STRATEGIC PLANNING

Strategic Planning

Strategic Planning

Understanding the Relationship between the Marketing Plan and the Strategic Objectives

How the Marketing Plan Is Impacted By the Organisational Strategy and What Risks Are Associated With the Marketing Plan

For any company, there is a growing importance of marketing plan; therefore, it is very necessary for the companies to effectively manage the market plan so that it can enhance the overall process of planning and budgeting of the company. Tesco, which is considered to be the worlds' lagest retail organization, adopts several planning approaches. Tesco adopts different methods of planning, in terms of traditional planning and it is based on the time period for example:

1.Plans for long-term

2.Plans for medium term

3.Plans for short term

There is no such universal definition of planning period. Normally, the long term and medium term plans are termed as strategy, because they help in serving the long term business strategies of a company. On the other hand, short terms plans have their classifications as “corporate” or “business plans”, because they have their occurrence on everyday basis. In order to develop a plan, it is necessary to know the size of the company and the purpose of the plan. At Tesco, there is a great impact of the organizational strategy on the marketing plan. For example, if Tesco decides to make a long term strategy, then it should make long term marketing plan. Tesco has to see and make an overview on the marketing plan. It is very necessary for the company to make an overview on the strategies of the company before creating its marketing plan. The strategies have a direct impact on the marketing plan of the organization Tesco has to make a complete review on the organizational strategies. It has to make a review that whether the strategies of the company are long term or short term, and who the target audience for these strategies is. There are different purposes of marketing strategy development, one purpose is to make sure that all the marketing activities are carried out in an effective manner at Tesco. Similarly, there are also some other meanings of marketing strategy development in the consumer market. In consumer market, it is necessary that the company should have some flexibility, and the ability to grasp the understanding about the marketing strategy. The development of marketing strategy helps in brining effect on the market mechanisms operations with unique market methods. Tesco develps many strategic decisions, and its many strategic decisions are based on the field of marketing. Tesco has developed different strategies based on the fed of marketing including the new business creation, narrowing or expanding the product line, mergers and acquistions, development of new market niches, and the choice of suppliers and ppartners. Tesco measures the efficiency and competency of its marketing stratgies through the business success. The process of market planning involves a constant balancing act between creative vision and a definite structure. The ability to approach problems creatively and find new solutions beyond the daily routine is ...