Strategic Planning : Miller Lite

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Strategic Planning: Miller Lite Strategic planning is essential for all businesses. It allows companies to set goals and implement actions for long-term success. There are different phases of strategic management that help companies evolve and adapt to the changing world for long-term success. The phases are basic financial planning, forecast-based planning, externally oriented (strategic) planning, and strategic management (Wheelen p. 4-5) Basic financial planning is when managers request/set a yearly budget. This will show how much the company is spending or buying. Forecast-based planning is more long-term than the financial planning. During this phase, managers create a five-year plan that forecast the company’s actions in relation…show more content…
4-6). Strategic planning is preparation for the future of a company. All companies have the same goal of success. And two driving forces behind success is sustainability and innovation. Sustainability refers to how well the company is able to adapt to changes and have a long company life. A way to manage sustainability is using the triple bottom line. The triple bottom line consists of profit or lost, company’s social responsibility, and environmental responsibilities. Innovation can be described as any change for the company in order to better the company or to stay current with the trends. A large action of innovation is expansion or recession. Some examples of expansion are globalization, partnership, or a merger. These types of expansion are very common for companies to have a sustainable business (Wheelen p. 7-8, 10). The Miller Company is a great example of how companies use strategic planning in their business, through a merger with Coors in 2008 and other strategic actions. Miller has been a successful company from when they first opened in 1975. They were always ahead of their competition, being the first to successfully sell diet beer to men. They were the pioneers to creating the new market of reduced calorie brews. In 1990, Miller Lite topped in sales, selling 19 million barrels. However, after that point, sales were falling for a few decades. As mention
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