In other words, strategic thinking is higher order thinking that should take place to explore potential directions for the company, and strategic planning is the operationalization of those ideas. Strategic thinking is discovering novel, imaginative strategies and envisioning potential futures very different from the present. , In the 1990s a common term was strategic thinking. During the 80s, strategy development shifted to operating managers, and strategic management became the common term. Prior to the the 1980s, most planning was done at the corporation’s executive level. When one of these vague signs was identified, its development was followed and its impact was considered in the continual process of strategic planning. With this new approach, managers began looking for ”vague signs” or potentially important trends that might impact their operations. Next came strategic planning where predictions of the future were no longer primarily based on the past. ĭramatic changes in the business environment, such as the oil shocks of the 70s, required more sophisticated approaches to systems of management. In long range planning, the future is predicted through extrapolation of historical growth. For example, when Rich wrote his textbook on forest products marketing, he referred to long range planning and business strategy. In the 1960s, fast-growing demand caused companies to extend their planning horizon beyond an annual basis, making long-range planning necessary. Strategic planning evolved from the process of annual budget planning in the 1950s.
4.1 The Concept of Strategy 4.1.1 Historical Development of Strategic Planning
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According to Webster’s Dictionary, strategy can be defined as, “the science or art of combining and employing the means of war in planning and directing large military movements and operations” or “a plan, method, or series of maneuvers or stratagems for obtaining a specific goal or result.” Companies use strategy and the process of strategic planning to reach their economic, social, and environmental goals. The concept of strategy originates with the art of warfare. The logical connections among strategies, structures, and functions as outlined in the Integrated Model of Marketing Planning (IMMP).
Core competencies as part of marketing strategy.The role of market area choice in marketing strategy and ways to choose market areas.The role of customer choice in marketing strategy and the logic of choosing customers.The role of the product in a marketing strategy and the many aspects of the product that can be used to tailor the strategy.The concept and process of corporate strategic planning.The relationships and differences among corporate, business, and marketing strategy.The meaning of strategy and how the approach to strategy has changed over time.
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