Company-Wide Strategic Planning

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A marketer doesn’t just have a plan. Marketers have now opened up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls, therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Company-wide strategic planning is based on strategies that increase company growth, production development, and expansion. Companies more than often set long term plans which help them to maintain the work focus and achieve the goals they
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Strategic planning consists of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan that is intended to draw attention to customers, and make them want to be even more loyal to the company. For example, Walmart says, “Save money. Live Better”. So, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products…show more content…
A company must identify its strengths and weaknesses in order to develop growth. Products that are downsizing are more important than new developed products. A company must be able to identify where there weak markets are at. Times change and so do the products. The products that are less profitable or simply aged are the ones that must be downsized in order to make way for a different, more innovative market. When developing growth strategies a company must use the product/market expansion grid. First the company has to figure out whether they can have better market penetration, second they must consider looking for market possibilities for current products. Third they must develop their products into innovative products that people can’t live without having. Lastly they need to be diverse with their company, therefore expanding and including different features of the company could draw more attention from different
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