Which of the following is NOT a step in the strategic planning process?

The correct choice is the setting of marketing budgets, which is not typically considered a step in the strategic planning process. The strategic planning process primarily focuses on the long-term vision and direction of the company. It involves defining the company's mission, which clarifies the purpose and values of the organization. Designing the business portfolio is also crucial, as it involves assessing and managing the collection of business units and products to achieve strategic objectives. Additionally, planning marketing and other functional strategies falls within the scope of implementing the broader strategic plan.

While setting marketing budgets is important in the operational aspect of marketing management, it relates more to the tactical execution of strategies rather than the higher-level strategic planning process. In essence, strategic planning is about determining "what" goals to pursue and "how" to align resources and efforts accordingly, while budgeting represents one of the means to execute those strategies effectively.