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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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 ...
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.
... We even P STRATEGIC PLANNING: FRAME THE PICTURE (p ... You see, without market SETTING (p. 53) , planning... of First Flavor's mission and marketing objectives before ...
The process of developing a Comprehensive Strategic Marketing Plan. ... broadband Internet services coming on the market. ... the key to successful marketing lies in ...
... also propose "test market groups" to measure effectiveness of the advertising, or ... Marketing Decision Making 13. ...strategic Planning for the Business of the Future ...
... example, by Knowing all the plans in your geographic area, how much of the market the other ... The marketing plan is about having a strategic plan to meet ...
... as when, where, and how the product will be marketed. ... Have you obtained direct market feedback? ... Many companies lack a strategic marketing plan that becomes a ...
... as when, where, and how the product will be marketed. ... Have you obtained direct market feedback? ... Many companies lack a strategic marketing plan that becomes a ...
...market and provide effective products and services to the ... It will be helpful to marketing manager to create. ... success of strategic plans are as follows: 16. ...
... budget impacts regarding some of the strategic decisions they may ...marketing expense and/or CV marketing expenses. ... they expect to spend $180,000/market in each ...
... storage business to increase its market coverage if it implements e-business and online marketing (Wheelen & ... which are responsible for strategic performance ...