MARKETING

Assignment



Assignment

Introduction

Strategic planning of every company comprises of blend of different competitive plans and business tactics which the company adopts to impress the consumers compete to accomplish their organizational goals (Thompson, 2003, p. 12). Strategic planning is a route towards strategic pattern. It is an organized set up consisting of several steps which recognized the existing position of the company together with its objectives, future predictions, functioning principles, requirements (strengths, weaknesses, opportunities and threats), preferential actions and policies, performance plans and evaluation plans. Strategic planning affects the performance of the company in a very constructive manner. Besides these benefits, strategic planning also enables the company to recognize and capture future prospective marketing opportunities and individual benefits like support towards favorable alterations and the opinion that strategic planning maintains the company harmonized with its external environment in order to make it adaptive towards these changes

Discussion

The process of strategy development and implementation is all about planning because this process involves the process of setting proper objectives for the company and formulating an approach that would help in achieving these objectives. The planning helps in raising a number of different questions, which would assist the strategists in examining and testing the different suppositions, collect and integrate information regarding the present scenario, and predict the environment, which the organization would have to face in the coming future. (Schoemaker 1995, 25)

Strategy

It is can be said that a strategy happens, it has to be implemented, and managers' have to make it happen. A manager has to apply a strategy in a particular set of conditions to make it happen, therefore, it can be said that a strategy happens. It can be very useful to perceive a strategy as the alternatives that a manager has to make to bring value for the customer and maximize the wealth of shareholders. Every strategy in a business has some impact on customers of the company in one way or the other, this include the value that a customer perceives against a product, and for shareholders in the form of return on their investment. A strategy is made up of a peculiar set of alternatives among the numerous options that the business has to choose from, and by choosing from the given alternatives, a manager implements a strategy, and makes it happen. The chosen alternative would make some impact on the business and all its related aspects, i.e. the business operations, ...