marketing

Answer 1 (Strategic Marketing Plans

In today 's business environment characterized by intense global and hostile competition , fast technological progression and rapidly changing attitudes of consumers and society , marketing plans of organizations have to be strategic in nature . The strategic marketing plans are more long-term oriented as compared to tactical plans (MacDonald 2000 pp .27-38

The formulation of strategic marketing plans for a business organization involves several stages . It begins with a clear and common understanding of the mission and the long range corporate objectives . The next stage is the

situational analysis which is a fundamental step in the planning process . It involves detailed analysis of the external business environment and the internal analysis of the company . The situational analysis that provides a complete and accurate overview of the situation helps identify the opportunities and threats facing the company and the strengths and weaknesses inherent in the company at a given point of time

The next stage in the creation of the strategic marketing plans is the strategy formulation . Strategy refers to the determination of the mission and basic long-term objectives of a company , the courses of action necessary to achieve the objectives and the deployment of resources necessary to carry out the required courses of action (Koontz Weihrich 2004 :

.85 . Based on the results of the situation analysis the marketing objectives are established with respect to all components of the marketing mix . The strategic alternatives to meet such established objectives are then identified and each strategic alternative so identified is evaluated thoroughly . The best strategic alternative /s that fit the company 's core competencies in the given situation are chosen . In the final stage the tactical marketing plans required to implement the chosen strategies are formulated . The required resources to implement the strategic marketing plans are deployed . The strategic marketing plans implemented are monitored and controlled

Strategic plans are based on the assumptions about the environment for a future period of time . As businesses operate in an environment of constant and rapid change there can be major changes in the assumptions as and when the strategic marketing plans are put into practice and may call for change in the strategic marketing plans , for example the size of an organization which was a major strength became a weakness for many large corporations when markets started demanding quick responses to market changes . The strategic marketing plans of the retailing giant Wal-Mart have focused on standardization in all its global operations for over two decades . Today customers of Wal-Mart are becoming more diverse . Such changes have resulted in a shift in Wal-Mart 's strategic focus from standardization to customization . This effort has been greatly supported by the technological advances , from checkout scanners and data-mining software to internet stores and radio frequency identification that provide Wal-Mart and its suppliers with deep insight into local preferences and buyer behavior . Such data makes it possible for Wal-Mart to localize stores , products and services very accurately (Righby Vishwanath 2006 :

.84 . Similarly immense global competition...