Strategic Marketing Management Planning and Control Assignment

Strategic Marketing Management Planning and Control - Assignment Example For this, the Asian Star Corporation has to make a strategic marketing plan at the corporate level. Strategic planning refers to the process of maintaining and developing a strategic fit between the capabilities and goals of an organization and its varying opportunities in the market. The Asian Star Corporation should find the game plan for its growth and survival in the long run provided with its specific objectives, opportunities, resources, and situation. This should be the focus of its strategic planning. The stages for rest of the planning in the firm are set by the strategic planning. The annual plans, strategic and long-range plans are usually prepared by the companies. The long-range and annual plans deal with the current businesses of the company and the way to keep its continual operation whereas the strategic plan constitutes an adaptation of firm to take benefit of opportunities in its rapidly changing environment (Aaker, 2001). The Asian Star Corporation at its corporate level should start the process of its strategic planning by defining its overall mission and purpo se. The mission should then be turned into detailed supporting objectives guiding the whole company. Next, it should be decided that what portfolio of products and businesses is best for the company. Each product and business, in turn, should develop detailed marketing and other departmental plans to support the companywide plan (Drummond, Ensor and Ashford, 2001, pp.4-5). A mission statement is a statement of purpose of organization stating what it wants to accomplish in the larger environment. So the Asian Star Corporation should develop its formal mission statement stating details like what is its current business and what should be its future business, who is its customer and what do consumers value. A clear and well-defined mission statement can give better financial and organizational performance to Asian Star Corporation.