A periodic assessment of the internal and external environment is an important part of the strategic planning process. Strengths describe what an organization excels at, enabling decisions about how to gain a competitive advantage. Weaknesses prevent an organization from functioning at its optimal level. They have the potential to reduce progress or give a competitive advantage to competitors. Opportunities refer to favorable external factors that an organization can exploit to its advantage. If used effectively, opportunities have the potential to create a competitive advantage. Threats refer to factors that have the potential to negatively impact an organization. Once you have identified your goals, you need to prioritize, evaluate, and organize the combination of specific marketing strategies and tactics that will be best suited for you to use in pursuing your goals. goals. Strategies are the ideas and approaches developed to achieve objectives. A well-constructed marketing plan is a perfect illustration of a whole that is greater than the sum of its parts. The marketing strategy includes all basic, short-term and long-term activities in the field of
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