Develop a strategic planI. LOOKING AHEAD: OVERVIEW OF CONCEPTSThe difficult task of selecting an overall business strategy for long-term survival and growth is called strategic planning.II. STRATEGIC PLANNING Every business must find the course of action that makes the most sense given its specific situation, opportunities, goals and resources. Strategic planning: the process of developing and maintaining a strategic fit between the organization's purpose and capabilities and its changing marketing opportunities. This involves defining a clear company mission, setting supporting objectives, designing a strong business portfolio and coordinating functional strategies. Strategic planning sets the stage for the rest of the planning within the company. Companies usually prepare annual plans, long-term plans and strategic plans. The strategic plan involves adapting the business to take advantage of opportunities in its ever-changing environment. Marketing planning occurs at the business unit, product and market levels, supporting the company's strategic planning with more detailed planning for specific marketing opportunities. Defining a Market-Oriented MissionMission statement: a statement of the organization's purpose – what it wants to accomplish in the broader environment. A clear mission statement acts as an “invisible hand” that guides the members of the organization. Mission statements should be market oriented; A market-oriented mission statement defines the company in terms of meeting basic customer needs. A mission must be realistic, specific and adapted to the market environment. The organization must base its mission on its distinctive skills. Finally, the mission statement must be motivating. B. Defining Business Objectives and Goals* This mission leads to a hierarchy of objectives, including business objectives and marketing objectives.* Marketing strategies must be developed to support these marketing objectives. *Each overall marketing strategy must then be defined in more detail. C. Business Portfolio DesignGuided by the company's mission statement and objectives, management must now plan its business portfolio. Business portfolio: all the companies and products that make up the company. The best business portfolio is the one that best matches the company's strengths. and weakness in the face of opportunities... middle of paper ...... markets and channels. 2. Strategic control: consists of checking whether the company's basic strategies are well suited to its opportunities. Marketing strategies and programs can quickly become outdated and every company must periodically reevaluate its overall approach to the market.a. marketing auditMarketing audit: comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problems and opportunities and recommend a plan of action to improve marketing performance of the company.F. The marketing environment The company operates in a complex marketing environment, made up of uncontrollable forces to which the company must adapt. The environment produces both threats and opportunities. The company must carefully analyze its environment so that it can avoid threats and take advantage of opportunities.VI. LOOKING BACK: REVIEWING CONCEPTS The difficult task of selecting an overall business strategy for survival and..