ABSTRACT
Marketing plans and planning, the role of marketing in strategic planning, challenges in marketing planning, marketing process and steps – strategic plans are formal strategy documents that companies use to guide the direction of the company. They provide an overarching vision for organisational members, they allocate resources to different areas of the business in the form of resources (i.e. money/investment, people, equipment), they monitor the ever-changing marketplace, they help to identify target markets, and they shape an organisation’s position in the marketplace. In many ways, strategic plans and strategic planning encapsulate much of what the marketing function does for businesses.
