Strategic PlanningChapter 2 Lecture SlidesSolomon, Stuart, Carson, & SmithYour name hereCourse title/numberDate1Chapter Learning ObjectivesWhen you have completed your study of this chapter, you should be able to:•Explain the strategic planning process•Tell how firms gain a competitive advantage and describe the factors that influence marketing objectives•Describe the steps in the marketing planning process•Explain the factors involved in the implementation and control of the marketing plan2Introduction to the Topic“Organizations rarely plan to fail, but they often fail to plan” -famous quote, origin unknown.•The above quotation speaks to the importance of strategic planning and the potential consequences of doing a poor job at it.•Planning helps organizations:– To cope with rapidly changing factors within their environment.– Control its destiny through the setting of objectives and taking actions to achieve them.– To ensure coordination of all decision making within it by providing a common vision3Types of Planning• Strategic planning: a managerial decision process that matches an organization’s resources and capabilities to its market opportunities for long term growth and survival• Tactical planning: a decision process that concentrates on developing detailed plans for strategies and tactics for the short term that support an organization’s long-term strategic plan.Figure 2.14Types of Planning (continued)• Operational planning: a decision process that concentrates on developing detailed plans for day-to-day activities that carry out an organization’s tactical plans.• Cross-functional planning: an approach to tactical planning in which managers work together in developing tactical plans for each functional area ...
