Development of a strategic planI. LOOKING INTO THE FUTURE: FORECASTING CONCEPTS The difficult task of selecting an overall business strategy for long-term survival and growth is called strategic planning.II. STRATEGIC PLANNING Every company must find the action plan that makes the most sense given its specific situation, opportunities, objectives and resources. Strategic Planning: The process of developing and maintaining a strategic fit between the organization's objectives and capabilities and its changing marketing opportunities. It involves defining a clear company mission, establishing supporting objectives, designing a robust business portfolio, and coordinating functional strategies. Strategic planning sets the stage for the rest of the company's planning. Companies usually prepare annual plans, long-term plans and strategic plans. The strategic plan involves adapting the company to take advantage of opportunities in its ever-changing environment. Marketing planning occurs at the business unit, product, and market levels, supporting corporate strategic planning with more detailed planning for specific marketing opportunities.A. Defining a Market-Oriented MissionMission: A statement of the organization's purpose: what it wants to accomplish in the broader environment. A clear mission statement acts as an “invisible hand” that guides people in the organization. Mission statements should be market-oriented; a market-oriented mission statement defines the company in terms of satisfying basic customer needs. A mission should be realistic, specific and should adapt to the market environment. The organization should base its mission on its distinctive competencies. Finally, the mission statement should be motivating. B. Establishing Business Objectives and Goals* This mission leads to a hierarchy of objectives, including business objectives and marketing objectives.* Marketing strategies must be developed to support these marketing objectives. * Each overall marketing strategy must then be defined in more detail. C. Corporate Portfolio Design Guided by the company's mission and goals, management must now plan its corporate portfolio. Company portfolio: the set of activities and products that make up the company. The best business portfolio is the one that best suits the company's strengths and weaknesses in opposing... the center of the paper... markets and channels. 2. Strategic control: involves checking whether the company's basic strategies are well suited to its opportunities. Marketing strategies and programs can quickly become outdated, and every company should periodically reevaluate its overall approach to the market.a. marketing auditMarketing audit: a comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and recommend an action plan to improve marketing performance of the company.F. The Marketing Environment The company operates in a complex marketing environment, consisting of uncontrollable forces to which the company must adapt. The environment produces both threats and opportunities. The company must carefully analyze its environment so that it can avoid threats and exploit opportunities.VI. LOOKING BACK: REVIEWING CONCEPTS The difficult task of selecting an overall business strategy for long-term survival and growth is called strategic planning. Planning.