In business management, the word ‘strategy’ started becoming popular during 1960s, but it is still a term with differing definitions and interpretations. According to Walker, Jr. Boyd, Jr. Mullins, and Jarreche, a strategy is a fundamental pattern of present and planned objectives, resource deployments, and interactions of an organisation with markets, competitors, and other environmental factors. Strategy refers to a game plan that corporations employ to compete successfully in the marketplace by establishing the objectives to achieve, specifying industries and product-markets to focus, and specify resources to allocate and activities to perform for each product-market to take advantage of environmental opportunities, and meet the threats to gain competitive advantage.
Strategic market planning (also mentioned as Strategic Planning or Strategic Market-Oriented Planning, or Strategic Marketing Planning in some texts) essentially refers to planning that is conceptually and functionally long-term, typically covering a period of five years or more for the entire corporation. Strategic market planning is a process yielding a marketing strategy that is the framework for a marketing plan. The aim of strategic market planning is to adapt, adjust, or reshape on an ongoing basis the corporation’s different businesses to accomplish the target growth and profit objectives. The whole process involves keeping in focus the changing market opportunities and developing a viable fit between the corporation’s objectives, resources, and competencies. This way the corporation attempts to help itself in selecting and organizing its business(s) in a manner that would keep the business healthy despite upsets that may occur in any of its businesses or products due to uncontrollable environmental factors.