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Corporate Strategic Planning


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Corporate Strategic Planning

  1. 1. Corporate Strategic Planning Asia-Pacific Marketing Federation Certified Professional Marketer Copyright Marketing Institute of Singapore
  2. 2. Outline <ul><li>Introduction </li></ul><ul><li>Meaning & Role of Strategic Planning </li></ul><ul><li>Corporate Mission </li></ul><ul><li>Strategic Business Units (SBU)‏ </li></ul><ul><li>Marketing Audit </li></ul>
  3. 3. Strategic Planning <ul><li>… is the managerial process of developing and maintaining a strategic fit between the organization's objectives and resources and its changing market opportunities. </li></ul>Org Objectives Resources Changing Environment Strategic Fit
  4. 4. The Role of Strategy Corporate Mission & Objectives <ul><li>Strategy: </li></ul><ul><li>Corporate </li></ul><ul><li>Business </li></ul><ul><li>Functional </li></ul>Operating Plans
  5. 5. Sun Tze on Strategy <ul><li>“ Know your enemy, know yourself, and your victory will not be threatened. Know the terrain, know the weather, and your victory will be complete.” </li></ul>
  6. 6. Strategic Marketing <ul><li>“ Marketing Strategy is a series of integrated actions leading to a sustainable competitive advantage.” </li></ul><ul><li>John Scully </li></ul>
  7. 7. Corporate Mission <ul><li>Broad purposes of the organization </li></ul><ul><li>General criteria for assessing the long-term organizational effectiveness </li></ul><ul><li>Driven by heritage & environment </li></ul><ul><li>Mission statements are increasingly being developed at the SBU level as well </li></ul>
  8. 8. Examples of Corporate Mission <ul><li>SINGAPORE AIRLINES is engaged in air transportation and related businesses. It operates world-wide as the flag carrier of the Republic of Singapore, aiming to provide services of the highest quality at reasonable prices for customers and a profit for the company </li></ul>
  9. 9. Examples of Corporate Mission (cont’d)‏ <ul><li>MARRIOTT’S Mission Statement: </li></ul><ul><li>We are committed to being the best lodging and food service company in the world, by treating employees in ways that create extraordinary customer service and shareholder value </li></ul>
  10. 10. Corporate Culture <ul><li>The most abstract level of managerial thinking </li></ul><ul><li>How do you define culture? </li></ul><ul><li>What is the significance of culture to an organization? </li></ul><ul><li>How does marketing affect culture in the organization? </li></ul>
  11. 11. Corporate Objectives & Goals <ul><li>An objective is a long-range purpose </li></ul><ul><ul><li>Not quantified and not limited to a time period </li></ul></ul><ul><ul><li>E.g. increasing the return on shareholders’ equity </li></ul></ul><ul><li>A goal is a measurable objective of the business </li></ul><ul><ul><li>Attainable at some specific future date through planned actions </li></ul></ul><ul><ul><li>E.g. 10% growth in the next two years </li></ul></ul>
  12. 12. What is a Strategic Business Unit? (SBU)‏ <ul><li>A set of products or product lines </li></ul><ul><ul><li>With clear independence from other products or product lines </li></ul></ul><ul><ul><li>for which a business or marketing strategy should be designed </li></ul></ul>
  13. 13. Characteristics of a viable SBU <ul><li>Unique business mission </li></ul><ul><li>Definable set of competitors </li></ul><ul><li>Integrative planning done independently </li></ul><ul><li>Responsible for resource management in all areas </li></ul><ul><li>Large enough but not so large as to become bureaucratic </li></ul>(Source: Subhash Jain, Marketing Planning & Strategy, 6 th Ed.)‏
  14. 14. Organizational Marketing Levels <ul><li>Hofer and Schendel suggested that organizations develop strategies at three structural levels: </li></ul><ul><li>Corporate level—(corporate marketing)‏ </li></ul><ul><li>SBU level—(Strategic Marketing)‏ </li></ul><ul><li>Product/Market level—(Functional Marketing)‏ </li></ul>
  15. 15. Marketing at the SBU Level— Strategic Marketing <ul><li>Strategic Marketing requires </li></ul><ul><ul><li>Detailed understanding of market needs, and </li></ul></ul><ul><ul><li>Proactive use of competitive intelligence at the corporate as well as SBU’s levels </li></ul></ul><ul><li>Strategic Marketing </li></ul><ul><ul><li>Focuses on what the firm do best at the SBU level </li></ul></ul><ul><ul><li>To secure and maintain a sustainable competitive advantage </li></ul></ul>
  16. 16. What is Competitive Advantage? <ul><li>“ Competitive advantage is a company’s ability to perform in one or more ways that competitors cannot or will not match.” Philip Kotler </li></ul><ul><li>“ If you don’t have a competitive advantage, don’t compete.” Jack Welch, GE </li></ul>
  17. 17. Other Characteristics of Competitive Advantage <ul><li>Substantiality </li></ul><ul><ul><li>Is it substantial enough to make a difference? </li></ul></ul><ul><li>Sustainability </li></ul><ul><ul><li>Can it be neutralized by competitors quickly? </li></ul></ul><ul><li>Ability to be leveraged into visible business attributes that will influence customers </li></ul>(Source: Strategic Marketing Management, Aakers)‏
  18. 18. Seeking Competitive Advantages <ul><li>Positions of advantage </li></ul><ul><ul><li>Superior customer value </li></ul></ul><ul><ul><li>Lower relative total cost </li></ul></ul><ul><li>Performance advantages </li></ul><ul><ul><li>Customer satisfaction, Loyalty, Market Share, Profit </li></ul></ul><ul><li>Sources of advantages </li></ul><ul><ul><li>Superior skills & knowledge, Superior resources, Superior business process </li></ul></ul>
  19. 19. Key Elements of Marketing Strategy Formulation <ul><li>The strategic 3 Cs </li></ul><ul><ul><li>Customers, Competitors & the Corporation </li></ul></ul><ul><li>Environment analysis -- PEST </li></ul><ul><li>  Strategic Marketing Decisions </li></ul><ul><ul><li>Where to compete </li></ul></ul><ul><ul><li>How to compete </li></ul></ul><ul><ul><li>When to compete </li></ul></ul>
  20. 20. <ul><li>Must have a clearly defined market </li></ul><ul><li>Must have a good match between corporate strengths and market needs </li></ul><ul><li>Must have significant positive differentiation in the key success factors of the business </li></ul>A Viable Marketing Strategy
  21. 21. Situation Analysis <ul><li>Internal Analysis— company; capability etc. </li></ul><ul><li>External Analysis— customers, market definition, industry structure </li></ul><ul><li>SWOT Analysis </li></ul><ul><ul><li>S trengths, W eaknesses, O pportunities & T hreats </li></ul></ul><ul><ul><li>Identify & prioritize major problems and opportunities: selection of key issues </li></ul></ul><ul><li>Based on the firm’s core competencies, decide on future options </li></ul>
  22. 22. Marketing Audit <ul><li>“ Marketing audit is a comprehensive, systematic, independent, and periodic examination of a company’s—or business unit’s—marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company’s marketing performance” Philip Kotler </li></ul>
  23. 23. Characteristics of Marketing Audit <ul><li>Comprehensive </li></ul><ul><ul><li>Must cover all marketing areas </li></ul></ul><ul><li>Systematic </li></ul><ul><ul><li>Sequential diagnostic steps </li></ul></ul><ul><li>Independent </li></ul><ul><ul><li>Internal & external auditors </li></ul></ul><ul><li>Periodic </li></ul><ul><ul><li>Performed at regular intervals </li></ul></ul>
  24. 24. Marketing Audit Procedure <ul><li>Marketing environment audit </li></ul><ul><li>Marketing strategy audit </li></ul><ul><li>Marketing organization audit </li></ul><ul><li>Marketing system audit </li></ul><ul><li>Marketing productivity audit </li></ul><ul><li>Marketing function audit </li></ul><ul><li>Marketing excellence review </li></ul><ul><li>Ethical and social responsibility review </li></ul>