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22 Cards in this Set
- Front
- Back
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Business planning |
Ongoing process that guides short & long term decisions -helps identify a firms strength |
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3 levels of business planning |
1. Strategic planning 2. Operational 3. Functional |
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Strategic plan |
-Dome by top-level corporate -develop growth strategies -the big plan - |
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Functional plan |
-done by top-functional level management -set marketing objectives -develop marketing strategies |
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Operational plan |
-done by supervisory managers -develop action plan to implement market plan -use marketing metrics to monitor how plan is working |
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What is sbu |
Separate businesses : stores, etc |
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Steps in strategic planning |
1.dwfine the mission 2. Evaluate internal & external environment. 3. 4. Establish business portfolio 5. Develop growth strategies |
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1. Define the mission |
Mission statement- formal document the describes firms overall purpose and what it hope to achieve -mission statements apply to any organization |
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2. Evaluate internal and external environment |
-managers synthesize environmental analysis into format like swot analysis Internal--- anything goes on in the firm Ex; reputation, people that work there External--- anything that goes on outside of firm in which could positively/ negatively impact firm Ex; economy |
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5. Develop growth strategies |
Product market growth matrix- characterizes different types of growth strategies based on market and product types 1. Market penetration 2.product development 3.markwt development 4.diversification |
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Market penetration |
Seek to increase sales of existing products to existing markets |
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Product development |
Create growth by selling new products to existing markets |
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Market development |
Introduce existing products to new markets Ex; convenient stores |
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Diversification |
Emphasize new products and new markets to achieve growth |
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4. Establish business portfolio |
Business portfolio represent the range of different businesses that a large firm operates Portfolio analysis- Addresses the growth potential for a firm sbu and product lines |
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Bcg matrices chart |
Stars Question marks Cash cows Dogs |
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Stars |
Products have a dominant market share in high growth markets |
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Question mark |
Products have a low share in high growth markets - don't know if product will succeed |
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Cash cows |
Products have dominant market share in a low growth market |
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Dogs |
No one wants |
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3. Set organizational or sbu objectives |
Organizational goals and objectives should be directed outgrowth of mission statement - objectives should be specific , measurable, sustainable, attainable,: |
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Steps in market planning |
1.perform a situation analysis 2.set marketing objectives 3. Develop marketing strategies 4.implementb& control the marketing plan |
