Strategic planning
The procedure of maintaining and developing a strategic fit between the organization's goals and capabilities and its altering marketing opportunities is known Strategic planning. Planning is fundamentally concerned with what are we going to do and how are we going to do it? The Organizations, which are not able to perform the effective planning, are in fact planning for failures. To meet with the changing conditions in their industries, companies need to be visionary and farsighted, and have to develop long-term strategies. The strategic planning involves developing a strategy to meet competition and ensure growth and long-term survival. Marketing function plays a vital role in this procedure in that it provides information and other inputs to help in preparation of the organization's strategic plan. Planning is performed to following:
- Address competitive threat
- Address changing consumers and environment
- Develop shared goals within organization
- Determine actions that are needed to achieve objectives
- To anticipate the future
Strategic planning is basically of three types:
(1) Strategic Planning: Major activities in strategic planning procedure include developing the company's goals and plans. Normally strategic planning focuses on long-term issues and emphasizes the growth, survival, and total effectiveness of the organization.
(2)Tactical Planning: Tactical planning is concerned by translating common plans and goals developed by strategic managers into objectives that are more precise and activities. These decisions, or tactics, involve both a shorter time horizon and coordination of resources.
(3) Operational Planning: Operational planning is utilized to supervise the operations of the organization. This is directly involved by non-management employees, implementing the particular plans developed with tactical managers. This role is crucial in organization; because operational managers are connect between management and non management personnel.
