What is Strategic Marketing Planning?
Marketers often lose their sight of the “Big Picture” because they are so much occupied by their day to day activities, running marketing programs and supervising the sales force. However it is important to involve in serious strategizing. The scope of strategic marketing planning encompasses of all the products/services that the company is offering in the market. Strategic Marketing Planning looks beyond the short term goals and objectives, it focuses on a long term vision.
Companies operate in complex and hostile environments. The abilility of a company to achieve profitable sales depend on many factors, both internal and external. These factors are interconnected. In order to deal with the challenging market some strategic sense must be brought to the process of marketing products and services. A strategic plan must be flexible and practical and should serve as a guideline for the whole organization as to how all the planning would be implemented. A strategic plan reflects the vision, ambitions, abilities and aspirations of a company. The strategic plan requires a lot of probing and discussions carried by the management and the directors. Most plans fail in their implementation stage, it is easier to formulate a plan as compared to implementing the same plan.