Lesson 5-Strategic Marketing Planning

Lesson 5-Strategic Marketing Planning - Strategic Marketing...

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Strategic Marketing Planning Peary Kilei PhD BA(Cdt), MBA, BBA(Hons.) 4/1/17 peary kilei 1
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Nature, Importance and Scope of Strategic Planning Strategic planning is the management task concerned with the growth and future of a business enterprise. Strategic planning can be viewed as a stream of decisions and actions that lead to effective strategies and which, in turn, help the firm achieve its growth objectives. The process involves a thorough self-appraisal by the corporation, including an appraisal of the businesses it is engaged in and the environment in which it operates. 4/1/17 peary kilei 2
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Importance of strategic marketing i)Strategic Planning Provides the Direction to the Corporation and Indicates How Growth is to be Achieved Strategic planning provides the road map for the corporation. It ensures that the enterprise keeps moving in the right direction. It serves as the hedge against risk and uncertainty, the hedge against costly mistakes and overnight vulnerability. 4/1/17 peary kilei 3
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It lends a framework for the corporation, which can ensure that decisions concerning the future decisions on matters like product-market choices, and investments are taken in a systematic and purposeful way. Strategic planning works as the pathfinder to the various business opportunities; simultaneously, it serves as a corporate defense mechanism, which helps a firm avoid costly mistakes. 4/1/17 peary kilei 4
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ii) Enables Long-term Decisions Concerning the Firm Starting from the corporation's mission and philosophy, down to choice of businesses and strategies, all vital aspects in the governance of business are chartered through strategic planning. It is through strategic planning that a corporation takes decisions concerning its mission, the businesses it will pursue and the markets it will serve it is through strategic planning, that it lays down its growth objective and formulates its strategies. 4/1/17 peary kilei 5
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All decisions of high significance and consequence to a corporation are taken through the strategic planning process. To forge appropriate strategies, a company has to go through the strategic planning process. It has to do a good deal of homework. It has to bring to the fore the corporation's ambitions, identify its core competencies and competitive advantages, decide the businesses in which it should stay, the business it should quit, and the ones it should enter. It has to then decide on the actual strategies to employ. 4/1/17 peary kilei 6
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iv)Ensures Optimum Utilization of Resources Usually, the resources available to any business firm are limited. Naturally, the firm has to utilize its resources creatively and optimally. Strategic planning ensures such utilization.
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