Marketing Planning Basics
What is Strategic Marketing Planning
Strategic Marketing planning plot the steps for making marketing plan. It begin with its overall determination and mission. Strategic Planning is the set of instruction for the formation of computable business objectives. A business collect information on the company, its market, competitors, and the market environment in which the company competes.
Companies Headquarter take actions that what assortment of businesses and goods is at good for the company and how much care should be given each one.
This support to offer the strategic objectives that direct the company’s different events. Consequently marketing planning happens at the business-unit, product and market levels. It help firms strategic planning with more detailed planning for specific marketing opportunities.
Example of Strategic Marketing Planning
For example Nestle, the world’s largest food manufacturer, develops an overall strategic plan at its headquarters in Vevey, Switzerland. Below that, each strategic group, such as confectionery, develops subordinate strategic plans. These feed into the strategic plan’s national operations. At each level, marketing and other functional plans will exist. At the final level, brand plans cover the marketing of brands such as Kitkat, Lion and Quality Street in national markets.
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Marketing Planning Process
The Planning process has four actions, listed below:
It begins with overall analysis firms current situation. In order to find attractive opportunities, strengths etc. and to avoid environmental threats, the firm must analyses its environment to decide which opportunities fit best to pursue.
In complete strategic planning, the firm chooses what it wants to do with their each business unit. Marketing planning involves deciding marketing strategies that will support the firms reach its overall strategic objectives. Brand plans and marketing are at the chief function of this process.
Action is an Implementation, and which has to be the output of strategic plans and hence it will achieve the company’s objectives.
Control function evaluate the planning activities and its results and to take correct action to ensure objectives are being achieved.