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 have set for themselves, along with strategic plans which more than so help the company to keep taking opportunities as they come by. Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, 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”. Therefore, 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...
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...cluding the characteristics of the product.
In order for a marketer to be good at marketing and management, five marketing management functions are required; marketing analysis, planning, implementation, organization and control. According to book, the main elements of a marketing plan include executive summary, the current marketing situation, threats and opportunities, objectives and issues, marketing strategies, action programs, budgets, and controls. These marketing strategies helps marketers target their customers and create value for these customers. Customer equity in the long term relates to marketing investments and the return on marketing investments.
The marketing strategic plan includes customers first. When analyzing the market, customer values, growth, and downsizing would be the three main reasons marketers plan and strategically manage their market.
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