EBK PRINCIPLES OF MARKETING
17th Edition
ISBN: 9780134461434
Author: Armstrong
Publisher: YUZU
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Question
Chapter 2, Problem 2.1DQ
Summary Introduction
To determine: The strategic planning and the four steps that lead managers and the firm through the strategic planning.
Introduction:
Strategic planning is the process where the organization plans the strategy on setting goals, making decisions, allocating its resources, and achieving their goals.
Expert Solution
Explanation of Solution
The process of planning regarding the identifying of the goals, achievements, resources, manpower, vision, and mission is termed as strategic planning.
The four steps that lead managers and the firm through the strategic planning:
- Identifying the mission and vision;
- Supporting the company’s objectives;
- Framing a strong business portfolio;
- The next step is to plan, coordinate, market, and other functions.
Summary Introduction
To discuss: The role of marketing in strategic planning process.
Expert Solution
Explanation of Solution
Marketing plays a vital role in strategic planning process. Strategic plan of marketing occurs at various levels of organization.
- Business unit
- Product level
- Market level
Marketing gives the detailed opportunities to the organization and the concept to have the smooth customer relationship.
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