...marketing plan is the mix consisting of the four Ps (Product, Price, Place and Promotion) of marketing. The following images show retail examples of each of the elements of the mix and the next activity describes each element of the mix further. Figure 4 ------------------------------------------------- Activity 5: Reading about the mix Allow 30 minutes for this activity Purpose: this task will help you explore the elements of the marketing mix and develop your understanding of how the mix applies to retailing. Task: The marketing mix is often called the four Ps and it represents four discreet areas of business planning and marketing decision-making. The four Ps are: Product, Price, Place and Promotion. Find out what is involved and how these concepts relate to retail management by reading the following extracts in Box 1. Then make some notes on what each element of the mix means to the retailer. Box 1: The four Ps of the marketing mix Product In general marketing terms, the product decision involves deciding what goods or services should be offered for sale to a particular group of customers. An important aspect of this element of the mix is new product development. As technology and tastes change, products become out of date and inferior to those of the competition, so companies must update products with features that customers value or completely replace the product. Market leadership can change as new products are developed that give greater benefits than old ones...
Words: 3930 - Pages: 16
...SWOT analysis C) Market segmentation D) Strategic planning E) Diversification Answer: D AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Easy 2) Which of the following is true with regard to strategic planning? A) At the corporate level, the company starts the strategic planning process by determining what portfolio of businesses and products is best for the company. B) A strategic plan deals with a company's short-term goals. C) The focus of strategic planning is to define a game plan for long-run survival and growth. D) The strategic plan is a statement of an organization's purpose. E) Strategic planning involves identifying segments of consumers with identical preferences. Answer: C AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Moderate 3) Which of the following is the first step in strategic planning? A) setting short-term goals B) developing the business portfolio C) defining the organizational mission D) formulating the key marketing strategies E) identifying the organization's weaknesses and the threats it faces Answer: C AACSB: Analytical thinking Skill: Concept Objective: LO 2.1: Explain company-wide strategic planning and its four steps. Difficulty: Easy 4) Which of the following is NOT a step in the strategic planning process? A) defining the company...
Words: 10966 - Pages: 44
...THE PROCESS OF STRATEGIC PLANNING ARTICLE #7 OF 10 BUSINESS UNIT STRATEGY Strategic planning pays dividends to companies when approached in a disciplined process with top-down support and bottom-up participation. The following is the seventh in a series of ten articles describing one proven, tested process for effective strategic planning In the first six articles of this series we described the analysis that needs to be undertaken to be in a position to develop a clear, distinctive and differentiated Strategic Statement for the business. The first six steps of the Strategic Planning Process work are primarily about data gathering, analysis, describing and understanding the business from the views both inside and outside the company. It is a process driven and developed around fact gathering, valuing, and defining. It is developed with top down support and direction and bottom up input and analysis. Depending on the scope and complexity of the business, the next step is to develop a Strategic Statement or statements for multiple elements of the business. Those elements of the business include the overall business, each operating division of the business and each key functional area of the business. So there would be an overall company Business Strategic Statement, a Division Strategic Statement, and Functional Strategic Statements. The Functions might be Manufacturing, Marketing, Logistics or Supply Chain, Human Resources or other functions important to the success of the business...
Words: 1017 - Pages: 5
...THE PROCESS OF STRATEGIC PLANNING ARTICLE #1 OF 10 INTRODUCTION TO STRATEGIC PLANNING Strategic planning is to a business what a map is to a road rally driver. It is a tool that defines the routes that when taken will lead to the most likely probability of getting from where the business is to where the owners or stakeholders want it to go. And like a road rally, strategic plans meet detours and obstacles that call for adapting and adjusting as the plan is implemented. Strategic planning is a process that brings to life the mission and vision of the enterprise. A strategic plan, well crafted and of value, is driven from the top down; considers the internal and external environment around the business; is the work of the managers of the business; and is communicated to all the business stakeholders, both inside and outside of the company. As a company grows and as the business environment becomes more complex the need for strategic planning becomes greater. There is a need for all people in the corporation to understand the direction and mission of the business. Companies consistently applying a disciplined approach to strategic planning are better prepared to evolve as the market changes and as different market segments require different needs for the products or services of the company. The benefit of the discipline that develops from the process of strategic planning, leads to improved communication. It facilitates effective decision-making, better selection of tactical options...
Words: 8741 - Pages: 35
...ssing strategic alliances – both with traditional supply chain partners as well as with long-time competitors. As well, it has proved its worth at companies far removed from the relatively slow-clockspeed, manufacturing-intensive automotive industry. This paper describes the analysis process, the decision model, and the resulting improved process for value chain strategy at GMPT. The value analysis process emphasizes the need to balance quantitative financial considerations with less-easily quantifiable strategic issues. This model not only provided key decision support for value chain strategy, but also formed the foundation of a fast-response capability to emergent and disruptive strategic challenges. We describe why such a capability is of critical importance not only to companies such as General Motors, buy also to companies in very fast clockspeed industries such as on-line music and entertainment. Arvin Mueller, Group Vice-President of GM Powertrain from 1997 through 2001, comments on the Value Chain Strategy and its role in the strategic governance of GM’s global powertrain operations: Without a structured process for value chain strategy and formation, dealing with a rapidly changing business model in a huge, complex, and global industry provides only a hit-or-miss destiny. A systems approach to value chain strategy led to a partitioning of “Knowledge Assets” and “Supply Capabilities” within the vast business of engineering and manufacturing engines, transmissions...
Words: 6946 - Pages: 28
...NAME / NOMBRE: STRATEGIC PRODUCT CREATION PROFESSORS / PROFESORES: T. Laseter TERM / TRIMESTRE: Second Term New products offer the lifeblood of any dynamic business organization. Given the increasing use of cross-functional teams in corporate product creation, you may have the opportunity to be a part of this critical process regardless of your planned functional focus. This course will draw upon the recently published book “Strategic Product Creation” (McGraw-Hill, December 2006) coauthored by the course professor. The book takes an executive view of managing corporate product development drawing upon the experiences of global organizations such as Disney Imagineering, Procter & Gamble, Mars Incorporated, Whirlpool Corporation, United Technologies, and IBM. The course will be largely case-based covering a range of industries from software development (Activision) to automotive (GM) but also include some hands on exercises and a group simulation. This course offers a general management view of product creation by exploring frameworks and case examples from a wide range of industries. It should serve students well who seek a career in a corporate environment or as a consultant serving large corporations. Broadly, the course will examine the key processes in corporate product creation including: Product Creation Leadership Product Idea Generation Technology Capabilities Product Creation Process Design The Competitive Product Portfolio People and Project...
Words: 1882 - Pages: 8
...Chapter 2—Strategic Planning for Competitive Advantage TRUE/FALSE 1. The manufacturer of Macho brand martial arts products was implementing a strategic plan when it sponsored a local karate tournament for teenagers. ANS: F Such a short-range decision is typically a tactical plan or operating decision, not a strategic plan. PTS: 1 REF: 35 OBJ: 02-1 TYPE: App TOP: AACSB Reflective Thinking | TB&E Model Strategy 2. The marketing plan is a written document that acts as a guidebook of marketing activities for a marketing manager. ANS: T PTS: 1 REF: 36 OBJ: 02-1 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Marketing Plan 3. A firm's mission statement should answer the question, "What products do we produce best?" ANS: F Mission statements should not focus on specific product offerings but on the market or markets served. PTS: 1 REF: 37 OBJ: 02-2 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Strategy 4. A production costs analysis could be a part of a company’s SWOT analysis. ANS: T PTS: 1 REF: 38 OBJ: 02-3 TYPE: Comp TOP: AACSB Reflective Thinking | TB&E Model Strategy 5. Environmental scanning entails the collection and analysis of information about factors that may affect the organization as well as the identification of market opportunities and threats. ANS: T PTS: 1 REF: 39 OBJ: 02-3 TYPE: Def TOP: AACSB Reflective Thinking | TB&E Model Strategy 6. To be useful, marketing objectives should meet four criteria:...
Words: 15073 - Pages: 61
...The Strategic Management Frameworks Arnoldo Hax Alfred P. Sloan Professor of Management The Frameworks for Competitive Positioning Porter Resource-Based View of the Firm • The Delta Model • • Porter’s Framework for Explaining the Profitability of a Business Competitive Positioning Achieving sustainable competitive advantage Industry Structure Factors affecting industry profitability Strategy Formulation and Implementation Defining and executing the managerial tasks Elements of Industry Structure: Porter’s Five-Forces Barriers to Entry - Economies of scale - Product differentiation - Brand identification - Switching cost - Access to distribution channels - Capital requirements - Access to latest technology - Experience & learning effects Government Action - Industry protection - Industry regulation - Consistency of policies - Capital movements among countries - Custom duties - Foreign exchange - Foreign ownership - Assistance provided to competitors New Entrants Threat of new entrants Rivalry Among Competitors - Concentration & balance among competitors - Industry growth - Fixed (or storage) cost - Product differentiation - Intermittent capacity increasing - Switching costs - Corporate strategic stakes Industry Competitors Intensity of Rivalry Barriers to Exit - Asset specialization - One-time cost of exit - Strategic interrelationships with other businesses - Emotional barriers - Government & social restrictions Suppliers Bargaining...
Words: 3007 - Pages: 13
...Archive Strategic Marketing. A literature review on definitions, concepts and boundaries Jorge Mongay Autonomous University of Barcelona, SBS Swiss Business School 2006 Online at https://mpra.ub.uni-muenchen.de/41840/ MPRA Paper No. 41840, posted 9. October 2012 20:07 UTC WORKING PAPER. JM-A1-2006 STRATEGIC MARKETING: A LITERATURE REVIEW ON DEFINITIONS, CONCEPTS AND BOUNDARIES. Dr. Jorge Mongay Autonomous University of Barcelona (UAB) & SBS Swiss Business School 1 WORKING PAPER. JM-A1-2006 Summary 1. Definitions of strategic marketing 2. Aspects of Strategic Marketing 3. Factors in Strategic Marketing 4. Elements of Marketing Strategy 5. Intersections with others disciplines 5.1. Intersection between Strategic Marketing and Marketing Tactics 5.2. Intersection between Strategic Marketing and Corporate Strategy 5.3. How does it Strategic Marketing fit into Corporate Strategy? 6. Final conclusions of the paper 7. References 2 WORKING PAPER. JM-A1-2006 1. STRATEGIC MARKETING AND ITS DEFINITIONS Although most authors speak about some parts of Strategic Marketing, here is included a list of definitions of the term. Some authors appear in different years ( for example, Jain), It is understand that they have added new comments or redefined the term after the years. The table and the definitions have been ordered by year of publication. Author Year Definition Drucker 1973 “ Strategic marketing...
Words: 11185 - Pages: 45
...2001-2002 Sessions 1 & 2 The Elements of Strategy – Churchill Tableware A. INTRODUCTION The terms business policy, strategy, strategic management and corporate strategy tend to be used interchangeably by many management writers, although some attempt to derive distinctions between them. In many ways this reflects the nature of the subject as a relatively new academic discipline - where definitions and interpretations are still evolving. Never the less, there is an increasing recognition that, whatever name is used, its practice is a critical part of the management of most organizations. By introducing a number of definitions and frameworks for strategy, the aim is to establish a broad appreciation of the strategic management process, recognizing in passing some of the debates that continue within the subject. Such an appreciation can then provide a solid foundation for understanding how the tools and techniques of strategic analysis, covered in the rest of this module, can contribute to the strategic management process. Your Objectives After this session and once you have read the relevant articles & extracts, YOU WILL BE ABLE TO: • Outline a number of definitions and frameworks which describe the main elements of strategy. • Recognize some of the key debates and issues within strategic management. • Understand the context in which the tools and techniques of strategic analysis can contribute to the strategic management process. B. WHAT...
Words: 5017 - Pages: 21
...LONDON CHURCHILL COLLEGE AABPS Level 6 Diploma in Business Management Studies Title: Unit 3: Principles in Strategic Management Assessor: Submitted By (Student Name): Student ID: Number of words: 2955 Table of Contents Part 01 2 Introduction 2 I) Strategy Setting Process 2 II) Elements affecting the plan 4 iii) Future Directions 6 Part 02 7 2.1) Strategy Implementation 7 2.2) Plan for the Stakeholders. 8 Part 03 9 Part 04 11 Introduction 11 4.1) Action Plan for an operational area 11 4.2) Effects of a Change of an Operational Area 11 References 13 Web References 14 Part 01 Introduction A strategy is a must element which must get right from the beginning. A strategy will involve setting up the most important driving guideline to achieve an organisational plan or an organisational objective. Therefor a thorough understanding of organisational reach to strategy setting process and the strategic elements setting process. The underneath answers will provide the guidelines to the highlighted problems of current processes and the possible processes along with a future amendments to them with examples. About the Company History of the company. Products/Services they offer. Customer segments it serves. Competitors Vision and mission of the company and the strategy of it Business Philosophy Organisational Structure Growth of the company...
Words: 3585 - Pages: 15
...Introduction 2 Strategic Management 3 Strategic ‘fit’ of the ECBM 4 Environmental Analysis 5 The Micro Environment 7 Resources Analysis (Strategic Capability) 9 Evaluation of the Strategy 10 Future Strategic Options 11 Internal development 11 External Development 12 Evaluation of the Strategic Options 13 Corporate Social Responsibility 14 Corporate Social Responsibility Stances 15 Conclusion 16 Introduction According to General Robert E. Wood “Business is like a war in one respect, if its ground strategy is correct, any number of tactical errors can be made and yet the enterprise proves successful.”[1] Wood compares strategy to war and also indicates its origin from the Greek. The Greek word “strategos” meant “military leader”. Many refer to strategy in terms of either military, games (chess) or team related (football) context. Woods also underlines the neccessity and the reason of a strategy in any organisation. The European College of Business and Management (ECBM) is a registered non-profit organisation specialising in business education. It focuses on two main areas: Personal Development Programmes and Higher Education, Business Management Programmes. This assignment will discuss the means and bases of the strategy of the European College of Business and Management, analyse the use of the strategy and evaluate the application of possible future strategic options. Strategic Management Strategy...
Words: 3473 - Pages: 14
...Global Marketing 1) The market development strategy involves seeking new customers by introducing existing products or services to a new market segment. Answer: TRUE Difficulty: Easy Chapter LO: 1 AACSB: Reflective thinking Course LO: Discuss the fundamental concepts of marketing 2) Starbucks is building on its loyalty card and rewards program in the United States with a smartphone app that enables customers to pay for purchases electronically. This is an example of Market Penetration. Answer: TRUE Difficulty: Moderate Chapter LO: 1 AACSB: Reflective thinking Course LO: Discuss the fundamental concepts of marketing 3) The perceived value equation can be represented as Value = Price/Benefits. Answer: FALSE Difficulty: Easy Chapter LO: 2 AACSB: Analytical thinking Course LO: Discuss the fundamental concepts of marketing 4) Companies can increase prices if costs are low because of process efficiencies in manufacturing. Answer: FALSE Difficulty: Easy Chapter LO: 2 AACSB: Reflective thinking Course LO: Identify and describe the processes and tools of strategic marketing 5) If Nestlé decides not to market biscuits (cookies) in the United States due to competitive reasons, it is considered as a lack of strategic focus and missed opportunity. Answer: FALSE Difficulty: Moderate Chapter LO: 2 AACSB: Reflective thinking Course LO: Identify and describe the processes and tools of strategic marketing 6) The Yugo automobile...
Words: 6857 - Pages: 28
...Marketing Strategy: introduction and overview Strategic Windows: their nature. The nature and purpose of strategy and how it is formulated. The nature of marketing strategy and how this should take account of the interests of various stakeholders when involving such things as, product/service development and delivery, promotional mix, support services, manufacturing and production processes, R&D, and material purchasing affect the stakeholders. Other factors in the business environment that influence marketing strategy: political, economic, socio-cultural and technological (PEST). Marketing and competitors: how a firm must be able to position itself competitively in the minds of its customers so that its products and services stand out very favourably in important respects in relationship to competitors. Matching the firm’s products / services with opportunities and threats in the market place. The limited periods during which the fit between the key requirements of a market and the particular competencies of a firm competing in that market are at an optimum. Investment in a product line or a market area should be timed to coincide with periods during which a strategic window is open. Correspondingly, withdrawal should be considered where something which was a good fit, is no longer a good fit. Ways in which a market can evolve and how firms might develop a competitive strategy to take advantage of Strategic Windows. Portfolio Analysis How organisations...
Words: 3135 - Pages: 13
...Corporation (formerly known as High Tech Computer Corp.) is a Taiwan-based smartphone manufacturing company engaged in design, development, manufacturing and sales of mobile computers, personal digital assistant phones, touch phones and smart phones and offers its products in Europe, Asia pacific, North and Latin America, Africa and Middle East (Bloomberg, 2010). The company has gained a reputation in terms of innovation related to the features of their products as well as their design The Evolution of HTC HTC was founded in 1997 by three business people and technology enthusiasts Cher Wang, HT Cho and Peter Chou. The founders took the roles of Chairwoman, Director of Board and Chairman of HTC Foundation, and President and CEO respectively. At the initial period of business HTC was mainly involved in partnerships with companies like Compaq, Dell and HP designing and building PDAs (personal digital assistants) for them. The most innovative and acclaimed products of these brands HTC was closely involved in include Compaq iPAQ, Treo 650, O2 XDA, and Orange SPV (Hi, we’re HTC, 2010) The company was introduced to the public as an independent brand starting from June 2006, and manufactured its first own brand product HTC Touch, which is claimed to be by the company a first finger-friendly touch-screen smartphone in June 2007. Today HTC boasts with its popular products as Touch Diamond, Hero, HD2, HD Legend, and Desire, and has been ranked by Business Week as the second best performing...
Words: 7173 - Pages: 29
