Steps in Strategic Planning

Corporate strategic planning always precedes marketing strategic planning.

I. Corporate Strategic Planning

Analyze market and environmental opportunities and threats >>

Analyze business strengths and weaknesses (SWOT) >>

Define corporate mission >>

Set company objectives and strategy

Once corporate planning is complete, then marketing planning flows

from the direction corporate planning sets:

II. Strategic Marketing Planning

Develop marketing objectives >>

Set marketing strategy

Note that objectives must precede strategies

Objectives are goals that are SMART (specific, measurable, achievable,

realistic and time-bound)

Strategies are the ways taken to achieve objectives

Example of a sound objective which corresponds to the SMART model:

“To achieve a 25% share of the US cough and cold market by the end of
fiscal 2016.”

Examples of poorly written objectives:

“To become number 1 in the breakfast cereal market” (Number 1 in

sales, profits, growth, market share??? Unclear)

“To achieve a 25% share of the breakfast cereal market” (Time? When?)

“To achieve profitable sales growth during 2016” (how profitable? Sales
of what? Etc.)

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Read the case following, “Kellogg’s”, to understand the differences

between corporate strategic planning and marketing strategic planning.
Then enter your observations in the Forum: Kellogg’s.