Portfolio Analysis and Strategic Market Planning

[Name of the institute]Portfolio Analysis and Strategic Market Planning

Introduction

In today's world where entrepreneurs and owning your own business is considered to be the latest fashion to acquire wealth and status we see a lot of new businesses launching every month and every year but only few of them are able to maintain their position in the cutthroat competition and rivalry. Maintenance of the success of the business totally depends on the strategies a business owner adopts to operate it. Strategies are the nub that decides the success or failure of an organization. As we all well aware of the fact that, the main purpose of operating or conducting a business is to earn a profit and to run the business in a lucrative way. In order to fulfill this main ambition of the business, managers totally and completely rely on the strategies that they devise. Strategies provide direction to the business. When we talk about the strategies and their importance it is worth mentioning that each and every department of the organization should plan and conduct operations according to the devised strategies of the organization. This means that the organizational strategies should be aligned and consistent with the departmental strategies. The department of marketing is also responsible to take actions and do planning according by formulating and adopting effective and efficient strategies. The aim and objective of this paper is also to explore variegated facets of the strategic marketing planning and portfolio analysis.

Portfolio Analysis and Strategic Market Planning

The implementation of the marketing concepts influences not only business leaders and managers working in the marketing department, but also in all other areas of the organization. The environment that surrounds business is very dynamic so, the consumer needs, the actions of competitors and initiatives of other actors change constantly. To take advantage of the opportunities arising from the environment and take precautionary actions against threats from the same, we need to address marketing strategies. This would allow the organization to maintain a proper fit between objectives and resources that the organization has. It further allows company to accommodate with the changes that occur in the environment and attain competitive advantage. Planning is the centre of business activity management in an organization. Without development of this function the company lacks direction, guidance and philosophy with which to move on (Thompson & Martin, 2005). Similarly, while deciding the actions that are to be taken in the field of marketing it is imperative that the marketing managers should do the planning by keeping in mind the overall and organizational goals and strategies.

The process of strategic marketing planning is to move step by step in a systematic way. In this process important consideration is paid to the attractiveness and threats of the market, changing needs of the customers, the position of the competition, position and strategies used by the competitors and availability of resources. This can be explained with the help of following chart (Joseph, 2001):

Portfolio Analysis

Portfolio analysis is a tool ...