B1-Ch02_Strategic planning [Compatibility Mode]

B1-Ch02_Strategic planning [Compatibility Mode] - Chapter 2...

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1 Chapter 2 Strategic Planning and the Marketing Process 2 Formal Planning Many companies operate without formal plans, yet these plans can provide many benefits such as: Encouraging management to think ahead systematically. Forcing managers to clarify objectives and policies. Better coordination of company efforts. Clearer performance standards for control. Helping the company to anticipate and respond quickly to environmental changes and sudden developments.
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2 3 Strategic Planning Strategic Planning is the Process of Developing and Maintaining a Strategic Fit Between the Organization’s Goals and Capabilities and Its Changing Marketing Opportunities. 4 Steps in Strategic Planning Defining the Company Mission Setting Company Objectives and Goals Designing the Business Portfolio Planning, marketing, and other functional Strategies Corporate Level Business unit, product, and market level
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3 5 Market Oriented Realistic Fit Market Environment Distinctive Competencies Motivating Specific Six characteristics of a Good Mission Statement: A Mission Statement is a Statement of the Organization’s Purpose. Defining the Company’s Business and Mission 6 Setting Company Objectives and Goals Marketing Strategy Objective # 1 Objective # 2 Objective # 3 Mission Statem ent
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4 7 Designing the Business Portfolio The business portfolio is the collection of businesses and products that make up the company. The company must: analyze its current business portfolio or Strategic Business Units (SBU’s) – decide which SBU’s should receive more, less, or no investment develop growth strategies for adding new products or businesses to the portfolio 8 Question Marks • High growth, low share • Build into Stars or phase out • Require cash to hold market share Stars • High growth & share • Profit potential • May need heavy investment to grow Cash Cows
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B1-Ch02_Strategic planning [Compatibility Mode] - Chapter 2...

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