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Strategic Marketing Planning

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What are the key elements and the purpose of strategic marketing planning? What sort of problems are likely to result from a lack of marketing planning? Provide illustrative examples.

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Solution Summary

This solution discusses the key elements and purpose of strategic marketing planning. This solution also discusses the problems that are likely to result from a lack of marketing planning. Illustrative examples are provided.

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When a company engages in strategic marketing planning, they do so ensuring that all necessary elements are met. The main elements of strategic marketing planning include (1) identifying the opportunities that are present, given the company's current resources or ability to obtain needed resources, (2) analyzing the target markets to gain a more comprehensive understanding of the target market potential, and (3) developing a position for the strategic marketing strategy. Based upon these elements, management is then able to execute a strategic marketing plan.

The main purpose of the strategic marketing plan is to tie the marketing plan in with the goals, objectives, and mission of the company. By doing so, it helps to ensure that the company remains focused. Being focused is the most straightforward way to approach a successful marketing strategy, which includes both a ...

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