Strategic Planning,Chapter 2 Lecture Slides Solomon, Stuart, Carson, also called a business review. May also include the SWOT analysis discussed previously.,17,Implementation and Control,Implementation: the stage of the strategic management process in which strategies are put into action on a day-to-day basis. Marketing budget: a statements of the total amount to be spent on marketing and the allocation of money for each activity under the marketers control.,Trend analysis: an analysis of past industry or company sales data to determine patterns of change that may continue into the future. Marketing audit: a comprehensive review of a firms marketing function. See Table 2.1 for a detailed listing of elements in a marketing audit.,18,Famous Last Words,Strategic planning is important for helping organizations to cope with rapidly changing factors within their environment. Effective marketing strategies rarely happen by accident, they are the result of planning. I am planning on being spontaneous now.,19,