Chapter_2_-_Strategy

Chapter_2_-_Strategy - Study Guide for Marketing 431 Summer...

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Study Guide for Marketing 431 Summer 2009 Chapter 2 – Strategy What is Strategic Planning A process of creating and maintaining a fit between the organization’s objectives and resources and evolving market opportunities Generally involves strategies and objectives that will take more than a year to achieve Many times the process is as important as the plan In a “nutshell” A. Figure out where you are now B. Figure out where you want to be Figure out how to get from point “A” to point “B” Hierarchy of Concerns Type of business Profit Privately owned organization that serves its customers in order to make a profit Not-for-profit Non-governmental organization that serves its customers but does NOT have profit as an objective Study Guide for Chapter 2 – Strategy Page 1 Marketing 431, Summer 2009 © 2009
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Frequently given tax-advantaged status Level of concern Corporate level An issue in multi-product/multi-market firms Aka “C” level Business unit A set of related products and markets Functional area Specialized interdependent activities within a business More of an issue with large organizations Smaller businesses everybody wears a lot hats The point Each of these levels requires strategic planning Lower-level plans achieve what is called for in higher-level plans Corporate ROI objective becomes parameter of business unit plan Vision/mission Role of top management What business are we in Where we compete How we compete Study Guide for Chapter 2 – Strategy Page 2 Marketing 431, Summer 2009 © 2009
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What businesses we are not in What is the playing field May or may not be written Mission Statement Formal statement of the organization’s scope, often identifying its customers, markets, products, technology and values. Specific enough to be useful Vague enough to allow managers maneuvering room Frequently inspirational The test of a good mission statement If you have a wild idea, the mission statement should be able to tell you whether or not the idea is something your company would be interested in pursuing Objectives Targeted levels of performance that the planning entity wants to achieve If at the end of the planning horizon, these things have happened, we will be happy to call our outcome a success Objectives should be Specific Measurable Achievable Include a time-frame Study Guide for Chapter 2 – Strategy Page 3 Marketing 431, Summer 2009 © 2009
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Strategies What broad initiatives will you undertake to achieve the objectives More than one year time horizon Outcome is sustainable competitive advantage Tactics What specific things do you have to do in order to make the strategies work Less than one year
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This note was uploaded on 10/16/2011 for the course MKTG 431 taught by Professor Brucerobertson during the Spring '07 term at S.F. State.

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Chapter_2_-_Strategy - Study Guide for Marketing 431 Summer...

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