Question

Explain company-wide strategic planning and its four steps. To understand the role and place of top level marketing planning within a corporation, we first teach students the basic, typical, top level organization of a corporation. Refer to Figure 2.1 (page 46): Most companies start their strategic planning process by defining an overall purpose and mission. This mission is turned into specific objectives that guide the whole company. Next, senior managers at the corporate level decide what portfolio of businesses and products is best for the company and how much support to give each one. In turn, each business and product develops detailed marketing and other departmental plans that support the company-wide plan. Marketing planning occurs at the business

Answer 1

Company-wide strategic planning involves defining the purpose and mission, creating objectives, deciding on the portfolio of businesses and products, and developing departmental plans.

Step-by-step explanation:

Company-wide strategic planning is the process in which a company defines its overall purpose and mission, and then develops specific objectives to guide the entire organization. There are four steps involved in this planning process:

1. Defining the overall purpose and mission: This step involves determining the fundamental reason why the company exists and what it aims to achieve.
2. Creating specific objectives: Once the mission is defined, specific objectives are established to guide the company's activities and decision-making.
3. Deciding on the portfolio of businesses and products: Senior managers at the corporate level determine the best portfolio of businesses and products for the company, as well as the level of support to allocate to each one.
4. Developing departmental plans: Each business and product within the company develops detailed marketing and other departmental plans that support the overall company-wide plan.