DEVELOPING A STRATEGY

1. DEVELOPING A STRATEGY

2. Mission Statement The reason for the business What the business stands for. What it is about.

3. Mission Statement Where are we now? Where do we want to go? How and when will we get there?

4. S.W.O.T. Analysis S- Strengths W – Weaknesses O- Opportunities T- Threats

5. PESTEL Trends Analysis ‘An overall assessment of the economic, political, social, legal and technological trends will be undertaken by the SME to facilitate a greater understanding of these external factors.’

6. PESTEL Trends Analysis

7. Industry Assessment Audit ‘The SME undertakes an industry assessment by way of an audit that will ensure the enterprise obtains the best possible benefit from the Industry Assessment process.’

8. Industry Assessment Audit How was the industry created? Is it young or old? What was occurring at that time? How has the industry changed and developed? How is it growing?

9. Industry Assessment Audit What challenges has the industry faced? What are the key drivers/enablers? What are the key inhibitors? How has the industry responded to these challenges?

10. Role of A Stakeholder Analysis To collect data on how all the different individuals and organisations interact with the environs of the organisation. To analyse this data and identify the relationships that must be taken into account when compiling the Management Plan.

11. Role of A Stakeholder Analysis To present and disseminate this analysis in an easy to understand report. To provide the major stakeholder groups with a clear understanding of the importance of the core function of the organisation, and their role in its success. To provide the first step for future stakeholder participation in the management of the business.

12. Customer Analysis Who are they? Where are they located? How do they spend their money? Where do they socialise? What social class do they belong to? What printed media do they read?

13. Customer Analysis What radio station do they listen to? What kind of television programmes do they watch? What and who are their influencers? How do they form their opinions What is important about your product for the customer?

14. Need to know …………….. To whom can we sell What can we sell When Where At what price In what quantities Why?

15. Image What image do you want your business to have? How does this link to your customer? How will this be reflected in your pricing and promotional strategy? How will this be reflected in your product design and distribution strategy?

16. Questions to Ask Who are our competitors? What threats do they post? What is the profile of our competitors? What are the objectives of our competitors?

17. Competitor Analysis What strategies are our competitors pursuing and how successful are these strategies? What are the strengths and weaknesses of our competitors? How are our competitors likely to respond to any changes to the way we do business? What range of products do they offer?

18. The Four P’s Product Price Place Promotion