Question & Answer: How is the concept of strategic planning related to marketing? Provide a practical example to depict this…

Expert Answer

Strategic planning is analysing a company’s strengths and developing a plan to procees further and succeed.In marketing, it is very important to know the company we are going to approach . We have to know about its pros and cons to present ourselves in an appropriate manner. We have to know about our competitors with whom we have to compete to enter that company. Strategic planning helps in all these things by helping us to analyse every detail and develop a plan accordingly .

For example , an FMCG needs to set it’s product in an already well established market. It needs ti analyse every similar product from other companies to get to produce much better and gain it’s dominance in the market. It needs to develop a plan accordingly to take their product into public by advertising . Strategic planning plays an important role in this situation.