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The Strategic Planning Process Chapter 16
Strategic Plan • A structured but flexible document that concisely states what the corporation wishes to achieve and how it plans to reach this goal.
Strategic Planning • Preface • Executive Summary • Competitive and Environmental Assessment • Mission Statement • Goals and Objectives • Strategies and Tactics • Driving Forces
Strategic Planning • Recommendations • Visions • Slogans • Issues • Measurements and Results • Budget • Appendices
Preface • Introductory statement that briefly delineates what the document is all about or what to expect in the document.
The Executive Summary • This is the key to presenting, communicating, and convincing those you need for support to listen and to read on. • The summary should articulate your mission statement, goals and objectives, strategies and tactics, as well as state the recommendations.
Competitive and Environmental Assessment • Provides a realistic assessment of the your strengths, weaknesses, opportunities, and threats (SWOT analysis) and then takes a close look at the competition.
Strength • An asset or a resource which can be used to improve the competitive situation. • Examples: • Quality • Location • Pricing
Weakness • A lack of a resource or capability that may cause you to have a less competitive position which can adversely affect your business.
Opportunities • Developed from your strengths or set of positive circumstances that can create a favorable situation.
Threats • Problems that focus on your weaknesses and that can make for a potentially negative situation.
The Mission Statement • A concise narrative statement summarizing your objectives and ultimate goals. • Provides a clear direction. • Basis for communication. • Asserts a philosophy for doing business. • Basis for evaluating your performance.
Goals and Objectives • Goals are both qualitative and quantitative. • Objectives • What needs to be accomplished during the time frame of a plan • Must be specific • Measurable in a quantifiable manner • Relate to a specific time period • Focus on affecting the behavior of your market
Strategies and Tactics • Strategies are simple action plan statements that detail how the plan objectives will be achieved.
Strategies and Tactics • Tactics • Specific items or steps needed to implement the strategies.
Recommendations • For both a short term and long term perspective. • Related to the objectives from the goals and objective section.
The Vision • A statement which vividly describes the desired outcome of the overall strategic plan. • May also present alternative scenarios for its future while providing both direction and purpose for the interim strategies and activities.
The Slogan • Helps build identity and can convey a position in the marketplace. • Becomes a rallying point in which everyone can identify with.
Issues • Issues will surface during the development of a strategic marketing plan. • Collect issues and discuss them at the end of the plan document. • Addressing the issues at the end of the plan enables the plans to be put into perspective.
Measurements and Results • To be successful, all activities in the plan must be measurable. • Achieved in two ways: • Results are specific and quantifiable. • Results are tied into key dates, milestones, or timetables. • Qualitative results can be measured by: • Polls • Image assessments • Opinion surveys
Measurements and Results • Specifying these expectations is critical in determining which goals are being achieved, and as a result, whether strategies need to be modified.
Budget and Planning • Determine the plan’s priorities and the cost associated with their execution. • Weigh what needs to be accomplished with what is affordable. • Numerous scenarios or options may be selected, and each may be inter-linked with existing and new marketing strategies.
Appendices • Relevant statistical data and research findings. • Help ensure that the document will remain an action document. • What is included: • Contacts list for research information • Potential acquisitions • New product development schedules