Chapter_2 - Strategic Planning for Competitive Advantage...

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Unformatted text preview: Strategic Planning for Competitive Advantage Chapter 2 Strategic Planning for Competitive Advantage Strategic Planning and The Marketing Plan Book definition - Strategic planning is the managerial process of creating and maintaining a fit between the organization's objectives and resources and evolving market opportunities. "What do we do?" "For whom do we do it?" "How do we excel?” or “How do we out perform or avoid the competition?” Strategic Planning for Competitive Advantage The Marketing Plan A written document that acts as a guidebook of marketing activities by one person, groups of people, cross functional teams, boards etc. t It should include product lines, distribution channels, marketing communications, and pricing strategies (the 4 Ps of marketing). t It can take many different formats and amount of time devoted to creating a marketing plan varies. t Samples on Moodle Strategic Planning for Competitive Advantage The Marketing Plan Content Company Mission Statement A mission statement is a formal short written statement of the purpose of a company or organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a sense of direction, and guide decision-making Aflac Mission Statement To combine aggressive strategic marketing with quality products and services at competitive prices to provide the best Strategic Planning for Competitive Advantage The Marketing Plan Content The Company Mission Statement Marketing Myopia 1960 by Theodore Levitt Electric Company vs. an Energy Company A Theme Park vs. Making People Happy Strategic Planning for Competitive Advantage The Marketing Plan Content Vision Statement may be included. What is the future you want to create? Mission vs. Vision Your Mission Statement describes what business you’re in and who your customer is. As such, it captures the very essence of your enterprise - its relationship with its customer. Your Vision Statement describes what is the future you want to create for the community you wish to address? Strategic Planning for Competitive Advantage The Marketing Plan Mission vs. Vision A mission statement concerns what an organization is all about. What do we do, for whom and what is the benefit? A vision statement is what the organization wants to become. t Example from Center for Disease Control Mission To promote health and quality of life by preventing and controlling disease, injury, and disability Vision Healthy People in a Healthy World t UMD Alumni Association Strategic Planning for Competitive Advantage The Marketing Plan The Company Mission Statement Strategic business unit (SBU)- a subgroup of a single business, or collection of related businesses within the larger organization....
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This note was uploaded on 03/10/2011 for the course MARKETING 3701 taught by Professor ? during the Spring '11 term at University of Minnesota Duluth.

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Chapter_2 - Strategic Planning for Competitive Advantage...

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