wt are the steps of steps of stretegic planning process?

Strategic planning process:

• Strategic planning is defined as 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 the planning in the firm.

Steps to the strategic planning process:

1. Defining a clear company mission.

2. Setting supporting company objectives.

3. Designing a sound business portfolio.

4. Planning and coordinating marketing and other functional strategies.

Step # 1:

Defining a clear company mission.

• The first step in the strategic planning process is defining the company mission.

• An organization exists to accomplish something.

• A mission statement is statements of the organization’s purpose—what it wants to accomplish in the larger environment.

The mission statement must avoid being too narrow or too broad. Mission statements must:

1). be realistic.

2). be specific.

3). fit the market environment.

4). indicate distinctive competencies.

5). be motivating.

Step # 2:

Setting supporting company objectives.

The company’s mission needs to be turned into detailed supporting objectives for each level of management. This second step in the strategic planning process requires the manager to set company goals and objectives and be responsible for achieving them. The mission leads to a hierarchy of objectives.

Step # 3:

Designing a sound business portfolio:

• The third step in the strategic planning process is designing the business portfolio.

• The business portfolio is a 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 weaknesses to opportunities in the environment.

• In order to design the business portfolio, the business must:

o Analyze its current business portfolio and decide which business should receive more, less, or no investment.

Step # 4:

Planning and coordinating marketing and other functional strategies:

The final step in the strategic planning process is planning and coordinating marketing and other functional strategies.

• Each department (such as marketing, finance etc) provides information for strategic planning.

• Marketing plays a key role in the company’s strategic planning process.

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1. think.

2. worry

3. have a cup of tea

4. watch telly

5. forget all about it

6. remember it one day before you have to do it

7. panic

8. wing it