Developing Marketing Strategies and Plans - Corporate and division strategic planning
11 important questions on Developing Marketing Strategies and Plans - Corporate and division strategic planning
What are the 4 planning activities of the corporate headquarters?
- Defining the corporate mission
- Establishing strategic business units
- Assigning resources to each strategic business unit
- Assessing growth opportunities
What are the 5 major characteristics of a good mission statement?
- Focus on a limited number of goals
- Stress the company's major policies and values
- Define the major competitive spheres within which the company will operate
- Take a long-term view
- As short, memorable and meaningful as possible
What 2 types of market definitions are there?
- Target market definition: focuses on selling a product or service to a current market. e.g. Pepsi could define their market as anyone who drinks carbonated soft drinks. Competitors are then other carbonated soft drink companies.
- Strategic market definition: also focuses on the potential market. e.g. Pepsi could also consider everyone who might drink something to quench their thirst. Competitors are then then also non-carbonated soft drinks, bottles water, fruit juices, etc.
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Assigning resources to each SBU
- BCG's Growth- share matrix (dogs, cash cows, question marks and stars)
What can happen to a SBU?
- expansion, repositioning or retargeting and strategic outsourcing
What are the characteristics of a strategic business unit (SBU)?
- It is a single business, or a collection of related businesses, that can be planned separately from the rest of the company.
- It has its own set of competitors.
- It has a manager responsible for strategic planning and profit performance, who controls most of the factors affecting profit.
What types of growth are there?
- Intensive growth: identifying opportunities for growth within current businesses.
- Integrative growth: identifying opportunities to build or acquire business related to current business.
- Diversification growth: identifying opportunities to add attractive unrelated business.
How can you fill the strategic-planning gap?
- Identify opportunities for growth within current business (intensive opportunities)
- Identify opportunities to build or acquire business related to current business (intergrative oppotunities)
- Identify opportunities to add attractive unrelated businesses (diversification opportunities)
What are the 4 strategies for intensive growth?
- Market-penetration strategy: can you gain more market share with the current product in the current market?
- Market-development strategy: can you find or develop new markets for the current product?
- Product-development strategy: can you develop new products for the current market?
- Diversification strategy: can you develop new products for new markets?
What is intensive growth?
- First course of action of corporate management
- Review of opportunities for improving existing businesses
Explain organization and corporate culture.
- Organization: consists of a company's structure, policy and corporate culture.
- Corporate culture: the shared experiences, stories, beliefs and norms that characterize an organization. The way people dress, talk and greet costumers.
Senior management has to get ideas from three groups for innovation:
- Employees with youthful or diverse perspectives
- Employees far removed from company headquarters
- Employees new to the industry
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