Mktg Chap 8

| Most successful companies utilize business strategic planning to set priorities and goals for the organization's future; outcomes include short-term goals and long-term strategies.  A clearly written, well designed strategic plan can align business units, divisions and employees so that the vision of the management team and the mission of the company can be fulfilled.  As companies evolve and the environment changes it is critical for companies to maintain a disciplined execution of the strategic plan.However, if they are not

Different ways to segment a market would be demographics, geographics, psychographics, and behavioral. I think that it makes more sense to focus on just one segment rather than use more than one it would be more successful for the company.

(1) The management team must adopt a strategic management plan. First of all, they have to develop a clear vision and a mission statement to inspire and motivate all the frameworks for the company’s future strategic planning. According to “Mission Statements and Vision Statement” (2011), “by crafting a clear mission statement and vision statement, you can powerfully communicate your intentions and motivate your team or organization to realize an attractive and inspiring common vision of the future” (p.1). The management team should create a mission statement that describes the company’s purpose and primary objective. For the vision statement, it should include the company’s value and purpose of the company. With a clear vision and mission statement, management and employees would be able to follow the right direction as a team. They also need to define “who their customers are, what products and services it supplies, and how these products and services are provided” (BUSN 460 Week 1 video, slide 3).

In the era of capitalism and fierce corporate rivalries, the agenda for any major corporation is likely to prioritize profits over social problems such as environmental degradation. An example that sheds light on the conflict between human interests and environmental responsibility is the controversial approval of the oil drilling in the Northern Slope region of Alaska and the drilling that has already

Communication is a very intricate part of a successful strategic plan. Collaboration with the board, executive leaders, management team all the way to front-line staff must be informed what the strategic plan is and how it relates to the mission and vision. The mission, vision, values, goals and objectives of the organization must be organizational-wide dissemination. In order to have an effective and efficient strategic plan one must first select a strategic leader to help decide what their mission and vision will be. “Strategic leadership involves creating a vision and strategy that helps the organization succeed at its mission in both the short and the long term” (Spath, Abraham, 2014).

The strategic plan is essential for the organization because it is a tool used to guide the decisions

This type of segmentation is about the buying behavior of the consumers. In this case, it is about how people behave in terms of entertainment and social interaction.

Strategic planning is important for all businesses because this is when they set there aims and will discuss how they can achieve that aim. These aims have to be realistic and the owners will discuss this with their workers. Some aims might be hard to get but executives will want their workers to push hard so that it can be achieved. Marks and Spencer’s aim was to be the best supermarket in Britain but the recession had affected them really bad giving them losses of over 100 million pounds. Currently they are making profits of 50 million pounds but it is nowhere near what they made a few years ago.

Additionally, business leaders take responsibility for their actions. They don’t make excuses for something that happened instead acknowledge and understand what went wrong to prevent it from happening again. Similarly, in order for the business to reach its goal the owner needs to share the vision with employees. Employees don’t recognize why the plan is important yet which is why leaders to take an enthusiastic approach to motivate them. In fact, aligning the vision, value, and goals of the plan will help employees strategize on how to achieve

Below is a simple application of our segmentation based on our chosen demographics. We used a multi

Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.

Meanwhile, leading officials and shareholders have been attempting to push against Exxon’s misleading statements, and two Harvard researchers have recently proven that Exxon was deliberately attempting to deceive the public with the wording of their advertising and public statements. They say that while Exxon Mobil has attempted to frame itself in a positive light by contributing to climate change research, they are ultimately causing the worst kind of damage by continuing to publicly promote unscientific thinking which could negatively sway future policy making in the United States and other countries. The beliefs held by the people working against Exxon Mobil are essentially environmentalist, if more about wise use than deep ecology- they believe that the public, in particular shareholders, have a right to know about the ethics of what they might be investing in so they might choose more environmentally sound options when it’s logical and beneficial both for themselves and the

Often times, leadership and management can easily be confused although they are very different on a fundamental level. More so, leadership is a process focused on making organizational changes. Leadership directs its focus towards, “tomorrow”. Additionally, leadership is transformational, consultative, and participative. It is geared toward leading people, having followers, and is often times regarded as people-oriented. Management on the other hand is about controls and results, it focuses towards, “today”. Management is authoritative, autocratic, consultative, and democratic. Management focuses on administering work that is to be completed. Also, managers have subordinates and is task-oriented. In relation to strategic planning both leadership and management have very different jobs. Effectiveness in an organization is directly dependent on the leaders. Strategic planning is crucial when clarifying where your organization is going and what measures you may be taking to reach your goal. Leaders are the ones who assemble the strategic plans to reach the goal. Through implementing the strategic plan, leaders influence people so that they are able to do their job willingly and enthusiastically. The leaders central focus is on the principles and guidelines. They work to ensure the strategic plan encourages any change that is needed. On the other hand, management organizes and coordinates the necessary steps of the strategic plan. They bring stability to plan and help regulate any policies and procedures that may be necessary in the strategic plan process. Managements attempts to have a firm basis on the control of what might be essential for the strategic plan. A few questions I might have for the management team at Oakwood Health Services are: “What criteria will we use to

While ExxonMobil’s engagement with communities that are proximal to their operations can often be described as proactive and

According to literature, strategic planning is vital for strategic management. Burgelman (1994) points that strategic planning is a process which decides how, when and who is going to plan and how the results will be implemented. Drucker (1974) identified that the planning for an organization’s future that includes setting major overall objectives, the determination of basic approaches to be used in