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PGM 005 Strategic Marketing Planning

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Market-oriented strategic planning is a management process that ensures and maintains a viable alignment between the goals, skills and resources of an organization and its ever-changing market opportunities. The goal of Strategic Marketing Planning (SMP) is to shape and change a company's business and products to achieve targeted profit and growth. Strategic planning is carried out at three levels - the company, the departmental business unit, and the product.

In a highly competitive market, companies can successfully operate by creating and offering excellent value to target customers and learning how to adapt to ever-changing markets. Hence, in order to adapt to changing industry conditions, companies need to have vision and foresight, as well as develop a long-term strategy. Strategic planning involves developing strategies to combat cut throat competition and ensure long-term survival and growth. The marketing function plays an essential role in this process. It provides information and other inputs to help prepare an organization's strategic plan.

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