1. Why is strategic planning important? How does it provide direction for the ma
ID: 1170634 • Letter: 1
Question
1. Why is strategic planning important? How does it provide direction for the marketing function? 2. What is a SBU (strategic business unit), and what are its characteristics? Illustrate an SBU with a business example. 3. Look at Ansoff's Strategic Opportunity Matrix. Provide a marketing example for each of the 4 options (market penetration, market development, product development and diversification) 4. Summarize the Product Portfolio Matrix (Boston Consulting Group) and provide an example for each of the strategic business units. I've used this model several times in my consulting activities, and it is very useful. 5. How is the GE Model of portfolio analysis different than the Boston Consulting Group Matrix? 6. The Marketing Plan: a. Definition b. What should it do? 7. The Business Mission: a. Definition b. What does it do for the organization?Explanation / Answer
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Q1:
Answer: The organisation's strategic planning is important process because the numeous steps taken under it provides a directions to the goals / mission set out by the management. Strategic planning provides the arena under which the employees of the organisation has to perform their day-to-day duties and take decisions. It also guides the management and concerned employees to evaluate the progress of the organisation and have impliment the changes which are desired while moving forward. In order to be the effective strategic planning, the company's mission and objectives are carefully drawn and outline of day-to-day activities to achieve them are drawn, evaluting the achievements and appraising and benchmarking the qualifications in the performances and taking corrective steps are the main functions of Strategic planning.
As the marketing is the function of the company where we sell-out the company's product and collect money for the progress of the company, so proper drafting of the strategy is important so that the production and product quality is maintained as per the Marketing department's assessments. If the Strategies do not follow the specifications provided by the Marketing department, the products of the organisation could not be forwarded and sold-out in the market. Then, there is no importance of any planning and carry on operations.
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