Strategic Management
The wheel of strategic management
The benefits of Strategic Management
The benefits of a properly conceived and executed Strategic Marketing Plan are
• Coordination of the activities of many individuals and avoidance of personal conflict
• Better communication among executives
• Identification of expected developments
• Preparedness for change
• Minimisation of irrational responses to the unexpected.
Melville C Branch (The Corporate
Planning Process) list the following benefits of proper Strategic Management.
• Planning encourages systematic thinking ahead by management
• It leads to a better coordination of company efforts
• It leads to the development of performance standards for control
• It causes the company to sharpen its guiding objectives and policies
• It results in better preparedness for sudden developments
• It brings about a more vivid sense in the participating executives of their interacting responsibilities
What this all means is that
1. Proper Strategic Marketing Planning leads to a greater and more consistent profitability
2. It makes disasters much less likely because companies are less likely to be caught napping by the unexpected
3. It makes for a much more stimulating, satisfying and rewarding though more demanding working climate for the people involved.
Preparing a Strategic Marketing Plan
1. Be systematic rather than random
2. Be based on fact or well-founded judgement rather than untested assumptions
3. Be objective rather than subjective.
Source: CIM - Preparing a Marketing Plan
The benefits of a properly conceived and executed Strategic Marketing Plan are
• Coordination of the activities of many individuals and avoidance of personal conflict
• Better communication among executives
• Identification of expected developments
• Preparedness for change
• Minimisation of irrational responses to the unexpected.
Melville C Branch (The Corporate
Planning Process) list the following benefits of proper Strategic Management.
• Planning encourages systematic thinking ahead by management
• It leads to a better coordination of company efforts
• It leads to the development of performance standards for control
• It causes the company to sharpen its guiding objectives and policies
• It results in better preparedness for sudden developments
• It brings about a more vivid sense in the participating executives of their interacting responsibilities
What this all means is that
1. Proper Strategic Marketing Planning leads to a greater and more consistent profitability
2. It makes disasters much less likely because companies are less likely to be caught napping by the unexpected
3. It makes for a much more stimulating, satisfying and rewarding though more demanding working climate for the people involved.
Preparing a Strategic Marketing Plan
1. Be systematic rather than random
2. Be based on fact or well-founded judgement rather than untested assumptions
3. Be objective rather than subjective.
Source: CIM - Preparing a Marketing Plan