Strategic Planning—the process of developing and maintaining a strategic fit
between the organization’s goals and capabilities and its changing marketing
opportunities. Strategic planning sets the stage for the rest of planning in the
firm. Companies usually prepare annual plans, long-range plans, and strategic
plans. The annual and long-range plans deal with the company’s current
businesses and how to keep them going. In contrast, the strategic plan involves
adapting the firm to take advantage of opportunities in its constantly changing
environment.
Developing a Mission Statement
A mission is a statement of the organization’s purpose and what they want to
accomplish. It’s similar to a guideline, or value that employers and employees
within the organization follow.
Setting the Company’s Objectives and Goals
Within each department in the organization there must be a goal to reach and a
list of supporting objectives. These objectives determine the company’s
responsibility and initiation. Goals and objectives are main keys to a successful
company.
Designing the Business Portfolio
Guided by the company’s mission statement and objectives, management must
plan its business portfolio—the collection of businesses and products that make
up the company. The best business portfolio is the one that best fits the
company’s strengths and weak-nesses to opportunities in the environment.
The aim of a successful organization is by what is being offered to their clients in
order to build long lasting trading relationships. Marketing is essential in each
goal and objective. Marketing strategies must be defined in great detail because it
is how the company displays its goods to customers. Therefore, marketing
strategies must be implemented or considered in each department inside the
company.