What is Strategic Marketing Planning?

The organisations in the 1970’s, 1980’s realised that the planning done basis the past experiences was not enough. Before this period, organisations used to do the planning basis the past data and experience to predict the sales, costs, etc.

With the advent of technology and entry of new players in the market, it has become very difficult to predict the preferences of buyers which keep changing rapidly. There has to be strategic adjustments made to the planning in order to survive the competition and changing consumer preferences. Strategic Planning focuses on the market environment the organisation operates in. The focus is not only on the current situation but also on the changes in future that will affect the strategic functions.

Strategic management holds that the planning cycle is not capable of taking into account the changes happening in the external environment of the organisation.

Strategic planning involves a number of decisions that an organisation takes and implements them which help the organisation achieve its objectives. The firm does a systematic analysis of itself and the marketing environment in operates in.