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21 Cards in this Set
- Front
- Back
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A key to developing an effective business plan
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Comprehensive, in depth research, without adequate research, your plan will come across as vague or shallow and anyone reviewing your plan will wonder if you even know what your talking about.
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Hierarchical nature of the three level of business planning
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Strategic plans drive functional plans which in turn drive operational plans
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Strategic Business Units (SBU)
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Individual units within the firm that operate like seperate businesses, with each having its own mission, business objectives, resources, managers, and competitors
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To be effective?
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objectives need to be specific, measurable, and attainable
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Marketing Control
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process that entails measuring actual perfomance, comparing this performance to the established marketing objectives, and then making adjustments to the strategies or objectives on the basis of this analysis
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Corporate Culture
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set of values, norms, and beliefs that influence the behavior or everyone in the org.
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Common ideas that include in leaderships definitions
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exerting influence, motivating and inspiring, helping others realize their potential, leading by example,selflessness, making a difference.
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Strategy-Market Penetration
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Seek to increase sales of existing products to existing markets
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Strategy-Market Development
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Introduce existing products to new markets
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Strategy-Product Development
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Create growth by selling new products in existing markets
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Strategy-Diversifiction
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Emphazise new products and new markets to achieve growth
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Internal environment
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all controllable elements insidee a firm that influence how well the firm operates
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situation analysis
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second step in strategic planning, to assess the firm's internal and external environments
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external environment
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uncontrollable elements outside an organization that may affect its performance either positively or negatively
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SWOT analysis (Strength, Weaknesses, Opportunities, Threats)
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analysis of an organization's strengths weaknesses and the opportunities and threats in its external environment
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BCG growth-market share matrix
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portfolio analysis model developed by the Boston Consulting Group that asses the potential of successful products to generate cash that a firm can then use to invest in new products--firm can examine its portfolio of different products or SBU's
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Stars
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SBU's whose products have a dominant market share in high-growth markets--High Market Growth Rate and high Relative Market Share
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Question Marks
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SBU's whose products have a low market share in high-growth markets--High Market Growth Rate and Low Relative Market Share
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Cash Cows
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SBU's whose products have a dominant market share in a low-growth market--Low Market Growth Rate and High Relative Market Share
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Dogs
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SBU's nobody wants--Low Market Growth Rate and Low Relative Market Share
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Action Plan Template
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Title, Purpose, Description, Responsibility, Time Line, Budget, Measurement and Control
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