Strategic Business Planning: Vision, Units, and Market Analysis
Strategic Selection and Tactics
A strategy is a set of actions whose impact is felt in the long term. Actions with objectives expected in the short term, which may not always align with the overall strategy, are called tactics.
Integrating Philosophy, Mission, Objectives, and Strategy
Effective strategic management integrates several core components:
- Philosophy: Conceptualizes the future vision of the organization.
- Purpose & Values: Forms the foundation for the mission.
- Mission: Defines the organization’
Strategic Marketing: Products, Services, and Market Dynamics
Products and Services in the Economy
The economy is largely services-based, with services accounting for 70% of the economy and 90% of jobs.
Characteristics of Services
- Intangibility: Cannot be seen or tested before purchase.
- Variability: Quality depends on who provides them.
- Inseparability: Cannot be separated from the provider.
- Perishability: Cannot be stored for later use.
Two-Sided Platforms
These platforms facilitate interaction between two user groups through an intermediary, benefiting both parties.
Read MoreMarketing Promotion Strategies: Driving Sales and Brand Image
Topic 6: Promotion in Marketing
Promotion is one of the 4 P’s of marketing. It encompasses activities designed to inform, persuade, and convince individuals to purchase a product, subscribe to a belief, or support a cause. The primary goal is to translate a company’s value proposition into compelling messages that modify the brand image.
Communication Program Components
- Strategic Intent: Mission and Market
- Strategic Execution: Message and Media
- Strategic Impact: Money and Measurement
The overarching goal
Read MoreKey Marketing Communication Methods: Advertising, Promotions & IMC
Traditional Advertising Methods
Traditional advertising encompasses various strategies to reach consumers and businesses through established media channels.
Consumer-Oriented Brand Advertising (COBA)
Consumer-Oriented Brand Advertising (COBA) focuses directly on individuals, delivered via a wide range of possible media. This Business-to-Consumer (B2C) approach typically utilizes mass media such as television, radio, and newspapers, especially for national and international advertisers. Television is
Read MoreMastering Advertising: Definitions, Objectives, and Media Strategies
Understanding Advertising: Core Concepts
According to William J. Stanton, “Advertising consists of all activities involved in presenting to an audience a non-personal, sponsor-identified, paid message about a product or organization.”
The American Marketing Association defines advertising as “any paid form of non-personal presentation and promotion of ideas, goods, and services by an identified sponsor.”
Advertising is used for communicating business information to present and prospective customers.
Strategic Business Frameworks and Concepts
Blue Ocean vs. Red Ocean Strategy
- Blue Ocean Strategy focuses on creating uncontested market space.
- Red Ocean Strategy competes in existing market space.
- Blue Ocean Strategy makes the competition irrelevant.
- Red Ocean Strategy aims to beat the competition.
- Blue Ocean Strategy creates and captures new demand.
- Red Ocean Strategy exploits existing demand.
- Blue Ocean Strategy breaks the value/cost trade-off.
- Red Ocean Strategy makes the value/cost trade-off.
- Blue Ocean Strategy aligns the whole system of a company’