What is the first step in the strategic marketing and planning process?

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The first step in the strategic marketing and planning process is to conduct a situation assessment, which involves analyzing internal and external factors that can impact the organization's performance. This step is crucial in identifying the organization's strengths, weaknesses, opportunities, and threats (SWOT analysis), which will provide the foundation for the development of an effective marketing strategy. Market segmentation and product promotion come later in the process, after the organization has a clear understanding of its situation and objectives, and has formulated a strategy to achieve them.

What Is the First Step in the Strategic Marketing and Planning