1. Why is strategic planning important? How does it provide direction for the 2.

Question

1. Why is strategic planning important? How does it provide direction for the 2. What is a SBU (strategic business unit), and what are its characteristics? 3. Look at Ansoff's Strategic Opportunity Matrix. Provide a marketing marketing function? Illustrate an SBU with a business example. 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? 8. SWOT Analysis: How does using SWOT analysis help the firm? In other words, what does it show the firm? 9. Define Environmental Scanning. What kinds of broad external

Explanation / Answer

Strategic planning refers to a firm’s long term planning and is related to the determinination of organizational goals and the resources required to meet them. Strategic planning is important for all the functions of the organization, but is more so for marketing function. Since it defines long term vision of the organization, the marketing department is able to come up with planning to suit these. It helps in determining proper product mix and market channel. For example, if a company is looking to establish itself as a health food market leader, the marketing division may plan its campaign to focus on those aspects.

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