In this article we will discuss about the strategic planning process for industrial marketing. Stage-1 - Defining the Organization's Mission: A company's mission reflects the business domain or framework within which the firm will operate. The business domain of the organisation consists of the customer groups that will be served, basic products that will be offered and the technology involved. [...]
The following points highlight the five main stages involved in the process of strategic planning. The stages are: 1. Objectives 2. SWOT Analysis 3. Gap Analysis 4.Strategy Alternatives 5.Strategy Implementation. Stage # 1. Objectives: Both Drucker and Ansoff suggest that the overall objective of the firm is not profit maximisation but long-term profitability. Ansoff has identified a 'hierarchy of objectives' [...]
The following points highlight the three levels of strategic planning process. The levels are:- 1. Business Unit Level Planning 2. Product Level Planning 3. Corporate Level Planning. Level # 1. Business Unit Level Planning: When a company produces one product or a set of products so closely related that they belong to the same industry, we can think of strategic [...]