2.2 The Role of Marketing in the Strategic Planning Process
3 min read•june 24, 2024
is crucial for marketing success. It involves analyzing the business portfolio, conducting SWOT analyses, and developing data-driven strategies. These tools help companies identify growth opportunities, allocate resources effectively, and stay competitive in dynamic markets.
Marketing plays a vital role in strategic planning by providing market insights, defining objectives, and implementing targeted campaigns. Data-driven approaches enable personalized customer experiences, optimize marketing efforts, and improve return on investment. These strategies are essential for long-term business success.
Strategic Planning Process
Marketing's role in strategic planning
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Top images from around the web for Marketing's role in strategic planning
Strategic Planning Tools | Principles of Marketing View original
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Creating the Marketing Strategy | Principles of Marketing View original
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Strategic Opportunity Matrix | Principles of Marketing View original
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Strategic Planning Tools | Principles of Marketing View original
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Provides valuable insights about customers, competitors, and the market to inform strategic decisions
Identifies market opportunities (untapped segments) and threats (new entrants) to guide strategy formulation
Helps define the organization's mission (purpose), objectives (goals), and strategies to achieve them
Develops and implements marketing plans aligned with the overall strategic direction
Monitors the effectiveness of marketing initiatives and adapts strategies as needed
Contributes at corporate (overall direction), business unit (product lines), and functional (detailed plans) levels
Tools for business portfolio analysis
categorizes business units based on and growth rate
Stars: High market share in high-growth markets, require investment to maintain position
Cash Cows: High market share in low-growth markets, generate cash for other investments
Question Marks: Low market share in high-growth markets, require evaluation for potential investment
Dogs: Low market share in low-growth markets, candidates for divestment or phasing out
assesses business units based on industry attractiveness and competitive strength
Determines investment, growth, or divestment strategies based on the unit's position in the matrix
Industry attractiveness factors: Market size, growth rate, profitability, competition