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Evidence on the Value of Strategic Planning in Marketing: How Much Planning Should a Marketing Planner Plan?

Author

Listed:
  • JS Armstrong

    (The Wharton School - University of Pennsylvania)

  • David J. Reibstein

    (The Wharton School - University of Pennsylvania)

Abstract

What evidence exists on the value of formal planning for strategic decision-making in marketing? This paper reviews the evidence. This includes two tests of face validity. First, we use the market test: Are formal procedures used for marketing planning? Next, we examine expert prescriptions: What do they say is the best way to plan? More important than face validity, however, are tests of construct or predictive validity: What empirical evidence exists on the relative value of formal and informal approaches to marketing planning? The paper concludes with suggestions on the types of research that would be most useful for measuring the value of formal marketing planning. Before reviewing the evidence, we present a framework for the formal planning process.

Suggested Citation

  • JS Armstrong & David J. Reibstein, 2004. "Evidence on the Value of Strategic Planning in Marketing: How Much Planning Should a Marketing Planner Plan?," General Economics and Teaching 0412034, University Library of Munich, Germany.
  • Handle: RePEc:wpa:wuwpgt:0412034
    Note: Type of Document - pdf; pages: 10
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/get/papers/0412/0412034.pdf
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    References listed on IDEAS

    as
    1. Armstrong, J. Scott, 1983. "Strategic Planning and Forecasting Fundamentals," MPRA Paper 81682, University Library of Munich, Germany.
    2. Paul C. Nutt, 1977. "An Experimental Comparison of the Effectiveness of Three Planning Methods," Management Science, INFORMS, vol. 23(5), pages 499-511, January.
    3. Wilson, Ian H. & George, William R. & Solomon, Paul J., 1978. "The practice of business : Strategic planning for marketers," Business Horizons, Elsevier, vol. 21(6), pages 65-73, December.
    4. J. Scott Armstrong, 1982. "The value of formal planning for strategic decisions: Review of empirical research," Strategic Management Journal, Wiley Blackwell, vol. 3(3), pages 197-211, July.
    5. J. Scott Armstrong, 1986. "The value of formal planning for strategic decisions: Reply," Strategic Management Journal, Wiley Blackwell, vol. 7(2), pages 183-185, March.
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    Cited by:

    1. Saari Ahmad & Noraini Othman, 2013. "Strategic Planning, Issues, Prospects and the Future of the Malaysian Herbal Industry," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(4), pages 91-102, October.
    2. J. Scott Armstrong, 1986. "The value of formal planning for strategic decisions: Reply," Strategic Management Journal, Wiley Blackwell, vol. 7(2), pages 183-185, March.

    More about this item

    Keywords

    strategic planning; marketing;

    JEL classification:

    • A - General Economics and Teaching

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