Developing A Strategic Plan Essay

1894 words - 8 pages

Developing a Strategic Plan

I. LOOKING AHEAD: PREVIEWING THE CONCEPTS

The hard task of selecting an overall company strategy for long-run
survival and growth is called strategic planning.

II. STRATEGIC PLANNING

Each company must find the game plan that makes the most sense given
its specific situation, opportunities, objectives, and resources.

Strategic planning: The process of developing and maintaining a
strategic fit between the organization’s goal and capabilities and its
changing marketing opportunities. It involves defining a clear
company mission, setting supporting objectives, designing a sound
business portfolio, and coordinating functional strategies.

Strategic planning sets the stage for the rest of the planning in the
firm. Companies usually prepare annual plans, long range plans, and
strategic plans. The strategic plan involves adapting the firm to take
advantage of opportunities in its constantly changing environment.

Marketing planning occurs at the business-unit, product, and market
levels, supporting company strategic planning with more detailed
planning for specific marketing opportunities.

A. Defining a Market-Oriented Mission

Mission statement: A statement of the organization’s purpose – what it
wants to accomplish in the larger environment.

A clear mission statement acts as an “invisible hand” that guides
people in the organization.

Mission statements should be market oriented; a market-oriented
mission statement defines the business in terms of satisfying basic
customer needs.

A mission should be realistic, specific and the mission should fit the
market environment. The organization should base its mission on its
distinctive competencies. Finally, mission statement should be
motivating.

B. Setting Company Objectives and Goals

* This mission leads to a hierarchy of objective, including business
objectives and marketing objectives.

* Marketing strategies must be developed to support these marketing
objectives.

* Each broad marketing strategy must then be defined in greater
detail.

C. Designing the Business Portfolio

Guided by the company’s mission statement and objectives, management
now must plan its business portfolio.

Business portfolio: the collection of businesses and products that
make up the company.

The best business portfolio is the one that best fits the company’s
strengths and weakness to opportunities in the environment. Business
portfolio planning involves two steps: (1) the company must analyze
its current business portfolio and decide which businesses should
receive more, less, or no investment. (2) it must shape the future
portfolio by developing strategies for growth and downsizing.

1. Analyze the current business portfolio

The major activity in strategic planning in business Portfolio
analysis: A tool by which management identifies and evaluates the
various businesses making up the company.

Management’s first step is to identify the key businesses making up
the company....

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