7. Strategic Planning and the Marketing Effectiveness Audit

The central role of marketing stems from identifying processes which create value to customers. Therefore, the marketing strategies and plans should be based on relevant frameworks which create and capture value to customers and to the businesses, themselves. The strategic planning involves a thorough analysis of the businesses’ internal strengths and weaknesses, and an evaluation of opportunities and threats in the market place. The scanning of the marketing environment leads management to choose particular customers and product strategies. Therefore, strategic planners have to assess their resources, competences and capabilities, as they should determine where their company stands relative to other competitors. They are expected to evaluate strategic options and to consider alternative courses of action, including market penetration, market development, product development and diversification. This chapter outlines the different stages of strategic planning. In conclusion, it underlines the importance of conducting ongoing effectiveness audits that should analyse marketing and operational aspects.