Strategic Planning and SBUs Overview

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Questions and Answers

What is the primary purpose of a marketing plan?

To describe an organization's advertising strategy for reaching its target market and creating leads.

How do marketing strategy and marketing plan differ in terms of scope?

The marketing strategy offers the full value offering, while the marketing plan outlines specific actions over set timeframes.

List two components that should be included in a marketing plan.

Performance metrics and market research.

In what situation may a marketing strategy and marketing plan be combined into a single document?

<p>For smaller companies that only run one or two major campaigns a year.</p> Signup and view all the answers

What aspects are covered in the outreach and PR efforts of a marketing plan?

<p>The details about how long the efforts will last and their evaluation methods.</p> Signup and view all the answers

What is the primary purpose of strategic planning in an organization?

<p>The primary purpose of strategic planning is to establish goals and objectives that help the organization realize its declared vision.</p> Signup and view all the answers

How does a strategic business unit (SBU) operate within a corporation?

<p>An SBU operates independently with a clear mission and objectives, focusing on a specific market.</p> Signup and view all the answers

What differentiates strategic planning from traditional company planning?

<p>Strategic planning looks ahead and focuses on long-term goals, while traditional planning focuses on tactical, short-term objectives.</p> Signup and view all the answers

What is the role of scenario planning in strategic decision-making?

<p>Scenario planning involves creating complex narratives about possible future events to assist in informed decision-making.</p> Signup and view all the answers

Describe the concept of emergent strategy.

<p>Emergent strategy allows strategy to develop organically in response to changes in the environment rather than following a strict plan.</p> Signup and view all the answers

What does adaptive communication involve in a professional context?

<p>Adaptive communication involves modifying a message's content and delivery to suit the specific needs of the audience.</p> Signup and view all the answers

Why is the creation of strategic alternatives important for organizations?

<p>Creating strategic alternatives is important as it helps organizations make informed decisions that lead to sustained growth and competitive advantage.</p> Signup and view all the answers

In what ways can product adaptation and communication extension serve a market?

<p>Product adaptation and communication extension address local context-specific needs while targeting markets with similar communication approaches.</p> Signup and view all the answers

Flashcards

Marketing Plan

A document outlining a company's strategy for reaching its target audience and generating leads.

Marketing Strategy

The overall approach a company uses to achieve its marketing goals, often encompassing a broader scope than just a plan.

Market Research

The process of understanding and identifying potential customers for a product or service.

Performance Metrics

Metrics used to measure the effectiveness of marketing campaigns, such as website visits, leads generated, and sales.

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Platform Selection

Channels used to reach the target audience, such as social media, email marketing, and search engine optimization.

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Strategic Business Unit (SBU)

A strategic unit within a larger organization that operates independently and focuses on a specific market. It has its own resources, mission, and objectives, and is large enough to have its own departments like HR and training.

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Scenario Planning

A process where companies create different scenarios about potential future events to guide decision-making. It helps them prepare for various possibilities and make informed choices.

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Real-time Strategic Planning

The process of adjusting existing strategies to reflect changes in the business environment in real-time. It involves continuous monitoring and adaptation to maintain effectiveness.

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Emergent Strategy

A strategic approach where the strategy emerges organically as circumstances change, rather than following a rigid plan. It is flexible and responsive to unexpected developments.

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Strategic Planning

The process by which a company sets long-term goals and objectives, defining its overall direction. It involves analyzing the environment, identifying opportunities, and creating a roadmap for the future.

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Product Adaptation and Communication Extension

The process of adapting a product's features or communication approach to suit the needs of a particular market or region, while maintaining a consistent core message. It allows companies to reach diverse audiences.

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Adaptive Communication

A communication approach that emphasizes tailoring the content and delivery of a message to the specific audience's needs and understanding. It ensures the message is relevant, engaging, and effective.

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Product Diversification

A strategic choice that involves diversifying product offerings to cater to various customer segments. This approach increases market reach and resilience in the face of market fluctuations.

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Study Notes

Strategic Planning

  • Strategic planning defines future goals and objectives for an organization.
  • It's distinct from tactical planning, which focuses on short-term goals.
  • The result of strategic planning is a strategic plan, often documented.
  • Plans are understandable for staff, customers, investors, and partners.

Strategic Business Units (SBUs)

  • A strategic business unit (SBU) is a fully functional section with a specific mission and objectives.
  • It operates independently and targets a specific market.
  • SBUs are large enough to include human resources, training, and support services.
  • Organizations with diversified product portfolios benefit most from SBUs.

Strategic Alternatives

  • Developing strategic alternatives needs a combination of analytical tools, creativity, and understanding of the business environment.
  • Researching various alternatives leads to well-informed decisions, fostering growth and competitiveness.

Types of Strategic Planning

  • Emergent Strategy: Allows strategy to organically develop in response to environmental changes.
  • Real-time Strategic Planning: Strategies adapt continuously based on observed environmental changes.
  • Scenario Planning: Creates various narratives about possible future events to enhance decision-making.

Product Adaptation and Communication Extension

  • This strategy targets markets with similar communication styles but requires product adaptations to suit local contexts.
  • Adaptive communication involves adjusting message content and delivery to resonate better with the target audience.
  • Example: a neurobiologist adapting communication to individual patient needs.

Marketing Plan

  • A marketing plan is an operational document outlining the advertising strategy to reach the target market and generate leads.
  • It details outreach, PR initiatives, duration & evaluation methods.
  • It encompasses the entire marketing strategy.

Relationship between Marketing Plan and Strategy

  • Marketing plan and strategy are sometimes used interchangeably, as the plan is developed from a strategic framework.
  • They might be combined into one document, particularly for smaller companies with limited campaigns.
  • Strategy defines the overall value offering, while the plan details monthly/quarterly/annual actions.
  • Components of a marketing plan: Performance metrics, platform selection, customized messaging & market research.

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