Since dotcom burst an approach of an online marketing industry has been changed in a 360 degree. It has been added more scientific marketing approach towards business doing online. The rapid changes in environment necessitate a strategic perspective; we saw the crucial role of played by social networking in an online marketing environment. It is no exaggeration to say that it is the fluctuating environment that renders strategic planning an indispensable task for an online business. The strategic planning processes navigate the organizations ship through the uncertain and turbulent environmental water.
Nature, Importance and Scope of Strategic Planning Process:
- Serve as a road map for the online business
- Lays down the growth objective and also provide the strategies needed
- Serves as a hedge against the uncertainty arising from environmental turbulences
- Helps the managers understand trends in advance and provide the benefit of a lead time for taking crucial decision and actions
- Ensure that the organizations businesses, products and market are chosen wisely
- Ensure the best utilizations of the firms resources and integrate them to produce quick results to achieve ROI in minimum time
- Help to Build competitive advantages and core competencies
- Prepare organizations to not only face the future but even to shape the future in it’s favors
- Draws from both intuition and logic
- The future of online business model and it’s feasibility
- The growth factor in an online business is very important in which direction, with what extent with what pace and along with timing.
- Strategic planning is mean to equip organization with capabilities needed to face uncertainties
We have seen that the central concerning to strategic planning is to spell out the growth direction of an online business model and help it to achieve the intended growth, The well know expert and author on strategy, Igor Ansoff in his book Corporate strategy has explain this subject very nicely.
- Growth Objective of the online business, which essentially clarify the performance level and the profitability, which online marketer seeks to achieve during the website life cycle
- Product Market Scope of online business which specify the market will enter and stay with Growth Vector, Competitive Advantage and Synergy
The strategic planning process for online business is must in digital age; the time factor is very crucial, a very recent example of “psychic octopus” was earned millions for an online marketer through networking buzz. So be alert and prepaid with your Strategic Planning to grab an online marketing opportunity.
Next Article: Importance of an Online Marketing Planning
Next Article: Importance of an Online Marketing Planning