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.

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.

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.