ETS Business Practice Exam

The process that involves setting marketing goals, analyzing the environment, and developing strategies to achieve objectives is strategic marketing planning. This approach focuses on understanding the broader context in which a business operates, including market conditions, competition, and consumer behavior. By establishing clear marketing goals, businesses can align their strategies to meet those objectives effectively.

Strategic marketing planning is a comprehensive process that extends beyond day-to-day operations or specific tactics. It shapes the overall direction of marketing efforts, ensuring that they are coherent and focused on long-term success. This involves assessing strengths, weaknesses, opportunities, and threats (SWOT analysis) in the external environment to inform decisions and prioritize strategies.

In contrast, operational planning typically focuses on the logistics of day-to-day operations rather than overarching strategic direction. Tactical marketing execution refers to the implementation of marketing tactics rather than the formation of high-level strategies. Market segmentation analysis, while important for understanding target audiences, is just one component of the broader strategic marketing planning process.