Business Strategy Business Plan – The focus of this text is on managing a small business, not a startup. As a result, marketing strategies are twofold: (1) modifying or altering marketing efforts already in place, and (2) adding products and services as the business grows. In some cases, it may be appropriate and desirable for a small business to integrate its marketing activities into a comprehensive marketing strategy.
Marketing strategy process consists of several elements (Figure 7.1 “Marketing strategy process”). Every element of the company’s vision, company mission, marketing goals, marketing strategy, etc. must be carefully thought out and planned.
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It’s really important to know what will and won’t work for your business. Jay Ebben, “Developing an Effective Vision and Mission Statement,” Inc., February 1, 2005, accessed December 1, 2011, www.inc.com/resources/startup/articles/20050201 /missionstatement.html.
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A vision statement is a document that expresses the long-term goals of the business and what it wants to be. It tries to articulate the long-term goals of the business and what it wants to become. (Where do we see the business going?) It should align with the founder’s business goals and ultimately represent what they envision the business to be. Jay Ebben, “Developing an Effective Vision and Mission Statement,” Inc., February 1, 2005, accessed December 1, 2011, www.inc.com/resources/startup/articles/20050201 /missionstatement.html. A mission statement is a document that defines the basic nature of a business. It should consider the business the company operates in, the company’s potential customers, and how it will deliver customer value. represents the most fundamental nature of the business (ie, why the business exists). It must evolve from the user’s perspective, align with the vision, and answer three questions: What do we do? How do we do this? And who are we doing this for?
Both vision and mission statements should be carefully developed because they provide direction to a new or small business, without which it is difficult to develop a coherent plan. avoided.” Jay Ebben, “Developing an Effective Vision and Mission Statement,” Inc., February 1, 2005, accessed December 1, 2011, www.inc.com/resources/startup/articles/ 20050201/missionstatement.html Although input may be sought from others, the ultimate responsibility for the company’s vision and mission statement rests with the owner.The following two statements are examples.
Marketing objectives are what the company wants to achieve from its marketing efforts. They lay the foundation for developing a marketing strategy. Although expressed in many ways, their fulfillment must lead to sales. Creating marketing objectives is one of the most important steps in business. Before allocating resources to marketing efforts, a company should know exactly what it wants to achieve.
Marketing goals should be SMART: specific, measurable, attainable, realistic, and time-based (ie, with a specific time frame to achieve the goal). Small businesses are advised to limit their number of goals to a maximum of 3-4. If you have less than two goals, you’re not growing your business to keep up with the market. Setting more than four goals can distract you, which can lead to poor performance and failure on each goal. /marketing-plan-goals.php. If a small business has multiple marketing goals, they should be evaluated to ensure they do not conflict with each other. The company must determine whether it has the necessary resources to achieve all of its goals. Adapted from “Marketing Plan: Marketing Objectives and Strategies,” accessed December 1, 2011 at www.smallbusinessnotes.com/starting-a-business /marketing-plan-marketing-objectives-and-strategies.html.
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For small businesses that already have access to the Internet and sell their products and services online, e-marketing uses information technology over traditional marketing. objectives should be included in all other marketing objectives. E-marketing is defined as “the IT outcome of traditional marketing”. Judy Strauss and Raymond Frost, E-Marketing (Upper Saddle River, NJ: Pearson Prentice Hall, 2009), 6. are similar to traditional marketing objectives. The difference is the venue (ie, online vs. on-site). Examples of e-marketing goals include: creating a direct revenue stream from subscriptions or advertising. improve sales by building the company’s product, brand and/or company image. low operating costs; Bobette Kyle, “Marketing Objectives for Your Website,” WebSiteMarketingPlan.com, December 10, 2010, accessed December 1, 2011, www.websitemarketingplan.com/marketing_management/marketingobjectivesarticle.htm. provide a strong positive user experience. and contributes to brand loyalty. But the ultimate goal will be to “create strategies and tactics that seamlessly integrate e-marketing and traditional marketing.” 5.
To achieve marketing objectives, marketing strategy includes market segmentation, selection of objectives or targets, differentiation, positioning decisions, and marketing mix planning. Product design (one of the four P’s) includes the design of the company’s website. Differentiation means that the company differentiates its products and services from its competitors, placing the brand (whether it is a store, product or service) in the mind of the consumer compared to other competing products, taking into account the features and benefits of the product. related to the user. Dana-Nicoleta Lascu and Kenneth E. Clow, Fundamentals of Marketing (Mason, OH: Atomic Dog Publishing, 2007), 179. These steps are discussed in Sections 7.3, “Segmentation and Target Markets,” through Sections 7.8, “Marketing.” “Sometimes a strategy is born because the market and the product find each other and grow organically. However, small businesses that understand the power of an overall marketing strategy regularly filter and absorb it,” he said. They will usually be more successful.” John Jantsch, “The Strategy Cycle,” Duct Tape Marketing, March 29, 2010, accessed December 1, 2011, www.ducttapemarketing.com/blog/2010/03/ 29/the-cycle-of-strategy Every business must have a strategic plan—but you might be surprised by the number of businesses that struggle to function without a clear plan (or at least one). According to an OnStrategy study, 86% of executive teams discuss strategy spend less than an hour per month, while 95% of the typical workforce does not understand their organization’s strategy.
Many businesses lack these perspectives, so you can stay ahead of the game with strategic planning. In this article, we will explain what the strategic planning process looks like and the steps involved.
At its simplest, the strategic planning process is the method used to develop a plan to achieve the organization’s overall, long-term goals.
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This process differs from the project planning process, which is used to scope and delegate tasks for individual projects, or strategy mapping, which helps define mission, vision, and goals.
The strategic planning process is broad, and it helps you create a road map of what strategic goals you need to work towards and what initiatives will have the least business benefit.
Before beginning the strategic planning process, it’s important to review some of the steps that will set you and your organization up for success.
This preparatory stage lays the foundation for all further work. To determine where to go and how to get there, you need to know where you are.
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Engage the right stakeholders from the start, considering both internal and external resources. Identify key strategic issues by talking with your company’s executives, gaining customer insights, and gathering industry and market data. This will give you a clear picture of your market position and customer profile.
Reviewing your company’s mission and vision statement, or creating one if you don’t have one, can help you and your team clearly see what your business success looks like. Additionally, review your company’s core values to remind yourself how your company plans to achieve these goals.
To get started, use industry and market data, including customer data and current/future requirements, to identify problems that need to be solved. List your organization’s internal strengths and weaknesses, along with external opportunities (ways your organization can grow to meet unmet needs in the marketplace) and threats (competition).
Use the SWOT diagram for your initial analysis. With information from executives, customers, and external markets, you can quickly categorize your findings into Strengths, Weaknesses, Opportunities, and Threats (SWOT) to clarify your current position.
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An alternative to SWOT is PEST analysis. PEST is a strategic tool used to identify threats and opportunities for your business.
By compiling this information, you can begin to define your unique strategic position in the market and reinforce some key strategic objectives. Often these goals are planned for three to five years.
Once you’ve determined your current market position, it’s time to set goals that will help you