Strategic Planning consists of fitting the organization's objectives and resources to the available market opportunities. The purpose of strategic planning is long-term profitability and growth.
Strategic Business Units are independent of one another and maintain distinct missions and specific markets. They have control over their resources and their strategies are unique to their competitive environment.
Strategic Alternatives are different conceptual approaches toward strategic planning. Examples include: Ansoff's Opportunity Matrix, the Boston Consulting Group Portfolio Matrix, and the General Electric Model.
The Marketing Plan Process allows the organization to anticipate future events and design a plan for achieving the organization's objectives by adapting strategies for the marketing environment.
Business Mission Statements provide direction for the organization by defining its business and business objectives.
Situation Analysis is a process that allows the organization to identify its strengths, weaknesses, opportunities, and threats (SWOT). Environmental scanning identifies opportunities and risks based on the six major environmental forces: social, demographic, economic, technological, political/legal, and competition.
Sources of Competitive Advantage include cost, production/service differentiation, and niche markets. In principle, cost advantage means minimizing costs of raw materials and overhead while maximizing revenue; product/service differentiation advantage means establishing something about the organization's products or services that makes them different from those of competitors in ways valued by consumers; and niche advantage is similar to differentiation except that it is based on unique characteristics or needs of a smaller, more specific consumer market.
Marketing Objective Criteria for marketing plans are that they be realistic, measurable, time-bound, and comparable to a benchmark. They promote communication, management direction, employee motivation, clear thinking among executives, and a basis for control.
Target Market Strategies allow the organization to define specific markets and to develop a marketing mix that promotes the organization's goals within those markets. They include marketing opportunity analyses to better understand the market so that the organization can either: (1) appeal to the entire market using one marketing mix, (2) concentrate on one segment, or (3) appeal to multiple markets using multiple marketing mixes.
The Marketing Mix Elements are those factors that create a unique blend of the "Four Ps" products/services, place, promotion, and pricing strategies...
Samsung Strategic Management and Strategic Competitiveness Samsung Electronics was established by Byung-Chull Lee in 1969 in Suwon City in South Korea and was at the time referred to as Samsung electric industries. When founded, the company was designed to manufacture computer constituents, radios, televisions and other electronic devices. A decade into its establishment, the company began to manufacture telecommunication devices. Its initial product offerings consisted of switchboards. Subsequently, Samsung started manufacturing
Strategic Diversity Management Diversity management is a stratagem which contributes actively in encouraging the conception, recognition and implementation of diversity in the operations of different corporations and institutions. This whole notion has its roots in the idea that diversity is the only means of enriching lives of innumerable people by ensuring equal rights, positive behaviour and a fair attitude to all and sundry. Individuals are often dissimilar in terms of age
Strategic Management 3900 Words on Strategic Management Why are you taking this course? I am undertaking this course in strategic management because not only is it a field that I am greatly interested in, but it is also largely for the reason that strategic management is a course that is important and applicable in different fields and aspects. To begin with, strategic management is greatly applicable to globalization which can be deemed to
Human Resources Managing Organisational Culture The values and behaviors that contribute to the unique social and psychological environment of an organization make up the organizations culture. Organizational culture is the summation total of an organization's past and current suppositions, incidents, viewpoint, and values that hold it together, and is articulated in its self-image, inner workings, connections with the outside world, and future prospects. In dealing with the management of organisational culture, it is
Organizational Leadership Program Reflection Survey What was your experience of the modular format of the courses? Did the courses in each module seem to fit together well? Why or why not? I have enjoyed this particular modular format. It had all of the academic quality that I expected from the Masters Course. For starters, it maintained high and extensive standards for academic excellence and classes that are quite intensive. In addition, the modular
Research indicates that supply chains help organizations attain competitive advantage. In turn, the successes or letdowns of such supply chains are determined in the open market by the end consumers. Rendering the fitting product, at the fitting price, at the fitting time to the consumer is not only the fundamental aspect to competitive success but also the vital element to survival (Christopher and Towill, 2001). Owing to the fact that
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