How To Plan Business Strategy

How To Plan Business Strategy-73
The idea precedes the deed." If the organization in general, and its chief executive in particular, has a strong vision of where its future lies, then there is a good chance that the organization will achieve a strong position in its markets (and attain that future).This will be not least because its strategies will be consistent; and will be supported by its staff at all levels.

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To be most effective, the plan has to be formalized, usually in written form, as a formal "marketing plan." The essence of the process is that it moves from the general to the specific; from the overall objectives of the organization down to the individual Objective (goal)|action plan for a part of one marketing program.

It is also an interactive process, so that the draft output of each stage is checked to see what impact it has on the earlier stages - and is amended.

It also received 23 testimonials from readers, earning it our reader-approved status. Strategic planning involves outlining an organization's purpose, goals and the methods that will be used to accomplish those goals.

As such, this plan is an integral part of an organization's functioning, and it is important that the task of developing the plan is approached with serious consideration and attention to detail.

The marketing process model based on the publications of Philip Kotler.

It consists of 5 steps, beginning with the market & environment research.Solid marketing strategy is the foundation of a well-written marketing plan.While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use.The structure of the facts book will be designed to match the specific needs of the organization, but one simple format - suggested by Malcolm Mc Donald - may be applicable in many cases.This splits the material into three groups: The last of these is too frequently ignored.This definition should not be too narrow, or it will constrict the development of the organization; a too rigorous concentration on the view that "We are in the business of making meat-scales," as IBM was during the early 1900s, might have limited its subsequent development into other areas.On the other hand, it should not be too wide or it will become meaningless; "We want to make a profit" is not too helpful in developing specific plans.A marketing plan is a written document that details the necessary actions to achieve one or more marketing objectives.It can be for a product or Service (economics)|service, a brand, or a product line. A marketing plan may be part of an overall business plan.In most organizations they would be obtained from a much smaller set of people (and not a few of them would be generated by the marketing manager alone).It is apparent that a marketing audit can be a complex process, but the aim is simple: "it is only to identify those existing (external and internal) factors which will have a significant impact on the future plans of the company." It is clear that the basic material to be input to the marketing audit should be comprehensive.


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