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Companywide strategic planning

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Companywide strategic planning

  1. 1. Companywide 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
  2. 2. • Steps in strategic Planning Defining Comp Mission Setting Comp Objectives Designing Business Portfolio Planni ng Marke ting and Other Functi ons
  3. 3. Defining Market-Oriented Mission • Mission Statement • Why? Core purpose? Customers? Values? Features of Mission Statement; • Short • Memorable • Inspiring • Market Focused (To Whom We Serve?) Now what is Market-oriented Mission? GOOGLE: To organize the world’s info and make it universally accessible and useful.
  4. 4. Market-Oriented Mission • Market-oriented mission statement defines the business in terms of satisfying basic customer needs • Some companies define their mission myopically in terms of product and technology e.g. “we make and sell furniture” » “we are a chemical processing firm” • Product and technology eventually become outdate but basic needs may last forever Nokia: “Connecting People” not only focused on selling phone but….
  5. 5. Setting Company Goal and Objectives • Set objectives to define how you’ll achieve your marketing goals. • Each objective should specify an action and a desired outcome. • Goal/Objective, Action, Timeline, Desired Outcome a) To develop new markets (Goal), Over the upcoming one-year period (Time) To increase sales of Product X by 5 percent (Desired Outcome)
  6. 6. Typically, clients marketing objectives include some or all of the following: • Increase sales • Build brand awareness • Grow market share • Launch new products or services • Target new customers • Enter new markets internationally or locally • Improve stakeholder relations • Enhance customer relationships • Improve internal communications • Increase profit
  7. 7. Developing SMART Marketing Objectives • Essentially your marketing objectives need to fit in with the overall business objectives and drive the direction of your marketing strategy. To be effective, any objective should be SMART. • A SMART objective is always: Specific Measureable Achievable Realistic Time-bound
  8. 8. Specific • What exactly do you want to achieve? The more specific your description, the bigger the chance you'll get exactly that. S.M.A.R.T. goal setting clarifies the difference between 'I want to be a millionaire' and 'I want to make €50.000 a month for the next ten years by creating a new software product'. • Questions you may ask yourself when setting your goals and objectives are: • What exactly do I want to achieve? • Where? • How? • When? • With whom? • What are the conditions and limitations?
  9. 9. Measurable • Measurable goals means that you identify exactly what it is you will see, hear and feel when you reach your goal. It means breaking your goal down into measurable elements. • When you measure your progress, you stay on track, reach your target dates
  10. 10. Achievable/Attainable • Is your goal attainable? That means investigating whether the goal really is acceptable to you. You weigh the effort, time and other costs your goal will take against the profits and the other obligations and priorities you have in life.
  11. 11. Realistic • To be realistic, a goal must represent an objective toward which you are both willing and able to work. A goal can be both high and realistic; Your goal is probably realistic if you truly believe that it can be accomplished. • A high goal is frequently easier to reach than a low one because a low goal exerts low motivational force. Some of the hardest jobs you ever accomplished actually seem easy simply because they were a labor of love.
  12. 12. Time-Bound • Time is money! Make an uncertain plan of everything you do. Everybody knows that deadlines are what makes most people switch to action. • Every body wants to accomplished what they need in a given time period.

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