Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Term Paper:
Strategic Planning consists of fitting the organization's objectives and resources to the available market opportunities. The purpose of strategic planning is long-term profitability and growth.
Strategic Business Units are independent of one another and maintain distinct missions and specific markets. They have control over their resources and their strategies are unique to their competitive environment.
Strategic Alternatives are different conceptual approaches toward strategic planning. Examples include: Ansoff's Opportunity Matrix, the Boston Consulting Group Portfolio Matrix, and the General Electric Model.
The Marketing Plan Process allows the organization to anticipate future events and design a plan for achieving the organization's objectives by adapting strategies for the marketing environment.
Business Mission Statements provide direction for the organization by defining its business and business objectives.
Situation Analysis is a process that allows the organization to identify its strengths, weaknesses, opportunities, and threats (SWOT). Environmental scanning identifies opportunities and risks based on the six major environmental forces: social, demographic, economic, technological, political/legal, and competition.
Sources of Competitive Advantage include cost, production/service differentiation, and niche markets. In principle, cost advantage means minimizing costs of raw materials and overhead while maximizing revenue; product/service differentiation advantage means establishing something about the organization's products or services that makes them different from those of competitors in ways valued by consumers; and niche advantage is similar to differentiation except that it is based on unique characteristics or needs of a smaller, more specific consumer market.
Marketing Objective Criteria for marketing plans are that they be realistic, measurable, time-bound, and comparable to a benchmark. They promote communication, management direction, employee motivation, clear thinking among executives, and a basis for control.
Target Market Strategies allow the organization to define specific markets and to develop a marketing mix that promotes the organization's goals within those markets. They include marketing opportunity analyses to better understand the market so that the organization can either: (1) appeal to the entire market using one marketing mix, (2) concentrate on one segment, or (3) appeal to multiple markets using multiple marketing mixes.
The Marketing Mix Elements are those factors that create a unique blend of the "Four Ps" products/services, place, promotion, and pricing strategies that will maximize revenue for the organization from a given market.
Implementation, Evaluation, and Control of the Marketing Plan are critical to success of the plan. A marketing audit allows the organization to measure the effectiveness of the marketing plan. That audit process supports better understanding the strengths and weaknesses of the marketing plan and the implementation of measures to make necessary improvements as indicated by the results of the audit.
Strategic Planning Techniques require continual attention, creativity, and the management of commitments.
Chapter 4 Summary
Target Markets are defined groups of consumers considered most likely to purchase the products or services of the organization. They change as consumers age and also as the elements of the external environment change.
External Environments of Marketing are those market conditions that exist based on the needs and desires of the target market. Organizations can respond reactively to changing market conditions and they can respond proactively by shaping those external environments through environmental management strategies.
Social Factors that Affect Marketing include the attitudes, values, and lifestyles of the individuals within the target market. Those factors play a critical role in the decisions that consumers make about what goods and services they purchase to match their personal attitudes, values, beliefs, and lifestyles. In the Information Age, digital media have become extremely important elements of social factors affecting marketing.
Marketing Managers' Understanding of Demographic Trends is important to developing marketing plans and strategies that are appropriate to different target markets. Some examples of important demographic distinctions include indentifying consumer groups, such as tweens, teens, Generation Y, Generation X, and Baby Boomers.
Marketing Managers' Understanding of Growing Ethnic Markets is critical to effective marketing. The ethnic minority population in the U.S. is more than 110 million and represents tremendous purchasing power. Some examples of marketing decisions based on understanding ethnic markets include the different approaches and messages used to appeal to Hispanic-Americans, African-Americans, and Asian-Americans, respectively.
The State of the Economy and Consumers are closely related and in ways that greatly affect marketing decisions. It determines four crucial factors that shape consumer behavior: income, purchasing power, inflation,…[continue]
"Strategic Planning Consists Of Fitting The Organization's" (2014, February 05) Retrieved December 3, 2016, from http://www.paperdue.com/essay/strategic-planning-consists-of-fitting-the-182193
"Strategic Planning Consists Of Fitting The Organization's" 05 February 2014. Web.3 December. 2016. <http://www.paperdue.com/essay/strategic-planning-consists-of-fitting-the-182193>
"Strategic Planning Consists Of Fitting The Organization's", 05 February 2014, Accessed.3 December. 2016, http://www.paperdue.com/essay/strategic-planning-consists-of-fitting-the-182193
Strategic Diversity Management Diversity management is a stratagem which contributes actively in encouraging the conception, recognition and implementation of diversity in the operations of different corporations and institutions. This whole notion has its roots in the idea that diversity is the only means of enriching lives of innumerable people by ensuring equal rights, positive behaviour and a fair attitude to all and sundry. Individuals are often dissimilar in terms of age
Human Resources Managing Organisational Culture The values and behaviors that contribute to the unique social and psychological environment of an organization make up the organizations culture. Organizational culture is the summation total of an organization's past and current suppositions, incidents, viewpoint, and values that hold it together, and is articulated in its self-image, inner workings, connections with the outside world, and future prospects. In dealing with the management of organisational culture, it is
However, there are some problems that appear to be universal, and these are the ones that are of the largest concern because they affect the greatest number of schools and their fire safety workers as well. By detailing this information and explaining it clearly, it is assumed that more individuals in the profession will be made aware of it so that more can be done to make schools safer. Ultimately,
Based on the attributes of luxury brand, the luxury brand requires special marketing strategy to achieve brand objectives. The strategy assists in developing global brand reputation as well as forming brand awareness within the global competitive environment. (Moore and Birtwistle 2005). In the contemporary marketing environment, experiential marketing has become a cornerstone of marketing, and retailing for luxury brand. Experiential marketing is the technique of viewing consumer as an emotional and
manager." The introduction describe " -development important a manager mix a bit coaching theories ( I a coaching I techniques Kolb' learning cycle techniques fuore managers improve ), I a part body essay real life examples managers coaching techniques -development successful ( describe techniques ). The importance of self-development in becoming a manager Self-development is defined first and foremost as an overall holistic desire to find one's freedom and the desire
Change This study analyzes outsourcing trends in the next decade. The study assesses this by focusing on the past and current trends, problems and issues in outsourcing via semi-structured interviews. Major trends and processes will be revealed and assessed for their relevancy, depth and breadth. Companies belonging to most industries are very much considered to be the units that are vertically integrated, or so-called usual industrial firms (Stigler, 1951), where activities
Criminal Justice System Program REDUCING GUN VIOLENCE AND CRIME The Violent Gang and Gun Crime Reduction Program More popularly known as Project Safe Neighborhoods or PSN, this Program was conceived and designed to create safer neighborhoods by reducing crime associated with gang and gun violence (BJA, 2012). Its effectiveness derives from the cooperation among the local, State, and federal agencies involved. It is led by the district attorney. He is tasked with establishing