Summary:

The importance of understanding competitors and how this understanding may facilitate successful planning of marketing activities is what this article is about. The purpose is to give the researcher wide knowledge over strategic marketing planning and apply this knowledge in assessing the strategic marketing planning of McDonald’s Corporation in particular context with its competitors. An in-depth analysis of fast food industry is required as to facilitate the researcher in its aims for the paper.

Article Quote:

“Strategy is very important for any organization as it offers the direction the organization would like to pursue to attain its objectives. In the recent years, the integration of strategic planning and functional marketing has been perhaps the most relevant development in the field of marketing management as marketing managers have all the more realized that tactical marketing decisions must be made within a wider strategic framework.”

Link: http://ivythesis.typepad.com/term_paper_topics/2009/12/strategic-marketing-planning.html

Strategic planning is important for all businesses. At the core of the strategic plan should be the mission and vision of the company. Scenario planning and SWOT analysis enhance the plan, while providing the benefits of a clearer understanding of the business environment. McDonalds has been successful in their strategic planning, but equally important is implementing the plan and following up on objectives. A strategic management system that provides all of these features will save time and increase productivity.

For more information on strategic planning, seehttp://www.performancesolutionstech.com/category/strategicplanning/