Strategic planning refers to foreseeing a desired future, and translating the vision into broadly defined goals. It also includes the steps involved to achieve these targets. In addition it involves considering the internal and external impacts on the organization and then mapping out an approach to deal with these impacts. There are several tools that marketers use to develop and implement strategies effectively.
SWOT analysis is a tool used in strategic planning to identify and prioritize organization’s strengths, weaknesses, opportunities and threats. This process can involve a lot of brainstorming sessions where participants create a list for each of these based on previously gathered information. A ranking process is used once the lists are created, to prioritize the items. The top items in each category can be then used to provide a basis for development of objectives, tactics and strategies.
Mind mapping is a process of using visual tools that show how various items are linked to each other. A mind map is a diagram that presents ideas, words and images linked to an initial central idea. This process is a form of brainstorming. It starts with an initial problem which is written in the centre of a large piece of paper or on a whiteboard. Other ideas and concepts are then branched out from the central idea.
Porter’s Five Forces Model
Michael Porter developed his Five Forces Model in 1980, in his first book ‘Competitive Strategy’. This model lays the foundation for organizations engaged in strategic planning to consider the critical forces which are impacting it. These forces include threats of new entrants in the market, bargaining power of the buyers, bargaining power of suppliers, threat of competitive products or services and existing competition between suppliers.
A balanced scorecard is a method to evaluate and monitor the effectiveness of strategic plans. It is a useful way for organizations to track progress on strategic planning goals across several categories that are balanced against each other to ensure appropriate focus across all areas.
There are several other methods used by marketers for strategic planning. The decision for choosing a method or a combination of methods depends on the complexity of the organizational objective and nature of the business.
Article Directory: http://www.articletrunk.com
Dominic Reigns is the Team Lead of content writers at Researchomatic.com and he is sharing his vast experience about Strategic Planning for Marketing & Sales.
For details visit: www.researchomatic.com/Strategic-Planning-133264.html
Please Rate this Article
Not yet Rated