In mid-2010, hewlett-packard company (hp) acquired palm computing inc., a manufacturer of personal devices and smartphones. before deciding to acquire the company, strategic planners at hp spent time thinking about how palm and hp would "fit" together, and how the acquisition might change hp's core goals and objectives. the strategic planners were engaged in the step of the marketing planning process.

Define the business mission.

Explanation:

A marketing planning process is a document that provides a systematic, interconnected, logical step by step process for achieving marketing objectives.

Marketing planning process - Steps:

-Mission statement. A meaningful statement of the purpose and direction of the business.

-Corporate objectives. The overall business objectives that shape the marketing plan.

-Marketing audit. Assess the situation of marketing in the business. The products, resources, distribution methods, market share, competitors, etc.

-Market analysis. The markets the business is in, and targeting. Size, structure, growth.

-SWOT analysis. An assessment of the firm´s current position, showing the strength and weaknesses, and oportunities and threats.

-Marketing objectives and strategies. What the marketing function wants to achieve.

-Marketing budget. Usually a detailed buedget for the next year and a outline budget for the next 2/3 years.

-Action plan. The detailed implementation plan.  

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