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Copyright © 2007 Pearson Education Canada 7-1
Planning Variables
Objectives
Strategies
Execution
What is to be accomplished
How objectives will be accomplished
Detailed action plan
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Copyright © 2007 Pearson Education Canada 7-2
Strategic Planning
The process of determining objectives (stating goals) and identifying strategies (ways to achieve goals) and tactic (specific action plans) that will help achieve objectives.
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Copyright © 2007 Pearson Education Canada 7-3
Business Planning Process
Corporate Plan
Marketing Plan
Product
Price
Mkt. Comm.
Distribution
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Copyright © 2007 Pearson Education Canada 7-4
Corporate Planning
Corporate plans are long-term and broad in scope. They include an organization’s:
• Vision
• Mission
• Corporate Objectives
• Corporate Strategies
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Copyright © 2007 Pearson Education Canada 7-5
Mission Statement
“A statement of an organization’s purpose that reflects the operating philosophy and the direction the company will take.”
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Copyright © 2007 Pearson Education Canada 7-6
Vision and Mission
A vision statement defines plans for the future, defines what the company is and does, and where it is headed.
If a vision statement is used, the mission statement tends to focus more on the present condition of the company.
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Copyright © 2007 Pearson Education Canada 7-7
Sample Vision and Mission
Our Vision
To be the best transportation company in Canada
Our Mission
To provide high quality, low cost passenger rail service.
Via Rail
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Copyright © 2007 Pearson Education Canada 7-8
Corporate Objectives
Typical objectives include:
Sales
Profit
Return on Investment
Objectives should be quantitative in nature, growth oriented, and measurable.
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Copyright © 2007 Pearson Education Canada 7-9
Corporate Strategies
The organization must allocate adequate resources to achieve the objectives
Financial Commitment
Adequate Time
R&D Commitment
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Copyright © 2007 Pearson Education Canada 7-10
Corporate Strategies
Strategic direction varies from one company to another
• Penetration• Acquisition• New Products• Vertical Integration• Horizontal Integration• Strategic Alliance• Divestment
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Copyright © 2007 Pearson Education Canada 7-11
Penetration Strategy
Aggressive action to build current businesses and brands
Coca-Cola Coca-ColaDiet CokeCoke Zero
DasaniFruitopiaPowerade
Coca-Cola wants to be the world’s leading beverage company.
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Copyright © 2007 Pearson Education Canada 7-12
Acquisition Strategy
Some organizations find it cheaper and quicker to buy their way into a market.
Reebok
Hockey Co. Holdings(CCM, Koho, Jofa)
Pepsi-Cola
Quaker Oats(Gatorade)
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Copyright © 2007 Pearson Education Canada 7-13
New Product Strategy
New products in new markets produce new revenues and profits.
Apple Computer• iMac• iBook• Mac mini•Power Mac• iTunes
• iPod
Apple is now in the entertainment business.
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Copyright © 2007 Pearson Education Canada 7-14
Vertical Integration Strategy
Apple
Apple Stores
George Weston
LoblawsProvigoZehrs
No FrillsA company operates in several levels of channel.
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Copyright © 2007 Pearson Education Canada 7-15
Horizontal Integration Strategy
CaraOperations
Swiss ChaletHarvey’s
Second CupKelsey’s
Montana’sOutback
Milestones
Operates several companies at same level of channel
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Copyright © 2007 Pearson Education Canada 7-16
Strategic Alliance
A relationship between two or more companies who decide to work cooperatively to achieve goals.
Tim Hortons Esso
Timmy’s operates 300 kiosks in 300 Esso outlets across Canada.
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Copyright © 2007 Pearson Education Canada 7-17
Divestment Strategy
A company retreats to its core business by selling unprofitable divisions or products that no longer fit strategically.
Molson sells off the Molson Centre and the Montreal Canadiens to focus on beer.
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Copyright © 2007 Pearson Education Canada 7-18
Marketing Planning
The analysis, planning, implementation, evaluation and control of marketing initiatives in order to satisfy target market needs and achieve organizational objectives.
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Copyright © 2007 Pearson Education Canada 7-19
Marketing Planning Process
Evaluation andControl
SituationAnalysis
SWOTAnalysis
MarketingPlan
Implementationof Plan
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Copyright © 2007 Pearson Education Canada 7-20
Situation Analysis
Essential information is compiles and analyzed
• External Influences• Market Analysis• Brand analysis• Competitor Analysis
The impact of past marketing strategies are evaluated.
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Copyright © 2007 Pearson Education Canada 7-21
SWOT Analysis
Critical factors from the situation analysis that will influence future marketing direction are identified
Strengths & Weaknesses
Opportunities &Threats
Internal Factors External Factors
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Copyright © 2007 Pearson Education Canada 7-22
Marketing Plan
MarketingObjectives
Marketing Strategies
MarketingExecution
• Sales• Market Share• Profits
• Positioning Strategy• Target Market• Marketing Mix• Budget
• Plan Details
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Copyright © 2007 Pearson Education Canada 7-23
Marketing Objectives
Quantifiable statements identifying what will be accomplished in one year.
Sales:
To increase sales from 10,000 units to….
Market Share:
To increase market share from 20% to ….
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Copyright © 2007 Pearson Education Canada 7-24
Control and Evaluation
Measuring results and taking corrective action when necessary.
Activity ReviewActual versus plan: sales, market share, and profit.
Financial ReviewEvaluation of sales forecasts, costs, and budgets.
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Copyright © 2007 Pearson Education Canada 7-25
Contingency Plan
The identification of alternative courses of action that can be used to modify an original plan when new circumstances arise.
Flexibility
Adaptability
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Copyright © 2007 Pearson Education Canada 7-26
Common Marketing Strategies
Existing Product New Product
MarketPenetration
ProductDevelopment
MarketDevelopment Diversification
Existing Market
New Market
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Copyright © 2007 Pearson Education Canada 7-27
Common Marketing Strategies
Penetration
Pepsi-Cola versus Coca-Cola
Product Development
Coke Zero, Vanilla Coke, Coke C2
Market Development
Home Depot opens smaller, downtown stores
Diversification
Apple markets music products: iTunes and iPod