Question

Explain what the importance of Strategic Marketing Planning is and how it is used at your workplace.

Answer 1

Strategic planning is an important part of the process of any business and it requires a good amount of time to be able to be created. usually, companies do not practice the policy where strategic planning is given the most importance, much more than the other aspects of the production cycle of the business. This has resulted in the firms and the business to lose in the long run. A good strategic plan gives businesses an outlet, a direction and an essential schedule that is based on market research and not just arbitrary data which is useless. This also means that being able to plan ahead, before the project starts allows a company to save up in a lot of trial and errors, experimentation and process that waste the company's resource. This is due to the fact that a strategic direction is provided which the company can follow, like a blueprint and be able to create efficient processes.

At my workplace (Game designing firm) there is an entire elaborate process which we follow in order to prepare the teams for the project. This includes the processes of market research, planning, work breakdown structure, project cost estimates, value chains and essentially division of work which allow the management not keep an efficient overwatch on the functions of the company and allow them to be able to create a better, more optimized and targeted process which helps the company realize the scope of the project early on and stick to it.