List the three steps of the planning phase of the strategic marketing process. Briefly describe actions that make up each of the three steps. What information is collected in each step?

The planning phase of the strategic marketing process involves three steps. Step 1 is the situation (SWOT) analysis. During the SWOT analysis, a company will identify industry trends, analyze competitors, assess its own organization, and research customers. The information collected includes trends for industry and competitors as well as projections for future sales, expenses, and profits. Step 2 is market-product focus and goal setting. During Step 2, the company will set market and product goals, select target markets, find points of difference, and position the product. The information collected includes market potential studies, market-product grid and targets, and studies to create perceptual maps and positioning statements. Step 3 is the marketing program. During this step, the company will develop the program's marketing mix and develop the budget by estimating revenues, expenses, and profits. The information collected includes marketing mix (four Ps) actions and detailed plans to execute the marketing program. See Figure 22-2.