Strategic Planning: The Four Steps In Strategic Management

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Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
The four steps that lead managers and the firm through the strategic planning process are first defining the company’s mission, then setting objectives and goals, next designing a business portfolio and lastly developing functional plans. The first step involves focusing on consumers’ needs and wants. Setting forth a market oriented mission that organizations want to reach based on consumers of the environment. After finding the mission, organizations then proceed to put together supportive objectives for every level of management to help achieve its mission. Next the company has to design a business portfolio evaluating all of its current business and future business by coming up with
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Product positioning is to use certain features of the product to position against the product of competitor. With the help of this marketing activity, marketers can attract more customers by focusing of special features of their product.
The four Ps of marketing are product, price, place, and promotion. Product is the physical product or service that the company is selling. Price is what the company is charging its customers for the product. Place is where the company makes the product available to consumers. Promotion is what the company is doing to promote its product to persuade customers to buy it.
First off, the four Cs are customer solution, customer cost, convenience, and communication. The four Ps basically describes the same principles as the four Ps but just from the customer’s perspective. By considering the four Cs rather than the four Ps a firm can better understand the customer’s view of product. A firm will gain better insight into the customer
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