...Term Paper Title : Strategic Planning and the Marketing Process (Chapter: 2) Prepared For : Syed Abul Kalam Azad Professor Department of Marketing Faculty of Business Studies University of Dhaka Members Profile : (i) Md. Ershadul Islam Id no: 41323024 E-mail: ershad1811@yahoo.com Phone: 01717-461080 Position: Manager (ii) Md. Masum Sarder Id no: 41323033 E-mail: masum.sarder@gmail.com Phone: 01913-135057 Position: Executive (iii) Abu Nasar Zahid-Al-Mahmud Id no: 41323008 E-mail: saadi013@yahoo.com Phone: 01912-027058 ...
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...Competitive Strategies of Riordan The decision to begin, enter, or continue with a business venture has a specific amount of risk associated with the undertaking and once begun specific goals and objectives need outlining and measurement devises put in place to confirm the future success of the entity. In a simple form, a strategic plan determines where an organization is going during the year to two years, how it will get there, and if it can reach the objective desired. There is a variety of approaches in a strategic plan but what need the most consideration is the leadership in an organization, organizational culture, and the organizational environment. One manner of ensuring the continuity and attainment of a company is by way of a comprehensive strategic plan in which a business “lays out its future direction, performance targets, and strategy” (Gamble, Strickland III, & Thompson, Jr., p 30, 2006). When crafting a strategic plan the roles of ethical and social responsibility, competitive advantages, sustainability in foreign and domestic markets, measurement guidelines, internal dynamics, cultural and structural leadership concerns, and assessment and feedback controls need consideration to move the company in a direction that promotes longevity of the business. Riordan, a manufacturer and supplier of high-grade plastic products will incorporate each of the individual requirements outlined as well as employing the specific strategies and tactics essential to remain...
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...United States. Geographical growth opportunities are shrinking within the boundaries of the United States.The company needs to evaluate multiple options to determine the best strategy to deploy. The challenge is “keeping the world’s biggest retailer on its phenomenal roll and delivering the huge sales and earnings increases that investors had come to expect from Wal-Mart over the years” (Camerius& Hunger, p. 19-30, 2006). The company’s current strategic plan is tothrive in the followingareas: • Low costs, high customer service, and always low prices • Product mix • Logistics and supply-chain management • International markets • Domestic growth • Public relations I have developed multiple strategic alternativesfor the company. They are as follows: • Stability – Pause And Proceed: Pause physical growth then proceed with growth domestically and globally • Growth – Concentration: Concentrated Internet program to target domestic and foreign markets • Growth – Concentration: Horizontal Growth with International Entry for global geographical internal expansion The plan deployed must be consistent with the corporate strategy. Per Sam Walton (1918-1992), the company’s founder, “Our goal has always been in our business to be the very best and, along with that, we believe that in order to do that, you’ve got to make a good situation and put the interests of your associates first. If we really do that consistently, they in turn will cause…our business to be successful, which...
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...STRATEGIC PLANNING A business needs to have a clear sense of direction, which must be clearly communicated to all stakeholders. This is the aim of the business which can then be broken down into smaller aims, and objectives. Strategic planning is of importance in giving directions to organizations. A strategic plan is drawn up for relatively long period of time, typically by senior managers. The plan will cover a five year period of time or longer. The plan needs to be shaped by the mission and the values of the organization. Mission and values Most organization set out two statements that guide their action, these are; * A mission statement; setting out the purpose of the organization, usually in one or a small number of sentences. It needs to be clear to communication key purpose of the organization to stakeholders. * A value statement; setting the core values of the organization and what it believes in. These values should shape all of the relationships between the members of the organization and other stakeholders Development of strategic plans and objectives While the mission of an organization sets out its purpose and the values that it stands for , its aims set out in board terms what the organization seeks to archive through its strategic plan. The aims of an organization are closely tied to the mission, and give a general sense of direction for planning. The aims of an organization can be broken down in to more specific objectives. The objectives are...
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...providing new technology solutions, operational excellence, and providing the highest standards of business practices, which will drive Tyco’s long-term growth (Tyco, 2011). Tyco seek to achieve governance; to abide by the highest governance by setting up practices to ensure compliance and accountability. Tyco make sure to fully understand and meet customer’s needs, focus on ways to increase growth, builds on the business reputation and will a company of choice, implement best operating practices, and making sure all financial matters of the company are met. Tyco feels that governance will help the company to put in measures that will encourage staff members to ensure that the integrity of the company shows in the work and the distribution of Tyco products (Tyco, 2011). In order to remain successful Tyco’s must use methods of placing policies within the departments, so that staff members will know what is expected from them. These policies will state the exact task of each staff member to ensure a positive image of the company. Lacking of the governance, would lead to the company not being able to make a pleasant statement to each of the staff members about what is expected of them. Staff members knowing what is expected of them will assure the long-term success of the company. Planning of Management Planning of management include many steps that must be followed so that any business can maintain efficiency and...
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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...
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...B2GLOBAL PROGRAMME BTEC LEVEL 5 HND DIPLOMA IN BUSINESS UNIT SYLLABUS |Assignment Due: | |. Assignment 1: Slot 10 | |. Assignment 2: Slot 38 | |The student must pass these Assignments to pass the course | |Unit Title: |Business Strategy | |Unit Code |A/601/0796 | |QCF level |5 | |Credit value |15 credits | |Pre-requisite | | |Instructor | ...
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...CAPITAL UNIVERSITY OF ECONOMICS AND BUSINESS BTEC-HND Centre Unit 7 Edexcel Level5 BUSINESS STRATEGY Unit Introduction 24 February 2013 Unit 7: Business Strategy BTEC Higher National — H2 Description of unit The aim of this unit is to develop your abilities to evaluate and select strategies appropriate to business organizations. This will involve an analysis of the impacts of the external operating environment and the need to plan organizational strategies to ensure effective business performance. Summary of learning outcomes To achieve this unit a you must: 1 Analyze how the business environment is considered in strategy formulation 2 Understand the process of strategic planning 3 Examine approaches to strategy evaluation and selection 4 Analyze how strategy implementation is realized. Content 1 Strategy formulation Strategic contexts and terminology: role of strategy, missions, visions, strategic intent, objectives, goals, core competencies, strategic architecture, strategic control Stakeholder analysis: stakeholder significance grid, stakeholder mapping Environment auditing: political, economic, socio-cultural, technological, environmental and legal analysis (PESTEL), Porter’s 5 force analysis, the threat of new entrants, the power of buyers, the power of suppliers, the threat of substitutes, competitive rivalry and collaboration Strategic positioning: the Ansoff matrix, growth, stability, profitability, efficiency...
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...Strategic Management Process Paper Strategic management process is used by companies in order to define the strategies the company uses to achieve success. The process encompasses four components which are carried out in steps and, will be defined. This paper will also include the reasons why these processes are used in a business. A company by the name of Publix Supermarkets will be researched, along with the process the company uses. Strategic management is an ongoing process, and each of these processes coincides with one another. Primary Components of a Strategic Management Process The four components of the strategic management process are environmental scanning, strategy formulation, strategy implantation, and strategy evaluation. These steps are carried out in order, and begin the process of creating a strategic management plan ("Strategic Management Process-Meaning, Steps, And Components", 2013). Again, strategic management plans are ongoing and evaluate the company’s position in their field, along with their competitors. After the evaluation, the plan aims to realign the goals of the company for present and future goals ("Strategic Management Process-Meaning, Steps, And Components", 2013). Publix Supermarket Publix Supermarkets has their own department to handle the company’s strategies. According to "Strategy Support" (2014), “Together we're improving existing processes, developing new strategies, and making plans to grow our company.” The company states...
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...following ) 1.1 Discuss the role of strategic marketing in an organization. For AC1.1, learners need to show that they understand the difference between strategic and tactical marketing. They need to use established models and definitions to develop theirdiscussion. 1.2 Explain the processes involved in strategic marketing. For AC1.2, learners will be expected to understand and explain the processes involved in strategic marketing. This will involve looking at a range of processes and learners may wish to draw on their own experiences in the workplace to amplify their points. 1.3 Evaluate the links between strategic marketing and corporate strategy For AC1.3, learners are expected to understand that the process of strategic marketing does not take place in a vacuum. They will need to show that they can evaluate the links between strategic marketing and corporate strategy and provide examples of those links. 2.1 Assess the value of models used in strategic marketing planning. For AC2.1, learners need to research the models used in strategic planning. They will need to make judgments and assess the value of the models for strategic marketing planning. 2.2 Discuss the links between strategic positioning and marketing tactics. For AC2.2, learners need to understand that when strategic plans are put into operation, dayto-day tactical decisions have to be made. In their discussion, they need to provide examples of how tactics are related to strategic positioning decisions. 2.3 Analyse...
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...University Strategic Management-BUS 599 Dr. Gary B. Shelton July 15, 2012 Abstract What can a business professional implement that would help a company to be successful? In an effort for a company to be successful, business professionals should create and execute strategic planning models which outline specific results that are to be achieved and by establishing es a course of action for achieving them. In our current failing economy, business professionals are becoming more aware of the how challenges ing it is in to starting a business and remaining successful. While most would agree that failures are personally painful and could have been conceivably too often prevented, ??????? consensus dissolves around how to take action to the problem.?????? Some business owner’s may believe think that a successful business’ is based solely on luck; while other’s business owners believe may think that their success is based on the location. of their business. Although, both concepts could be attributed to success, in this report I provide a solution that could help business owners ????? transit ??? a business toward its success. In this paper, as a business professional for Take the Time and Time it Right Greetings Card Company, I argue in support of and focus on the importance of implementing a strategic plan for the success of this business. Several business owners might disagree with my argument, because they might feel that documenting a strategic plan can could be...
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...Table of Contents Introduction 2 TASK 1 3 1.1 Explain strategic contexts and terminology – missions, visions, objectives, goals, and core competencies. 3 1.2 Review the issues involved in strategic planning. 4 1.3 Explain different planning techniques. 5 Task 2 6 2.1 Produce an organisational audit for Evans Instruments Ltd. 6 2.2 Carry out an environmental audit for a given for Evans Instruments Ltd. 7 2.3 Explain the significance of stakeholder analysis. 9 TASK 3 10 3.1 Analyse possible alternative strategies relating to substantive growth, limited growth or retrenchment. 10 3.2 Select an appropriate future strategy for Evans Instruments Ltd 11 TASK 4 12 4.1 Compare the roles and responsibilities for strategy implementation. 12 4.2 Evaluate resource requirements to implement a new strategy for Evans Instruments Ltd. 13 4.3 Discuss targets and timescales for achievement in a given organisation to monitor a given strategy. 14 Conclusion 15 References 16 Introduction When we are studying business we should need to understand the business strategy. Without proper strategy we can’t move on from the business and it’s like a man who walks without a head. So therefore we need to understand the those business strategy well. TASK 1 1.1 Explain strategic contexts and terminology – missions, visions, objectives, goals, and core competencies. Mission Mission is a fundamental statement of enterprise purpose and defined the place...
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...Sciences Assignment 1 Why International Companies differ from Domestic Companies Course Title: International Business Course Code: BUS 341 Department: BBA Date of Submission: February 16, 2012 Prepared For: Ayesha Binte Safiullah School of Business Prepared By: Samiul Islam Abir. ID 09310175 Why international companies differ from domestic companies? The companies doing their business in two or more country are international companies and the companies doing business in a single country only are domestic companies. There are many differences between these two types of companies. These differences occur due to the difference across borders. Nation-states generally have unique government systems, laws and regulations, currencies, taxes and duties, and so on, as well as different cultures and practices. So, What is Domestic Business: Domestic business is the exchange of goods, services, or both within the confines of a single national territory. It is always aimed at a single market and deals with only one set of competitive, economic, and market issues. The exchange is always with a single set of customers all the time, though the company may have several segments in a market. Domestic business may be sub-divided into Wholesale business, and Retail business. Wholesale is concerned with buying goods from manufacturers or dealers in large quantities and selling them in smaller quantities...
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...1. Describe a strategic business plan and explain who needs it and for what purposes, explain its content and format. A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place. Although a strategic business plan contains similar elements of a traditional plan, a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities. This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry. Significance A strategic business plan is necessary to optimize market research and to attain optimum market share for your b usiness. - The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective. -The plan allows a company to know as much as possible about the needs of its customers and gaps in the marketplace that need to be filled. - A strategic business plan helps a company provide better, more targeted service to its clients. Characteristics A strategic business plan includes extensive market research, industry trends and competitor analyses. A strategic plan will include the components of a traditional plan, such as an executive summary, marketing analysis and financial statements, but a strategic plan will be more specific on how the...
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...Final Strategic Plan Richard Pitcher BUS/475 May 12, 2014 Ryan Simpson Final Strategic Plan Strategic Plan, Part I: Conceptualizing a Business Anyone who wishes to go into business or who is already in business should have some type of strategic plan in place so that their company could gain success. A strategic business plan helps a company to define its mission, and vision, giving the company a sense of purpose and direction that sets it apart from competitors (Pearce & Robinson, 2009).Part 1 of the strategic plan that will be worked on over the remainder of this course will outline critical information needed for this plan. The mission statement will define the chosen business which is a startup restaurant called Mom’s Kitchen, its products, service and customers. The vision statement will show the strategic intent which shows where the organization expects to be in the future and how it will use its energies and resources to get there. This paper will analyze how the mission, vision, and values which guide the direction Mom’s Kitchen will follow and how Mom’s Kitchen addresses customer needs and what advantage they can achieve over their competition. Define the Business, product and mission statement The business I chose as a startup business is a restaurant, called Mom’s Kitchen. The mission statement for Mom’s Kitchen is “to provide our customers with a homemade meal like mom would have made using the freshest ingredients at a valued price” Because there...
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