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Corporate Strategic Planning

Corporate Strategic Planning

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Corporate Strategic Planning

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  1. Corporate Strategic Planning Asia-Pacific Marketing Federation Certified Professional Marketer Copyright Marketing Institute of Singapore

  2. Outline • Introduction • Meaning & Role of Strategic Planning • Corporate Mission • Strategic Business Units (SBU) • Marketing Audit

  3. Strategic Fit Resources Org Objectives Changing Environment Strategic Planning …is the managerial process of developing and maintaining a strategic fit between the organization's objectives and resources and its changing market opportunities.

  4. Strategy: • Corporate • Business • Functional Corporate Mission & Objectives Operating Plans The Role of Strategy

  5. Sun Tze on Strategy • “Know your enemy, know yourself, and your victory will not be threatened. Know the terrain, know the weather, and your victory will be complete.”

  6. Strategic Marketing “Marketing Strategy is a series of integrated actions leading to a sustainable competitive advantage.” John Scully

  7. Corporate Mission • Broad purposes of the organization • General criteria for assessing the long-term organizational effectiveness • Driven by heritage & environment • Mission statements are increasingly being developed at the SBU level as well

  8. Examples of Corporate Mission SINGAPORE AIRLINES is engaged in air transportation and related businesses. It operates world-wide as the flag carrier of the Republic of Singapore, aiming to provide services of the highest quality at reasonable prices for customers and a profit for the company

  9. Examples of Corporate Mission (cont’d) MARRIOTT’S Mission Statement: We are committed to being the best lodging and food service company in the world, by treating employees in ways that create extraordinary customer service and shareholder value

  10. Corporate Culture • The most abstract level of managerial thinking • How do you define culture? • What is the significance of culture to an organization? • How does marketing affect culture in the organization?

  11. Corporate Objectives & Goals • An objective is a long-range purpose • Not quantified and not limited to a time period • E.g. increasing the return on shareholders’ equity • A goal is a measurable objective of the business • Attainable at some specific future date through planned actions • E.g. 10% growth in the next two years

  12. What is a Strategic Business Unit? (SBU) • A set of products or product lines • With clear independence from other products or product lines • for which a business or marketing strategy should be designed

  13. Characteristics of a viable SBU • Unique business mission • Definable set of competitors • Integrative planning done independently • Responsible for resource management in all areas • Large enough but not so large as to become bureaucratic (Source: Subhash Jain, Marketing Planning & Strategy, 6th Ed.)

  14. Organizational Marketing Levels Hofer and Schendel suggested that organizations develop strategies at three structural levels: • Corporate level—(corporate marketing) • SBU level—(Strategic Marketing) • Product/Market level—(Functional Marketing)

  15. Marketing at the SBU Level—Strategic Marketing • Strategic Marketing requires • Detailed understanding of market needs, and • Proactive use of competitive intelligence at the corporate as well as SBU’s levels • Strategic Marketing • Focuses on what the firm do best at the SBU level • To secure and maintain a sustainable competitive advantage

  16. What is Competitive Advantage? • “Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.”Philip Kotler • “If you don’t have a competitive advantage, don’t compete.”Jack Welch, GE

  17. Other Characteristics of Competitive Advantage • Substantiality • Is it substantial enough to make a difference? • Sustainability • Can it be neutralized by competitors quickly? • Ability to be leveraged into visible business attributes that will influence customers (Source: Strategic Marketing Management, Aakers)

  18. Seeking Competitive Advantages • Positions of advantage • Superior customer value • Lower relative total cost • Performance advantages • Customer satisfaction, Loyalty, Market Share, Profit • Sources of advantages • Superior skills & knowledge, Superior resources, Superior business process

  19. Key Elements of Marketing Strategy Formulation • The strategic 3 Cs • Customers, Competitors & the Corporation • Environment analysis -- PEST • Strategic Marketing Decisions • Where to compete • How to compete • When to compete

  20. A Viable Marketing Strategy • Must have a clearly defined market • Must have a good match between corporate strengths and market needs • Must have significant positive differentiation in the key success factors of the business

  21. Situation Analysis • Internal Analysis—company; capability etc. • External Analysis—customers, market definition, industry structure • SWOT Analysis • Strengths, Weaknesses, Opportunities & Threats • Identify & prioritize major problems and opportunities: selection of key issues • Based on the firm’s core competencies, decide on future options

  22. Marketing Audit “Marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s—or business unit’s—marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance” Philip Kotler

  23. Characteristics of Marketing Audit • Comprehensive • Must cover all marketing areas • Systematic • Sequential diagnostic steps • Independent • Internal & external auditors • Periodic • Performed at regular intervals

  24. Marketing Audit Procedure • Marketing environment audit • Marketing strategy audit • Marketing organization audit • Marketing system audit • Marketing productivity audit • Marketing function audit • Marketing excellence review • Ethical and social responsibility review