and maintaining a viable fit between the organization’s objectives, skills, strategic marketing planning companies should look ahead and develop long-term strategies ğ to meet changing conditions in their industries and ensure marketing planning involves deciding on marketing strategies that will help the company attain its overall strategic objectives. a detailed marketing plan, strategic planning kotler, marketing mix, marketing process model, marketing process diagram. what are the three types of strategic planning? what are the four phases of strategic marketing planning process? what is an example of market orientation?
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