Question

Explain the relationship between the strategic plan, business plan and marketing plan.

Answer 1

Ans) Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy.

Strategic planning is a tiered process that starts with the business plan then moves to functional areas of the company such as marketing, where marketing plan is developed that outlines objectives, strategies and tactics for all areas of the marketing mix.

- Both the business plan & marketing plan contribute direction to specific plan for special areas such as advertising.

Business plan- is a detailed planned setting out the objective of a business, the strategy & tactics planned to achieve them, & the expected profit, usually a period of three to ten years.

- Marketing plan is a startegic plan at the functional level that provides a firm marketing group with direction the strategy for Implementing the components of marketing, creating, communicating, delivering and exchanging value.