The units should be multi-disciplinary, such that all elements are in place to build these two brands. In addition, the new units need to be allocated both human and fiscal resources in order to achieve their tasks. Support from the organization's highest levels is imperative to the success of any project.
The third step in this strategy is to identify specific tactics. For Smucker's to create superpremium brands in coffee and jam, they must identify tactics that will deliver that degree of differentiation. For example, Smucker's could determine that it will make organic jam and fair trade coffee. The company would then need to identify marketing tactics as well. Distribution would be through the company's usual channels, so they would need a specific plan to gain more SKUs from their retailers. A marketing plan would need to be devised for each project as well, with regard to the promotion. In addition, the Smuckers would need to identify ways in which to tie the new products back to their existing brands, developing marketing synergies in the process.
The fourth step is to monitor the execution of the strategy. Objectives for the project have already been set. Now that the strategy is under way, it is important that the firm devise a methodology for measuring the success of the tactics. As measures are recorded, they must then be evaluated against the stated objectives. The creation of this feedback gives managers not only a chance to see if their strategy is being implemented successfully, but also to see if they can determine ways to improve the strategy going forward.
The final phase of implementation is the adjustment phase. This phase to an extent starts the process...
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