Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans.
Why plan ahead?
Effective marketing starts with a considered, well-informed marketing strategy. A good marketing strategy helps you define clear, realistic and measurable marketing objectives for your business.
Your marketing strategy affects the way you run your business, so it should be planned and developed in consultation with your team. It is a wide-reaching and comprehensive strategic planning tool that:
- describes your business and its products and services - explains the position and role of your products and services in the market - profiles your customers and your competition - identifies the marketing tactics you will use - allows you to build a marketing plan (the tactics to deliver) and measure its effectiveness.