BUSI 2204 Lecture 3: busi 2204 lecture 3
30 Sep 2020
School
Department
Course
Professor
Week 3
Importance of strategic planning
- Looking at long term profitability, not short term (think confluence)
- Marketing Strategic planning
- Supports the strat plan aimed at target markets and include marketing mix
elements
Elements of a marketing Plan
Corporate level planning
- Starts with mission statement
- Answer’s what value do we provide our customers
- Sets out boundaries for subsequent decisions, objectives, and strats
- Apples missions statement
- Bring best user experience to customers through innovative hardware,
software and services
Strategic directions -- designing the business portfolio
- Businesses need to understand the current environment and if they want to expand,
know what new environment would look like. To do this you need a SWOT analysis
- Can also use Ansoff’s strategic opportunity matrix
-
Business planning for Competitive Advantage
- After SWOT and determined appropriate growth strat need to start and execute strat
Document Summary
Looking at long term profitability, not short term (think confluence) Supports the strat plan aimed at target markets and include marketing mix elements. Answer"s what value do we provide our customers. Sets out boundaries for subsequent decisions, objectives, and strats. Bring best user experience to customers through innovative hardware, software and services. Businesses need to understand the current environment and if they want to expand, know what new environment would look like. To do this you need a swot analysis. Can also use ansoff"s strategic opportunity matrix. After swot and determined appropriate growth strat need to start and execute strat. Find sustainable competitive advantages by identifying your core competencies. Understand what sets you apart from your competitors. Lower cost competitor but still maintain profit margin (ie tims vs starbucks) Unique benefit that is valuable to buyers beyond a low price. Target and serve needs of single segment with good growth potential, but not crucial to success of major competitors.
