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STRATEGIC MARKETING PLANNING


STRATEGIC MARKETING PLANNING

          Strategic marketing planning is concerned about the overall direction of the business. It is concerned with marketing, of course. But it also involves decision-making about production and operations, finance, human resource management and other business issues. The objective of a strategic plan is to set the direction of a business and create its shape so that the products and service it provides meet the overall business objectives. It is managerial process of developing and maintaining a fit between the organisation’s objectives, skill and resource and market opportunities. Marketing has key role to play in strategic planning, because it is the job of marketing management to understand and manage the links between the business and the “environment”.

               Strategic planning is done at three organisation levels – The corporate level, the business level and product level. According to Kotler, “Marketing plan operates at two levels-strategic marketing plan and tactical marketing plan. Strategic marketing plan lays out the target market and the value propositions that will be offered. The tactical marketing plan specifies the marketing tactics, including product feature, promotion, pricing and channels.”

            Consider the challenges faced by marketing management in a multinational business, where hundreds of business units are located around the globe and producing a wide range of product. Such a complex situation call for well-organised marketing planning. Every organisation requires effective planning and strategy to achieve its capitalize on their strength.

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