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This is a€?Components of the Strategic Planning Processa€?, section 2.2 from the book Marketing Principles (v.
This content was accessible as of December 29, 2012, and it was downloaded then by Andy Schmitz in an effort to preserve the availability of this book. PDF copies of this book were generated using Prince, a great tool for making PDFs out of HTML and CSS. For more information on the source of this book, or why it is available for free, please see the project's home page. helps people like you help teachers fund their classroom projects, from art supplies to books to calculators. Strategic planning is a process that helps an organization allocate its resources to capitalize on opportunities in the marketplace. As part of the strategic planning process, a situation analysisAn assessment of an organizationa€™s internal and external environments. Based on the situation analysis, organizations analyze their strengths, weaknesses, opportunities, and threats, or conduct whata€™s called a SWOT analysisAn acronym for strengths, weaknesses, opportunities, and threats, the SWOT analysis is a tool that frames the situational analysis.. The easiest way to determine if a factor is external or internal is to take away the company, organization, or individual and see if the factor still exists. As we have indicated, when an organization evaluates which factors are its strengths and weaknesses, it is assessing its internal environment. PepsiCoa€™s brand awareness, profitability, and strong presence in global markets are also strengths.
Although the brand awareness for PepsiCoa€™s products is strong, smaller companies often struggle with weaknesses such as low brand awareness, low financial reserves, and poor locations. Individuals are also wise to look at the strategies they have tried in the past to see which ones failed and which ones succeeded. Analyzing the external environment involves tracking conditions in the macro and micro marketplace that, although largely uncontrollable, affect the way an organization does business.
When firms globalize, analyzing the environment becomes more complex because they must examine the external environment in each country in which they do business.
Although the external environment affects all organizations, companies must focus on factors that are relevant for their operations. All organizations must consider their competition, whether it is direct or indirect competition vying for the consumera€™s dollar. When a firm conducts a competitive analysis, they tend to focus on direct competitors and try to determine a firma€™s strengths and weaknesses, its image, and its resources. According to Porter, in addition to their direct competitors (competitive rivals), organizations must consider the strength and impact the following could have:Michael E. When any of these factors change, companies may have to respond by changing their strategies.
When personal computers were first invented, they were a serious threat to typewriter makers such as Smith Corona. Suppliers, the companies that supply ingredients as well as packaging materials to other companies, must also be considered. All organizations must comply with government regulations and understand the political and legal environments in which they do business. As we have explained, when organizations conduct business in multiple markets, they must understand that regulations vary across countries and across states. The economy has a major impact on spending by both consumers and businesses, which, in turn, affects the goals and strategies of organizations.
During a recessionary period, it is possible for both high-end and low-end products to sell well.
The technology available in the world is changing the way people communicate and the way firms do business. Natural resources are scarce commodities, and consumers are becoming increasingly aware of this fact. Although environmental conditions change and must be monitored continuously, the situation analysis is a critical input to an organizationa€™s or an individuala€™s strategic plan.
The firma€™s mission statementDefines the purpose of the organization and answers the question of how a company defines its business. A firm must analyze factors in the external and internal environments it faces throughout the strategic planning process. Ntandem takes a holistic approach to marketing strategy development and implementation to help you identify the most effective and efficient ways to move performance from where it currently stands to where it has the potential to go.
Ntandem is known to produce marketing strategiesa€“ so strong, so powerful, that it changes brand trajectories, career paths, sometimes entire companies and even industriesa€“requires frontline experience, and business-building ideas. In our experience, very often the best way forward is to first take a close look at where you have been.
Ntandem uses a variety of tools to ensure marketing planning takes place with real knowledge of the relationship between inputs to the plan and desired outputs to ensure you hit performance objectives.
Many entrepreneurs and small business executives either don’t have the time or the staff to adequately plan their marketing activities.  For most they would simply jump straight to the end of the story and start talking tactics.
While all these tactics may be effective for your business how do you know which ones to use if you have not taken the time to properly set objectives and plan your strategy?
Like a general going to war you need to have an end goal in mind – your mission.  Once that has been developed you can then set your objectives. Contact me if you are interested in discussing a strategic marketing plan for your business.
What do you think about ranking on the top slot of Google for a question thanks to two free services – Squidoo and Prezi? Ranking high in Google is certainly desirable, a top 5 ranking is what you should shoot for. Add important lessons to your Custom Course, track your progress, and achieve your study goals faster.
In this lesson we will focus on the components of marketing strategy goals that's achievable through a process. Let's Discuss Marketing StrategyMarketing strategy demonstrates components that an organization uses to obtain the market's attention. The core elements process listed above helps define an organization plans and goals that create the achievement in the organization's development in their marketing plans. There are most likely some business owners that have worked on numerous projects and may have used their own thoughts or past ideas in making business decisions.
Newspaper Marketing Strategy: These days you don't find as many people reading the newspaper. Let's Sum It UpIn the marketing world, business owners and large companies, it's important that their promotional, advertising, and marketing research maintain consistency in creating measures to obtain customer loyalty and commitment. See the license for more details, but that basically means you can share this book as long as you credit the author (but see below), don't make money from it, and do make it available to everyone else under the same terms.
However, the publisher has asked for the customary Creative Commons attribution to the original publisher, authors, title, and book URI to be removed.
Perhaps your strengths include strong leadership abilities and communication skills, whereas your weaknesses include a lack of organization.
Internal factors such as strengths and weaknesses are specific to a company or individual, whereas external factors such as opportunities and threats affect multiple individuals and organizations in the marketplace. Once companies determine their strengths, they can use those strengths to capitalize on opportunities and develop their competitive advantage.
Especially in foreign markets, the loyalty of a firma€™s employees can be a major strength, which can provide it with a competitive advantage. When organizations assess their internal environments, they must look at factors such as performance and costs as well as brand awareness and location. The macro environment includes economic factors, demographic trends, cultural and social trends, political and legal regulations, technological changes, and the price and availability of natural resources.

Regulations, competitors, technological development, and the economy may be different in each country and will affect how firms do business. For example, government regulations on food packaging will affect PepsiCo but not Goodyear.
Michael Porter, a professor at Harvard University and a leading authority on competitive strategy, developed an approach for analyzing industries. Doing so helps the firm figure out how much money a competitor may be able to spend on things such as research, new product development, promotion, and new locations. For example, because buyers are consuming fewer soft drinks these days, companies such as Coke and Pepsi have had to develop new, substitute offerings such as vitamin water and sports drinks. Companies everywhere are finding that no matter what they make, numerous firms around the world are producing the same a€?widgeta€? or a similar offering (substitute) and are eager to compete with them.
Different government agencies enforce the numerous regulations that have been established to protect both consumers and businesses. Food and Drug Administration prohibits companies from using unacceptable levels of lead in toys and other household objects, such as utensils and furniture. Economic factors include variables such as inflation, unemployment, interest rates, and whether the economy is in a growth period or a recession. Consumers who can afford luxury goods may continue to buy them, while consumers with lower incomes tend to become more value conscious. Today, many firms are doing more to engage in a€?sustainablea€? practices that help protect the environment and conserve natural resources. We seek to produce financial rewards to investors as we provide opportunities for growth and enrichment to our employees, our business partners and the communities in which we operate. Using Portera€™s five forces model, explain what you need to consider with regard to each force.
Our value runs in its ability to mesh powerful technology assets with elegant communication strategies to substantially accelerate your business.
While informal knowledge may be useful in making business decisions, it may not always provide all the facts or research. This is why it's important that you know the audience that you want to reach when you market a product or service.
However, TV and radio marketing strategy may be less effective in obtaining a direct response from the target audience.
Having a plan in place to market a business should be the number one priority in establishing a marketing strategy to bring success to a business.
You may also download a PDF copy of this book (19 MB) or just this chapter (2 MB), suitable for printing or most e-readers, or a .zip file containing this book's HTML files (for use in a web browser offline). The strategic planning processA process that helps an organization allocate its resources under different conditions to accomplish its objectives, deliver value, and be competitive in a market-driven economy.
A situation analysis involves analyzing both the external (macro and micro factors outside the organization) and the internal (company) environments.
For example, an organizationa€™s strengths might include its brand name, efficient distribution network, reputation for great service, and strong financial position. Opportunities for you might exist in specific careers and industries; however, the economy and other people competing for the same position might be threats. For example, if you are doing a situation analysis on PepsiCo and are looking at the weak economy, take PepsiCo out of the picture and see what factors remain.
Loyal and knowledgeable employees are easier to train and tend to develop better relationships with customers.
Managers need to examine both the past and current strategies of their firms and determine what strategies succeeded and which ones failed. Was it the instructora€™s fault, the strategy you used to study, or did you decide not to study? Similarly, students getting a business degree dona€™t need to focus on job opportunities for registered nurses. Coke and Pepsi are direct competitors in the soft drink industry, Hilton and Sheraton are competitors in the hospitality industry, and organizations such as United Way and the American Cancer Society compete for resources in the nonprofit sector. Competitive analysis involves looking at any information (annual reports, financial statements, news stories, observation details obtained on visits, etc.) available on competitors.
Also, sometimes suppliers see how lucrative their customersa€™ markets are and decide to enter them. For example, suppose you are opening up a new factory because you cannot keep up with the demand for your products. Inflation occurs when the cost of living continues to rise, eroding the purchasing power of money. Other goods and services, such as products sold in traditional department stores, may suffer.
Consumers in this group and other diverse groups prefer different types of products and brands. Self-scanners and video displays at stores, ATMs, the Internet, and mobile phones are a few examples of how technology is affecting businesses and consumers. Green marketingMarketing environmentally safe products and services in a way that is good for the environment.
Both profit and nonprofit organizations have mission statements, which they often publicize. With so much data, and so many things changing, it is hard to determine which path will lead to the biggest growth opportunities. Throughout this lesson we will focus on what elements that are used to help maintain a marketing strategy. These components produce core elements as listed below that break down the process of the marketing strategy.
Advertising and promoting your business either through social media, television, radio, or newspaper can also bring about a successful marketing strategy. The daily local newspaper usually grabs an older audience due to the increase in receiving information through a computer or smart phone. You will find that more individuals turn to TV or radio to receive news stories, so it may be safe to say that this marketing strategy may reach a more mature audience. Without proper components as research, advertisement, and promotions in place could hinder the progress of a plan for success. A firma€™s weaknesses might include lack of awareness of its products in the marketplace, a lack of human resources talent, and a poor location. Moreover, a factor that is a strength for one person (say, strong accounting skills) might be a weakness for another person (poor accounting skills).
These brands are also designed to contribute to PepsiCoa€™s environmental and social responsibilities.
This helps a company plan its future actions and improves the odds they will be successful. See which strategies work best for you and perhaps try the same type of strategies for future exams. The micro environment includes competition, suppliers, marketing intermediaries (retailers, wholesalers), the public, the company, and customers. Originally created in 2006 and revised in 2007, the video has been updated and translated into other languages.
However, hotels must also consider other options that people have when selecting a place to stay, such as hostels, dorms, bed and breakfasts, or rental homes. Another means of collecting competitive information utilizes mystery shoppersA person who is paid to shop at a firma€™s establishment or one of its competitorsa€™ to observe the level of service, cleanliness of the facility, and so forth, and report his or her findings to the firm., or people who act like customers. When you select a hamburger fast-food chain, you also had the option of substitutes such as getting food at the grocery or going to a pizza place. Buyers, who are the focus of marketing and strategic plans, must also be considered because they have bargaining power and must be satisfied.

The Internet has made it easier than ever for customers to find products and services and for workers to find the best jobs available, even if they are abroad. If you are considering opening the factory in France (perhaps because the demand in Europe for your product is strong), you need to know that it is illegal for employees in that country to work more than thirty-five hours per week.
When this happens, you and other consumers and businesses need more money to purchase goods and services.
More women are working, which has led to a rise in the demand for services such as house cleaning and daycare. Projects consist of corporate identity, promotion, interactive environments and online products designed and coded using a broad palette of expertise. Once these components are in place, it's imperative that the key elements are also in place.
Figure 2.2 "The Strategic Planning Process" shows the components of the strategic planning process. The firma€™s internal environmenta€”such as its financial resources, technological resources, and the capabilities of its personnel and their performancea€”has to be examined.
Opportunities and threats are factors that are external to the firm and largely uncontrollable. Even if PepsiCo hadna€™t been around in 2008a€“2009, the weak economy reduced consumer spending and affected a lot of companies. For example, a company might look at packaging that worked very well for a product and use the same type of packaging for new products.
Another edition of a€?Did You Know?a€? (4.0) focused on changing media and technology and showed how information may change the world as well as the way people communicate and conduct business. Mystery shoppers might visit competitors to learn about their customer service and their products.
If a buyer is large enough, and doesna€™t purchase a product or service, it can affect a selling companya€™s performance. The regulations related to the act are enforced by the Federal Trade Commission (FTC), which also regulates deceptive advertising.
The economic downturn that began in 2008 affected consumers and businesses at all levels worldwide. As a result, marketers have begun allocating more of their promotion budgets to online ads and mobile marketing and not just to traditional print media such as newspapers and magazines.
Water shortages often occur in the summer months, so many restaurants now only serve patrons water upon request. Once a company has analyzed its internal and external environments, managers can begin to decide which strategies are best, given the firma€™s mission statement. One of the primary steps in your business venture may be to have money set aside for promoting it. These can include finding what audience the business should be targeting or what medium it would work best to offer the product or service. It is also critical to examine the external macro and micro environments the firm faces, such as the economy and its competitors.
Opportunities might entail the international demand for the type of products the firm makes, few competitors, and favorable social trends such as people living longer. See Figure 2.3 "Elements of a SWOT Analysis" for an illustration of some of the factors examined in a SWOT analysis. Firms may also look at customersa€™ reactions to changes in products, including packaging, to see what works and doesna€™t work. Doing so is similar to what organizations do when they analyze their internal environments. Customers, including the public will be the focus of Chapter 3 "Consumer Behavior: How People Make Buying Decisions" and marketing intermediaries and suppliers will be discussed in Chapter 8 "Using Marketing Channels to Create Value for Customers" and Chapter 9 "Using Supply Chains to Create Value for Customers".
Imagine going to a competitora€™s restaurant and studying the menu and the prices and watching customers to see what items are popular and then changing your menu to better compete. Most students may not have ever used a typewriter, but some consumers still use typewriters for forms and letters.
Recessions can also occur when inflation rises because higher prices sometimes cause low or negative growth in the economy. Consumers reduced their spending, holiday sales dropped, financial institutions went bankrupt, the mortgage industry collapsed, and the a€?Big Threea€? U.S. Applications for telephones and electronic devices are changing the way people obtain information and shop, allowing customers to comparison shop without having to visit multiple stores. Hotels voluntarily conserve water by not washing guestsa€™ sheets and towels every day unless they request it. This can play a crucial part of the success that you want to achieve when promoting a product or service. The external environment significantly affects the decisions a firm makes, and thus must be continuously evaluated. Threats might include a bad economy, high interest rates that increase a firma€™s borrowing costs, and an aging population that makes it hard for the business to find workers. Competitors battle for the customera€™s dollar and they must know what other firms are doing. Firms that do business with Walmart must be prepared to make concessions to them if they want their products on the companya€™s store shelves. Food and Drug Administration (FDA) regulates the labeling of consumable products, such as food and medicine. Firms are responding to the time constraints their buyers face by creating products that are more convenient, such as frozen meals and nutritious snacks. As you saw in "Did You Know 4.0?" technology and social media are changing peoplea€™s lives. Reusing packages (refillable containers) and reducing the amount of packaging, paper, energy, and water in the production of goods and services are becoming key considerations for many organizations, whether they sell their products to other businesses or to final users (consumers).
For example, during the economic downturn in 2008a€“2009, businesses found that many competitors cut the prices of their products drastically. Tropicana switched from the familiar orange with the straw in it to a new package and customers did not like it. Individuals and teams also compete for jobs, titles, and prizes and must figure out the competitorsa€™ weaknesses and plans in order to take advantage of their strengths and have a better chance of winning. One organization that has been extremely busy is the Consumer Product Safety Commission, the group that sets safety standards for consumer products. Many young people may rely more on electronic books, magazines, and newspapers and depend on mobile devices for most of their information needs.
Construction companies are using more energy efficient materials and often have to comply with green building solutions. As a result, Tropicana changed back to their familiar orange with a straw after spending $35 million for the new package design. Unsafe baby formula and toys with lead paint caused a big scare among consumers in 2008 and 2009. Green marketing not only helps the environment but also saves the company, and ultimately the consumer, money.
Firms also offered customers incentives (free shipping, free gift cards with purchase, rebates, etc.) to purchase their goods and services online, which allowed businesses to cut back on the personnel needed to staff their brick-and-mortar stores.
Sustainability, ethics (doing the right things), and social responsibility (helping society, communities, and other people) influence an organizationa€™s planning process and the strategies they implement.
While a business cannot control things such as the economy, changes in demographic trends, or what competitors do, it must decide what actions to take to remain competitivea€”actions that depend in part on their internal environment.

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