This chapter reviews the components and process of a strategic
plan. A plan is key in successful marketing. The majority of companies review
their strategic goals annually and develop a marketing plan that reflects these
goals. A marketing plan simply gathers all of the plans in one place and
directs and coordinates the use of marketing to target a specific audience.
The
company must first determine the corporate mission and then identify strategic
business units (SBU). After the SBU’s are identified, then the company
leadership determines how the funds will be allocated to each group. Next, the
company evaluates where they have room to grow and change to become more
effective. The company’s I’ve worked for called them opportunities for improvement
(OFI’s).
One way a company evaluates their
growth potential is through a SWOT analysis. SWOT is short for strengths, weaknesses,
opportunities and threats. This is a good chance for company’s to take a step
back and re-evaluate or even have an outside group do your analysis for an even
more in-depth projection. Finally, a company would reward the employees that
assisted with the development of the plan and proceed to develop the final
goals and implement the plan.
Source: Kotler, Philip, and Kevin Lane Keller. A Framework for Marketing Management.
5th ed. Boston: Prentice Hall, 2012.
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