More handpicked essays just for you.
Understand the principles of strategic planning
Describe the process of strategic plans
Describe the process of strategic plans
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment. The four steps that lead managers and the firm through the strategic planning process are first defining the company’s mission, then setting objectives and goals, next designing a business portfolio and lastly developing functional plans. The first step involves focusing on consumers’ needs and wants. Setting forth a market oriented mission that organizations want to reach based on consumers of the environment. After finding the mission, organizations then proceed to put together supportive objectives for every level of management to help achieve its mission. Next the company has to design a business portfolio evaluating all of its current business and future business by coming up with …show more content…
Product positioning is to use certain features of the product to position against the product of competitor. With the help of this marketing activity, marketers can attract more customers by focusing of special features of their product. The four Ps of marketing are product, price, place, and promotion. Product is the physical product or service that the company is selling. Price is what the company is charging its customers for the product. Place is where the company makes the product available to consumers. Promotion is what the company is doing to promote its product to persuade customers to buy it. First off, the four Cs are customer solution, customer cost, convenience, and communication. The four Ps basically describes the same principles as the four Ps but just from the customer’s perspective. By considering the four Cs rather than the four Ps a firm can better understand the customer’s view of product. A firm will gain better insight into the customer
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
The positioning strategy that I think would be advantageous is using the marketing mix tools effectively. I think having an integrated and coordinated strategy for product, price, place, and promotion. Marketers can use this to maximize customers’ experiences and complete their process of positioning by outshining customer’s expectations in each area that is prominent to them. Fashion consumers want to change and seek what is new and exciting. A certain fashion doesn’t remain popular forever, so marketers need to anticipate and prepare for changes in consumer tastes.
When it comes to marketing in business, there are rules to follow. One of the biggest rules is the four Ps of marketing. The four Ps of marketing are as follows; product, price, place, and promotion. The four Ps are crucial to having a good marketing scheme for a product. The Walt Disney Company have become very good at marketing over the years. Part of the reason for this is their amazing ability to use the four Ps.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Delivering value. Finally comes delivering. It may be compared to place in the 4Ps approach. However, it is different because, while place requires just having a place where the customer can buy a product, delivering also involves making sure the customer will be able to get the most of the product.
Strategic planning is a critical process for any successful business. It outlines the framework in which the organization operates. Therefore, each area of the process should be carefully considered and developed, with the understanding that some areas are relatively static, whereas other areas change and grow depending upon the environment. By far, the most important part of the strategic planning process is its implementation. If the process is never implemented, its development is just wasted energy.
Strategic planning consist of four steps starting from defining the company’s mission. When talking about a mission were talking about a certain phrase or slogan for say, that is intended to draw attention to customers and make them want to be even more loyal to the company. For example Walmart says, “Save money. Live Better”. Therefore, Walmart’s mission would be to let people know that they have low prices all day every day, insinuating that their products are affordable for everyone. This is a good mission because it gets the majority of the people in this world to want to go out and save money on their everyday necessities and even luxuries. The second step would be to set certain objectives and goals for the company as well. For example, CVS did use “Health is everything” as their mission and this didn’t just set out for a name it became a goal as well. Sooner or later you must set goals on your mission to understand the level that you need to get to and reach. Another example of a goal that I believe CVS set was to start selling healthier products. In the chapter it says that CVS stopped selling tobacco and other products that
The strategic planning process is the formulation of the company’s major objectives and execution plans. This process is of particular interest in GE. Strategy formulation is the process of choosing the best methods for a company where customer needs; competitive position and internal capability are the three factors that play the main role in strategic planning. Every manager needs to have at least a simple notion of strategic planning to formulate his strategic plans. Strategic Planning is a wide and complex subject. Strategic Management background is an essential basis of any organization.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
Strategic planning should be a “purposeful process that utilizes the core values, missions, and goals of a school system to establish articulate action plans to achieve organizational objectives” (Marin & Leinbach, 2014). This healthy view of strategic planning is what all schools should strive for. However, sometimes strategic planning can be seen as just another hoop that has to be jumped through in order to get through the year.
The 4Ps in marketing stand for product, price, place and promotion, and they are important for a business to be able to attract customers. The product refers to goods and services a business offers to its customers. These goods and services need to be attractive to the customers due to their quality, the features they have, and warranties among other attributes. The product should meet the needs of the market targeted. The second P which is price refers to the amount the business charges for the product. Determining the price should reflect the right positioning of the product in the market where the price should cover the price of the product including the profit margin. The next P is the place which is the area or channels used to get the product. A business that offers its services to the local community is at the end of the distribution chain thus it supplies directly to the customers while the global business needs intermediaries. Both businesses need market coverage which can either be selective or intensive or even exclusive. The final P which is promotion refers to the advertising in order to let people know what the business has to sell. It aims at informing people what the product is, how they can use it and why they need the product (Ehmke, et al, 200...
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic marketing involves five crucial processes. The first step in strategic marketing involves identification of the mission of the strategic marketing approach (Bryan 2015). The firm needs to determine the reason it exists in the market in the first place. A succinct definition and description of the firm’s future desires and anticipated achievements that are influenced by current steps. Each product and service offered by the organization must contribute towards the achievement of the company’s mission.
Brand positioning refers to “target consumer’s” reason to buy your brand in preference to others. It involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. A significant differential advantage can lead customers to focus on product benefits other than price. Brand Positioning is the key of marketing strategy. A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and it’s similarity with the competitive brands, as well as the reasons for buying and using that specific brand. Positioning is the base for developing and increasing the required knowledge and perceptions of the customers. It is the single feature that sets your service apart from your competitors.
Strategic planning implies establishing in advance what an individual or organization wants to achieve within a specified timeframe and deriving ways on how to achieve that. A strategic plan is basically a course of action that is used to attain desired results. It means anticipating the future and having measures on how to grow into the future. Technology is a macroeconomic factor that is rapidly growing and changing. Technology has had positive effects all over across the globe to business organization and to individuals.