How is strategic planning done?

Strategic business planning is a process, not an isolated activity. It is the methodology used to explore current marketplace positioning and to determine whether adjustments need to be made. It allows you to fill the gaps between where your company stands today and where you want it to be, between what the company executives think is important and what customers or clients really want. The process is relatively simple, yet yields a lot of information from which to work:  

• Market research:Primary research is customized for the exact needs of the plan. Secondary research extrapolates conclusions from existing studies and marketplace information.
• Vision and strategic positioning statements are developed based on the research. The vision raises the bar by adding a greater sense of what the organization is at its core. The positioning statement helps connect customers, clients, prospects and employees to the company in relevant ways by offering a promise, an expectation, people can trust when they engage with the company, either when buying a product, using a service or working as an employee.  
• A marketing strategy is developed to address the desired objectives, target audiences and tactics for achieving the vision and communicating the positioning statement.  

While the business plan usually covers a three to five year period, it is revisited at least annually to incorporate new information, changes in the marketplace and industry trends.