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78 Cards in this Set

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planning
basis for sound decision making in any situation
Key elements in planning (5)
1)timing
2)tasks
3)responsibility
4)follow-up
5)budgeting
timing
*planning must occur well in advance of the activity
*if put off until last minute = negative side effects
planning
basis for sound decision making in any situation
tasks
*every activity is comprimised of a number of specific tasks
*all details must be planned out= successful activity
Key elements in planning (5)
1)timing
2)tasks
3)responsibility
4)follow-up
5)budgeting
responsibilty
*every task needs a specific coordinator
*if one person not held accountable, task may not get done
timing
*planning must occur well in advance of the activity
*if put off until last minute = negative side effects
follow-up
*even if responbility for each task has been delegated, one individual must follow up on and coordinate the progress of the overall activity (coordinator)
tasks
*every activity is comprimised of a number of specific tasks
*all details must be planned out= successful activity
budgeting
*budget needs to be developed through cost estimation
*budget need to be tracked over time
responsibilty
*every task needs a specific coordinator
*if one person not held accountable, task may not get done
follow-up
*even if responbility for each task has been delegated, one individual must follow up on and coordinate the progress of the overall activity (coordinator)
planning
basis for sound decision making in any situation
budgeting
*budget needs to be developed through cost estimation
*budget need to be tracked over time
Key elements in planning (5)
1)timing
2)tasks
3)responsibility
4)follow-up
5)budgeting
timing
*planning must occur well in advance of the activity
*if put off until last minute = negative side effects
tasks
*every activity is comprimised of a number of specific tasks
*all details must be planned out= successful activity
responsibilty
*every task needs a specific coordinator
*if one person not held accountable, task may not get done
follow-up
*even if responbility for each task has been delegated, one individual must follow up on and coordinate the progress of the overall activity (coordinator)
budgeting
*budget needs to be developed through cost estimation
*budget need to be tracked over time
Levels of Planning (3)
Strategic
Marketing
Tactical
Strategic Planning
"game plan"
3-5 year
Corporate and Business levels
Marketing Planning
1 year
marketing level
(product line)
Tactical Planning
less than one year
marketing
(nitty gritty detail)
Fundamentals of Strategic Planning
1. Establishing the organizational mission
2. defining SBUs
3.specifying organizational objectives
4.analyzing SBU peformance
5.Assessing organizational growth opportunities
6.developing marketing plans
SBU stands for?
Strategic
Business
Unit
Fundamentals of Strategic Planning
1) establishing the organizational mission
mission statement is a guideline for the organization's decision making for both the short and long run
(who we are, what we're trying to do, focus and direction, stay consistent)
Fundamentals of Strategic Planning
2)Defining SBUs
SBUs or smaller divisions to facilitate planning and general operations
Fundamentals of Strategic Planning
3)Specifying organizational objectives
S specific
M measurable
A achievable
R relevant
T time-bound
Levels of Planning (3)
Strategic
Marketing
Tactical
Strategic Planning
"game plan"
3-5 year
Corporate and Business levels
Marketing Planning
1 year
marketing level
(product line)
Tactical Planning
less than one year
marketing
(nitty gritty detail)
Fundamentals of Strategic Planning
1. Establishing the organizational mission
2. defining SBUs
3.specifying organizational objectives
4.analyzing SBU peformance
5.Assessing organizational growth opportunities
6.developing marketing plans
SBU stands for?
Strategic
Business
Unit
Fundamentals of Strategic Planning
1) establishing the organizational mission
mission statement is a guideline for the organization's decision making for both the short and long run
(who we are, what we're trying to do, focus and direction, stay consistent)
Fundamentals of Strategic Planning
2)Defining SBUs
SBUs or smaller divisions to facilitate planning and general operations
Fundamentals of Strategic Planning
3)Specifying organizational objectives
S specific
M measurable
A achievable
R relevant
T time-bound
Fundamentals of Strategic Planning
4) Analyzing SBU performance

FIVE RESOURCE ALLOCATION STRATEGIES
Build
Maintain
Niche
Harvest
Divest
Build
improve SBU position in marketplace by investing additional resources
Maintain
hold steady the SBU current position in marketplace
Niche
narrow the focus of the SBU's intended market
Harvest
utilize the SBU to generate resources for other SBUs
Divest
discontinue all investment in an SBU so that resources can be redirected to other SBUs
BCG Matrix
stands for?

aka?
Boston
Consulting
Group

resource allocation model
BCG Matrix
axis labels
left:market growth/cash usage
bottom:market share/cash generation
BCG Matrix
Which title in which square?
Problem child (?): top right
Cash Cow: bottom left
Star: top left
Dog: bottom right
BCG Matrix
Cash Cow

market share and growth?
strategies?
high market share
low market growth
generates profit and cash flows
maintains superiority

maintain, harvest
BCG Matrix
Star

market share and growth?
strategies?
high market share
high market growht
generates sustantial cash flow
requires large investment

build, maintain
BCG Matrix
Dog

market share and growth?
strategies?
low market share
low market growht
generates little profits

niche, divest, maintain
BCG Matrix
Problem Child/?

market share and growth?
strategies?
low market share
poor profit margins
risk of becoming a dog

Build, niche, divest
Fundamentals of Strategic Planning
6) Developing marketing plan
marketing plans emanate from the overall strategic planning
Fundamentals of Marketing Planning

Marketing plans vary in:
1) scope
2) length
3) formality
Fundamentals of Marketing Planning

the traditional marketing plan
1. executive summary
2. market situation analysis
3. SWOT analysis
4. specification of marketing objectives
5. formulation of marketing strategies
6.preparation of action programs and budget
7.development of control procedures
The traditional marketing plan:

1) executive summary
written last, one page summary of marketing plan
The traditional marketing plan:

2) market situation analysis
marketing mix (4ps)
environmental factors
The traditional marketing plan:

3) SWOT Analysis
Strengths Weaknesses Opporunities Threats
The traditional marketing plan:

4) Specifications of marketing objectives
S specific
M measurable
A achievable
R relevant
T time-bound
The traditional marketing plan:

3) SWOT Analysis MATRIX
what is where?
Top: External: Opportunities and threats

Left: Internal: Strengths and weaknesses
The traditional marketing plan:

3) SWOT Analysis MATRIX

-SO strategies
Strategies that use the firm's strengths to take advantage of opportunities that exist in the marketplace
The traditional marketing plan:

3) SWOT Analysis MATRIX

-ST strategies
Strategies that use the firm's strengths to offset threats that exist in the marketplace
The traditional marketing plan:

3) SWOT Analysis MATRIX

-WO strategies
Strategies that offset the firm's weaknesses and enable the firm to take advantage of opportunities that exist in the marketplace
The traditional marketing plan:

3) SWOT Analysis MATRIX

-WT strategies
Strategies that offset the firm's weaknesses and counter threats that exist in the marketplace
Fundamentals of Strategic Planning:

5. Assessing Organizational Growth Opportunities

AVENUES FOR GROWTH (3)
1)Intensive growth
2)integrative growth
3)diversification growth
Intensive growth
developing growth within current operations
integrative growth
acheiving growth by acquiring other businesses that are directly related to existing operations
diversification growth
developing growth by acquiring other businesses not directly related to exisiting operations
intensive growth strategies

matrix axis labels?
strategies?
Left: Products
Top: Markets

1)Market penetration
2)market development
3)product development
4)product diversification
Market penetration
Where on matrix?
existing product
existing market

increase promotion
decrease price
market development
Where on matrix?
existing product
new market
product development
Where on matrix?
new product
existing market
product diversification
Where on matrix?
new product
new market
integrative growth strategies
backward integration
horizonatal integration
forward integration

manufacturer--wholesaler--retailer
Diversification Growth strategies
1) growth through the acquisition of other businesses that are not directly related to existing operations
-concentric diversification
-horizontal diversification
-conglomerate diversification
concentric diversification
acquiring company tha tis indirectly related to business
horizontal diversification
acquiring anothe business, btu theay sell at different business format
conglomerate diversification
acquiring company that is totally unrelated to existing business