Strategic planning Essay Example for Free

Strategic planning Essay1. What is the difference between strategic planning and tactical planning?Strategic planning is the process of determining an organizations direct objectives and finding and implementing steps that will achieve the objectives. Tactical planning is setting short-term actions that are needed to compete larger strategies.2. what is the difference between a business plan and a marketing plan?Business plan is a detailed plan setting out the objectives of a business, the strategy and tactic planned to achieve them, and the expected profits, usually over a period of three to ten years. Marketing plan is a strategic plan at the functional level that provides a firms marketing group with direction. The strategy for implementing the components of marketing creating, communicating, delivering, and exchanging value.3. what is the purpose of a marketing plan?It is a channel map that improves the firms understanding of its competitive situation. It helps the firm a llocate resources and divvy up the tasks that employees need to do for the company to meet its objectives.4. what are the two elements of all marketing strategy?1)product strategy-product development strategy creating new products or services for subsisting markets. 2)market strategy-market penetration strategy selling more of existing products and services to existing customers.5. how would you describe graduation exercise-mover strategy?A market innovator, not a follower Corporate level strategy theorizing that being the start-off organization to offer a product in the marketplace will be the long-term market leader.6. what are the advantages and disadvantages of being a first mover?Three advantages of being first technology leadership, control of resources, and buyer switching costs. The disadvantages later entrants can overcome advantages, must heavily entice customers to try new type of product ( amply education expense), some first movers may become complacent with cha nging customers needs.7. how would describe second-mover strategy?Corporate level strategy theorizing that closely observing the innovations of the first movers, and then improving on them can help an organization gain advantage in marketplace.8. what are the advantages and disadvantages of being a second mover?Advantages big businessman to observe competitors successes and failures. Lower risk in product development and less controversy. Revising rather than creating and competitor surprise, and stealing market share rather than creating it. Disadvantages persuading customers to switch, communicating your value add.