Designing a Competitive Business Model and Building a Solid Strategic Plan

Size: px
Start display at page:

Download "Designing a Competitive Business Model and Building a Solid Strategic Plan"

Transcription

1 CHAPTER 3 Designing a Competitive Business Model and Building a Solid Strategic Plan Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall

2 A Major Shift... From financial capital to intellectual capital n Human n Structural n Customer Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-2

3 Strategic Management n Is crucial to building a successful business. n Involves developing a game plan to guide a company as it strives to accomplish its mission, goals, and objectives, and to keep it on its desired course. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-3

4 Strategic Management and Competitive Advantage n Developing a strategic plan is crucial to creating a sustainable competitive advantage, the aggregation of factors that sets a company apart from its competitors and gives it a unique position in the market that is superior to its competition. n Example: Shiftwise temporary nursing Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-4

5 Key: Core Competencies n Unique set of capabilities a company develops in key areas, such as superior quality, customer service, innovation, teambuilding, flexibility, responsiveness, and others that allow it to vault past competitors. n They are what a company does best. n Best to rely on a natural advantage (often linked to a company s smallness ). n Examples: Jobster and Advanced Composite Materials Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-5

6 Building a Sustainable Competitive Advantage Capabilities Lessons learned Core competencies Sustainable competitive advantage Superior value for customers Skills Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-6

7 Strategic Management Process Step 1 Develop a vision and translate it into a mission statement Step 2 Assess strengths and weaknesses Step 3 Scan environment for opportunities and threats Step 4 Identify key success factors Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-7

8 Strategic Management Process (continued) Step 5 Analyze competition Step 6 Create goals & objectives Step 7 Formulate strategies Step 8 Translate plans into actions Step 9 Establish accurate controls Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-8

9 Step 1: Develop a Vision and Create a Mission Statement n Vision the result of an entrepreneur s dream of something that does not exist yet and the ability to paint a compelling picture of that dream for everyone to see. n A clearly defined vision: n Provides direction n Determines decisions n Motivates people n Allows for perseverance in the face of adversity Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-9

10 Step 1: Develop a Vision and Create a Mission Statement n Addresses question: What business are we in? n The mission is a written expression of how the company will reflect an entrepreneur s values, beliefs, and vision more than just making money. n Serves as a strategic compass. n Example: Chick-fil-A Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-10

11 Step 1: Develop a Vision and Create a Mission Statement n Elements of a mission statement: n Purpose of the company: What are we in business to accomplish? n Business we are in: How are we going to accomplish that purpose? n Values of the company: What principles and beliefs form the foundation of the way we do business? Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-11

12 Step 2: Assess Company Strengths and Weaknesses n Strengths n Positive internal factors a company can draw on to accomplish its mission, goals, and objectives. n Weaknesses n Negative internal factors that inhibit a company s ability to accomplish its mission, goals, and objectives. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-12

13 Step 3: Scan for Opportunities n Opportunities and Threats n Positive external factors the company can exploit to accomplish its mission, goals, and objectives. n Threats n Negative external factors that inhibit the firm's ability to accomplish its mission, goals, and objectives. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-13

14 The Power of External Market Forces Technological Competitive Economic Political and Regulatory Social and Demographic Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-14

15 Step 4: Identify Key Success Factors n Key success factors (KSFs): factors that determine the relative success of market participants. n The keys to unlocking the secrets of competing successfully in a particular market segment. n Example: John H. Daniel Company Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-15

16 Identifying Key Success Factors List the skills, characteristics, and core competencies that your business must possess to be successful in its market segment. Key Success Factor How Your Company Rates 1. Low High 2. Low High 3. Low High 4. Low High 5. Low High Conclusions: Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-16

17 Step 5: Analyze Competitors n NFIB study: Small business owners believe they operate in a highly competitive environment and the level of competition is increasing. n Yet, 97 percent of all U.S. businesses do not systematically track the progress of their key competitors. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-17

18 FIGURE 3.3 How Small Businesses Compete Based on: William J. Dennis, Jr., National Small Business Poll: Competition (Washington, DC: National Federation of Independent Businesses, 2003), Vol. 3, Issue 8, p. 1. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-18

19 Competitor Analysis n Direct competitors n Offer the same products and services n Customers often compare prices, features and deals among these competitors when they shop n Significant competitors n Offer some of the same or similar products or services n Product or service lines overlap but not completely n Indirect competitors n Offer same or similar products in only a small number of areas Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-19

20 Competitive Profile Matrix Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-20

21 Is Setting Goals & Objectives Really Important? Would you tell me, please, which way I ought to go from here? said Alice. That depends a good deal on where you want to get to, said the Cheshire cat. I don t much care where. said Alice. Then it doesn t matter which way you go, said the cat. - Lewis Carroll s Alice in Wonderland Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-21

22 Step 6: Create Company Goals and Objectives n Goals: Broad, long-range attributes to be accomplished. n BHAGs n Objectives: More detailed, specific targets of performance that are S.M.A.R.T. n Specific n Measurable n Assignable n Realistic (yet challenging) n Timely Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-22

23 Step 7: Formulate Strategies Strategy - a road map of the actions an entrepreneur draws up to achieve a company s mission, goals, and objectives. It is the company s game plan for gaining a competitive advantage. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-23

24 Step 7: Formulate Strategies Three basic strategies: Cost Leadership Strategy? Differentiation Focus Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-24

25 FIGURE 3.4 Three Strategic Options Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-25

26 Cost Leadership n Goal: to be the low-cost producer in the industry (or market segment). n Low-cost leaders have advantages: n Reaching buyers who buy on the basis of price n The power to set the industry s price floor. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-26

27 Cost Leadership n Cost Leadership works well when: n Buyers are sensitive to price changes. n Competing firms sell the same commodity products. n A company can benefit from economies of scale. n Example: Anytime Fitness Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-27

28 Differentiation n Company seeks to build customer loyalty by positioning its goods or services in a unique or different fashion. n Idea is to be special at something customers value. n Key: Build basis for differentiation on a distinctive competence, something that the small company is uniquely good at doing in comparison to its competitors. n Examples: Vosges-Haut Chocolate, Ice Hotel, and Indigenous Designs Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-28

29 Focus n Company selects one or more customer segments in a market, identifies customers special needs, wants, or interests, and then targets them with a product or service designed specifically for them. n Strategy builds on the differences among market segments. n Rather than try to serve the total market, the company focuses on serving a niche (or several niches) within that market. n Example: American Plume and Fancy Feather Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-29

30 Step 8: Translate Strategies into Action Plans n Survey of senior executives: Companies achieved only 63% of the results in their strategic plans. n Create projects by defining: n Purpose n Scope n Contribution n Resource requirements n Timing Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-30

31 Step 9: Establish Accurate Controls n Plan establishes the standards against which actual performance is measured. n Entrepreneur must: n Identify and track key performance indicators. n Take corrective action. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-31

32 Balanced Scorecards n A set of measurements unique to a company that includes both financial and operational measures n Gives managers a quick, yet comprehensive, picture of a company s overall performance. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-32

33 Balanced Scorecards Five Perspectives: 1. Customer: How do customers see us? 2. Internal Business: At what must we excel? 3. Innovation and Learning: Can we continue to improve and create value? 4. Financial: How do we look to shareholders? 5. Corporate Citizenship: Do we meet our responsibility to society as a whole, the environment, the community, and other external stakeholders? Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-33

34 Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-34

35 Conclusion The strategic planning process: n Begins with the nine steps. n Becomes more efficient each time. n Teaches entrepreneurial discipline for a higher chance of survival. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-35

36 Business Model n Value proposition n Revenue generation n Capabilities and processes n Position in the value chain Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-36

37 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 3-37

OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT

OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OME 211: PRINCIPLES OF MARKETING COURSE OUTLINE INTRODUCTION This course introduces students to the concept and principles of marketing. In doing

More information

Strategic Planning for Medical Groups...

Strategic Planning for Medical Groups... Special Report Strategic Planning for Medical Groups.......... The Importance of Long-Range Planning Strategic Planning for Medical Groups The Importance of Long-Range Planning Why Planning Is Important

More information

STRATEGIC PLAN ASSESSMENT TOOL

STRATEGIC PLAN ASSESSMENT TOOL STRATEGIC PLAN ASSESSMENT TOOL Directions: The Strategic Plan Assessment Tool consists of nine categories, each representing an important aspect of maximizing the usefulness of a strategic plan. These

More information

OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT

OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT 1 OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT OME 512: MARKETING MANAGEMENT COURSE OUTLINE INTRODUCTION This course introduces students to the concepts and principles marketing management.

More information

Strategy Formulation in Japanese Management

Strategy Formulation in Japanese Management Strategy Formulation in Japanese Management Copyright 2007 Keio University Quote of the Day Cheshire Puss, she (Alice) began would you tell me, please, which way to got from there? That depends a good

More information

ESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Chapter 4: Conducting a Feasibility Analysis and Designing a Business Model

ESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT Chapter 4: Conducting a Feasibility Analysis and Designing a Business Model Copyright 2016 Pearson Education, Inc. Copyright 2016 Pearson Education Inc 1 4-1 Section 2: The Entrepreneurial Journey Begins 4 Conducting a Feasibility Analysis and Designing a Business Model Copyright

More information

CHAPTER. Market Research. Research? Section What Is Your Competitive Advantage?

CHAPTER. Market Research. Research? Section What Is Your Competitive Advantage? CHAPTER Market Research Section Research? What Is Market Section What Is Your Competitive Advantage? SECTION What Is Market Research? OBJECTIVES Explain why market research is important Consider important

More information

Formed by merger of Bell Atlantic and GTE in June 2000. $67.8b - 2003 Revenue - from four business segments: Domestic Telecom Fiber Optic Network

Formed by merger of Bell Atlantic and GTE in June 2000. $67.8b - 2003 Revenue - from four business segments: Domestic Telecom Fiber Optic Network 1. BACKGROUND Verizon Communications formed by the merger of two big and successful companies, Atlantic Corp. and GTE Corp., is the largest telecommunication company. Verizon Communications, Inc. has many

More information

Developing a Marketing Plan. Develop a strategic marketing plan to successfully grow your business and increase profits

Developing a Marketing Plan. Develop a strategic marketing plan to successfully grow your business and increase profits Developing a Marketing Plan Develop a strategic marketing plan to successfully grow your business and increase profits Learning Objectives At the end of this module, you will be able to: Understand the

More information

Business Plan Guide for a Small Business

Business Plan Guide for a Small Business Business Plan Guide for a Small Business A Business Plan is a written document that describes the path of your business venture. It describes what you want to do and how you plan to do it, usually covering

More information

Strategic Planning Questions to Prompt Successful Mindset

Strategic Planning Questions to Prompt Successful Mindset Strategic Planning Questions to Prompt Successful Mindset, CSP, CMC Author of Profit-Growth Banking: How to Master 7 Breakthrough Strategies of Top- Performing Banks Vision 1. What are the key values we

More information

Marketing planning toolkit for small business

Marketing planning toolkit for small business 10 Minute Guide Marketing planning toolkit for small business Membership Services Moor Hall, Cookham Maidenhead Berkshire, SL6 9QH, UK Telephone: 01628 427500 www.cim.co.uk/marketingresources The Chartered

More information

THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT MBA COURSE OUTLINE

THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT MBA COURSE OUTLINE THE OPEN UNIVERSITY OF TANZANIA FACULTY OF BUSINESS MANAGEMENT MBA COURSE OUTLINE OME 611- STRATEGIC MARKETING INTRODUCTION: As a result of accelerating technological change and the growth of international

More information

2020 Foresight: Retail Bank Loyalty Programs

2020 Foresight: Retail Bank Loyalty Programs 2020 Foresight: Retail Bank Loyalty Programs Product Code: VR0930MR Published Date: June 2013 www.timetric.com TABLE OF CONTENTS TABLE OF CONTENTS 1 Executive Summary... 6 2 Introduction to Retail Bank

More information

MARKETING FINANCIAL SERVICES

MARKETING FINANCIAL SERVICES MARKETING FINANCIAL SERVICES Building a Better Bank: Strategies for Implementing a Marketing Process Bruce A. Clapp 1120 Connecticut Avenue, N.W. Washington, D.C. 20036 This publication is designed to

More information

Learning Outcomes After completing this unit you should be able to:

Learning Outcomes After completing this unit you should be able to: STRAT 7 & 8 STRATEGY MAPS Learning Outcomes After completing this unit you should be able to: Prof. JAA Lazenby Dept of Business Management Understand the meaning and role of the balanced scorecard in

More information

CHAPTER 11 INTERNATIONAL STRATEGY AND ORGANIZATION

CHAPTER 11 INTERNATIONAL STRATEGY AND ORGANIZATION CHAPTER 11 INTERNATIONAL STRATEGY AND ORGANIZATION LEARNING OBJECTIVES: 1. Explain the stages of identification and analysis that precede strategy selection. 2. Identify the two international strategies

More information

Appendix A. The Business Plan

Appendix A. The Business Plan Appendix A The Business Plan A key element of business success is a business plan, a written statement of the rationale for the enterprise and a step-by-step explanation of how it will achieve its goals.

More information

Learning Objectives: Quick answer key: Question # Multiple Choice True/False

Learning Objectives: Quick answer key: Question # Multiple Choice True/False 0 Learning Objectives: 11.1 Describe the advantages and disadvantages of the most common forms of business ownership. 11.2 Identify the stakeholders of a business and describe why they are important. 11.3

More information

The Entrepreneurial Way

The Entrepreneurial Way The Entrepreneurial Way Workshop Wednesday 30 January The Essentials of Marketing Fiona Mulliner Today s Session What marketing is Where marketing fits into a business How to develop a robust marketing

More information

Analyze the Hotel Industry in Porter Five Competitive Forces

Analyze the Hotel Industry in Porter Five Competitive Forces Analyze the Hotel Industry in Porter Five Competitive Forces Dr. David S. Y. Cheng, Faculty (Business) Upper Iowa University Hong Kong Campus ABSTRACT This article is going to discuss the strengths and

More information

International Workshop Agreement 2 Quality Management Systems Guidelines for the application of ISO 9001:2000 on education.

International Workshop Agreement 2 Quality Management Systems Guidelines for the application of ISO 9001:2000 on education. ISO 2002 All rights reserved ISO / IWA 2 / WD1 N5 Date: 2002-10-25 Secretariat: SEP-MÉXICO International Workshop Agreement 2 Quality Management Systems Guidelines for the application of ISO 9001:2000

More information

Hoshin Kanri. And the X- Matrix

Hoshin Kanri. And the X- Matrix Hoshin Kanri And the X- Matrix What is Hoshin Kanri? Hoshin: Direc6on needle Kanri: Control logic Hoshin Kanri is a method for controlling the direc6on in which a company or project goes. Why? The cogs

More information

Lesson 1. Assessing the Marketplace

Lesson 1. Assessing the Marketplace Assessing the Marketplace Your first lesson consists of four assignments that cover the first four chapters. These assignments provide a useful overview of the contemporary marketing environment and all

More information

BUSINESS NAME. Applicant Name. You ve had the idea, that s the first step. But starting a good business will take persistence, enthusiasm and a lot of

BUSINESS NAME. Applicant Name. You ve had the idea, that s the first step. But starting a good business will take persistence, enthusiasm and a lot of BUSINESS NAME Applicant Name You ve had the idea, that s the first step. But starting a good business will take persistence, enthusiasm and a lot of hard work. A clear business plan is essential for all

More information

Small Business Entrepreneurship Lesson Objectives

Small Business Entrepreneurship Lesson Objectives Small Business Entrepreneurship Lesson Unit 1: OVERVIEW OF SMALL BUSINESS ENTREPRENEURSHIP What Is Entrepreneurship? Define and list examples of entrepreneurs. Explain the difference between a product-based

More information

BOOK REPORT ARE YOU IN IT FOR THE LONG HAUL?

BOOK REPORT ARE YOU IN IT FOR THE LONG HAUL? BOOK REPORT Mirror, Mirror on the Wall, Am I the Most Valued of them All? The Ultimate Element of Differentiation is YOU By Leo J. Pusateri ISBN 0-9716056-0-2 ARE YOU IN IT FOR THE LONG HAUL? After years

More information

Genos Organisational Effectiveness Survey Question Bank. Genos International

Genos Organisational Effectiveness Survey Question Bank. Genos International Genos Organisational Effectiveness Survey Question Bank 1 About Genos Genos provides world class assessments and development programs in the areas of organizational effectiveness, emotional intelligence,

More information

The Performance Management Group LLC

The Performance Management Group LLC The Performance Management Group LLC KNOWLEDGE SPACE A Guide to Core Competency Analysis By Gerald M. Taylor LSSMBB, PMBscM Managing Consultant The Performance Management Group LLC HELPING YOU MAKE IT

More information

Localization Vendor Management

Localization Vendor Management Localization Vendor Management Best Practices for Managing Language Service Providers By Donald A. DePalma and Renato S. Beninatto Localization Vendor Management By Donald A. DePalma and Renato S. Beninatto

More information

The Only Two Things People Ever Buy

The Only Two Things People Ever Buy The Only Two Things People Ever Buy from How To Win Customers & Keep Them For Life by Michael LeBoeuf, Ph.d. Don t tell me how good you make it; tell me how good it makes me feel when I use it. Leo Burnett

More information

Strategic objectives at Montblanc

Strategic objectives at Montblanc Student Self-administered case study Strategic objectives at Montblanc Case duration (Min): 45-60 Strategic Management (SM) Strategic objectives Worldwide Case summary: Strategies are means to ends the

More information

ND BUSINESS EDUCATION FRAMEWORKS. Entrepreneurial

ND BUSINESS EDUCATION FRAMEWORKS. Entrepreneurial ND BUSINESS EDUCATION FRAMEWORKS Entrepreneurship Course Code Course Name/Description Grade Levels Accreditation Time/Credit 14111 Entrepreneurship is a course designed to provide students with the skills

More information

Translation Supply Chain Management

Translation Supply Chain Management Translation Supply Chain Management How Enterprise Buyers Manage Their Translation Vendors By Fred Hollowood and Donald A. DePalma September 2014 Translation Supply Chain Management By Fred Hollowood and

More information

The Balanced Scorecard. Background Discussion

The Balanced Scorecard. Background Discussion The Balanced Scorecard Background Discussion Contents History and Evolution Important Business Drivers Key Concepts Case Studies & Success Stories 1 Business Intelligence (BI) and Knowledge Management

More information

Data Functionality in Marketing

Data Functionality in Marketing Data Functionality in Marketing By German Sacristan, X1 Head of Marketing and Customer Experience, UK and author of The Digital & Direct Marketing Goose Data is not a new thing. Successful businesses have

More information

Key Performance Indicator 26 Success Secrets. Copyright by Benjamin Hodges

Key Performance Indicator 26 Success Secrets. Copyright by Benjamin Hodges Key Performance Indicator 26 Success Secrets Copyright by Benjamin Hodges Notice of rights All rights reserved. No part of this book may be reproduced or transmitted in any form by any means, electronic,

More information

Events & Seminars 2015-2016 Catalog

Events & Seminars 2015-2016 Catalog Events & Seminars 2015-2016 Catalog Achieving Operational Excellence A program for senior managers of labor-intensive contractors www.fminet.com/programs/aoe $1,295 for the first attendee $1,095 for each

More information

Module 7 8/12/2010. What types of strategies are used by organizations? How are strategies formulated and

Module 7 8/12/2010. What types of strategies are used by organizations? How are strategies formulated and Module 7 Module 7 Strategy and Strategic Management What types of strategies are used by organizations? How are strategies formulated and implemented? 7.1 Types of organizational strategies Comprehensive

More information

Business Flanning. and Market Strategy

Business Flanning. and Market Strategy Business Flanning and Market Strategy E. K. Valentin Weber State University dsage Los Angeles [ London New Delhi Singapore Washington DC Contents Preface xiii PART I: THE BIG PICTURE 1 1 Business Flanning

More information

Overview MBA Programme Courses 2015-2016

Overview MBA Programme Courses 2015-2016 Overview MBA Programme Courses 2015-2016 copyright 2016 Stichting Hotelschool The Hague, The Netherlands All rights reserved. No part of this publication may be reproduced, stored in a retrieval system,

More information

Chapter 3 Entrepreneurs: Key Characteristics and Skills. Are All Entrepreneurs Alike? Do What You Love

Chapter 3 Entrepreneurs: Key Characteristics and Skills. Are All Entrepreneurs Alike? Do What You Love Chapter 3 Entrepreneurs: Key Characteristics and Skills Are All Entrepreneurs Alike? While entrepreneurs have in common certain characteristics and skills, there is a wide range of individuality among

More information

CHAPTER. Market Research. Section 7.1 What Is Market Research? Section 7.2 What Is Your Competitive Advantage?

CHAPTER. Market Research. Section 7.1 What Is Market Research? Section 7.2 What Is Your Competitive Advantage? CHAPTER Market Research Section 7.1 What Is Market Research? Section 7.2 What Is Your Competitive Advantage? SECTION What Is Market Research? OBJECTIVES Explain why market research is important Consider

More information

THE COMPETITIVE ADVANTAGE THEORY AS A GROWTH STRATEGY

THE COMPETITIVE ADVANTAGE THEORY AS A GROWTH STRATEGY THE COMPETITIVE ADVANTAGE THEORY AS A GROWTH STRATEGY Management Marketing - Tourism Ec. Ecaterina Nicoleta Ciurez Ph.D University of Craiova, Faculty of Economics and Business Administration, Craiova,

More information

ESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT 6E Chapter 9: E-Commerce and the Entrepreneur

ESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT 6E Chapter 9: E-Commerce and the Entrepreneur CHAPTER 9 E-Commerce and the Entrepreneur The Internet: Changing the Face of Business Successful companies use the Internet as a mechanism for transforming their companies and for changing everything about

More information

INSERT COMPANY LOGO HERE. Solutions for Discrete Product Industries Leadership New Product Award Innovation Award

INSERT COMPANY LOGO HERE. Solutions for Discrete Product Industries Leadership New Product Award Innovation Award 2013 2014 INSERT COMPANY LOGO HERE 2014 Global Plant 2013 North Data Management American SSL and Certificate Quality Optimization Solutions for Discrete Product Industries Leadership New Product Award

More information

GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN

GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN August 2012 Table of contents Introduction... 3 1. Executive Summary... 3 2. Business Summary... 3 2.1 Company Summary... 3 2.2 Management Summary... 3

More information

Template for business concepts

Template for business concepts Template for business concepts We suggest that you structure your business concepts as presented here. Remember that there is a maximum of 10 pages or 12 PowerPoint slides including overview. Feel free

More information

Management Information Systems MANAGING THE DIGITAL FIRM, 12 TH EDITION INFORMATION SYSTEMS IN BUSINESS TODAY

Management Information Systems MANAGING THE DIGITAL FIRM, 12 TH EDITION INFORMATION SYSTEMS IN BUSINESS TODAY MANAGING THE DIGITAL FIRM, 12 TH EDITION Chapter 1 INFORMATION SYSTEMS IN BUSINESS TODAY VIDEO CASES Case 1: UPS Global Operations with the DIAD IV Case 2: IBM, Cisco, Google: Global Warming by Computer

More information

Donald W. Reynolds Governor s Cup Written Competition Scorecard Small Business Division

Donald W. Reynolds Governor s Cup Written Competition Scorecard Small Business Division Donald W. Reynolds Governor s Cup Written Competition Scorecard Small Business Division Judge Name or ID# - ENTER HERE: Team Name or ID# ENTER HERE: Executive Summary The executive summary is clear, concise,

More information

Global Mobile Marketing Systems, Small Business Guide Page 1 of 10

Global Mobile Marketing Systems, Small Business Guide Page 1 of 10 Page 1 of 10 Disclaimers / Legal Information All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted in any form or by any means, without the prior written

More information

A Guide to Strategic Planning

A Guide to Strategic Planning A Guide to Strategic Planning Updated June 30, 2011 A Guide to Strategic Planning Table of Contents Introduction 2 Definition of Strategy 2 The Business Plan 3 Clarifying Strategy 4 Determining Priorities

More information

How to Write a Business Plan

How to Write a Business Plan How to Write a Business Plan Small Business Development Center (SBDC) A well-written comprehensive business plan forms the basis for the success of any business venture. The business plan is a written

More information

The world changes rapidly and frequently Means each business must stay informed about its Market

The world changes rapidly and frequently Means each business must stay informed about its Market Chapter 7 Section The world changes rapidly and frequently Means each business must stay informed about its Market A group of potential customers people or businesses who are willing and able to purchase

More information

Strategic Planning & Goal Setting

Strategic Planning & Goal Setting White Paper Strategic Planning & Goal Setting ASSESSMENTS: STRATEGIC PLANNING GOAL SETTING 2. Strategic Planning & Goal Setting STRATEGIC PLANNING Strategic planning is a disciplined effort. In the end,

More information

Planning, Strategy, and Competitive Advantage

Planning, Strategy, and Competitive Advantage Planning, Strategy, and Competitive Advantage Chapter 6 website Mark Gosling Office: D404 Phone: 5417 Learning Objectives LO1 Identify the three main steps of the planning process and explain the relationship

More information

CGMA TOOL. How to Develop a Strategy Map

CGMA TOOL. How to Develop a Strategy Map CGMA TOOL How to Develop a Strategy Map contents Two of the world s most prestigious accounting bodies, the AICPA and CIMA, have formed a joint venture to establish the Chartered Global Management Accountant

More information

Chapter. Developing Business / IT Strategies. Copyright 2008, The McGraw-Hill Companies, Inc. All rights reserved.

Chapter. Developing Business / IT Strategies. Copyright 2008, The McGraw-Hill Companies, Inc. All rights reserved. Chapter 6 Developing Business / IT Strategies McGraw-Hill/Irwin Copyright 2008, The McGraw-Hill Companies, Inc. All rights reserved. 2-2 Learning Objectives Discuss the role of planning in the business

More information

Creating Competitive Advantage Chapter 17

Creating Competitive Advantage Chapter 17 Creating Competitive Advantage Chapter 17 17-0 Definition Competitive Advantage An advantage over competitors gained by offering consumers greater value and satisfaction than competitors offer. 17-1 Goal

More information

BUSINESS PLAN OUTLINE

BUSINESS PLAN OUTLINE BUSINESS PLAN OUTLINE I. NARRATIVE 1. Cover Sheet Name of business, owner(s), address, phone and fax numbers, web site address. 2. Table of Contents The Table of Contents outlines each section and where

More information

PERFORMANCE MANAGEMENT Planning & Goal Setting

PERFORMANCE MANAGEMENT Planning & Goal Setting PERFORMANCE MANAGEMENT Planning & Goal Setting To whom much is given, much is expected. Leadership Development Series Summer 2011 Areas We Will Cover Today 1. Discuss our collective lessons and learnings

More information

Welcome Strategy Leader!

Welcome Strategy Leader! Essentials Guide to Strategic Planning Welcome Strategy Leader! To help close the gap between strategy and execution, we ve created the Essentials Guide to Strategic Planning, which provides an end-to-end

More information

Visual Strategic Planning

Visual Strategic Planning 9909 Mira Mesa Blvd. San Diego, CA 92131 Phone: 800-768-3729 Phone: 858-225-3300 Fax: 858-225-3390 www.smartdraw.com Visual Strategic Planning Thinking and Communicating Visually in the Strategic Planning

More information

Teaching Note DuPont Cleaning Products Division 1

Teaching Note DuPont Cleaning Products Division 1 Case Overview Teaching Note DuPont Cleaning Products Division 1 Stuart Heggie, business manager of DuPont Canada s Household and Institutional Cleaning Division, is pondering the future direction of the

More information

Level 1 Articulated Plan: The plan has established the mission, vision, goals, actions, and key

Level 1 Articulated Plan: The plan has established the mission, vision, goals, actions, and key S e s s i o n 2 S t r a t e g i c M a n a g e m e n t 1 Session 2 1.4 Levels of Strategic Planning After you ve decided that strategic management is the right tool for your organization, clarifying what

More information

Presentation Objectives Why is Internal Audit here? Concepts (Enterprise Risk Management, Strategic Risk, Strategic Risk Management, etc.

Presentation Objectives Why is Internal Audit here? Concepts (Enterprise Risk Management, Strategic Risk, Strategic Risk Management, etc. Internal Audit 1 January 13, 2012 Presentation Objectives Why is Internal Audit here? Concepts (Enterprise Risk Management, Strategic Risk, Strategic Risk Management, etc.) Summary Internal Audit 2 January

More information

Collaborative CRM Workshop. 02 Partner Alignment & Project Objectives

Collaborative CRM Workshop. 02 Partner Alignment & Project Objectives Collaborative CRM Workshop 02 Partner Alignment & Project Objectives 1 Collaborative CRM 2005 02 Partner Alignment & Project Objectives Copyright ECR Europe 2005. All rights reserved. Version 7.0 June

More information

SUPERSTAR ENTREPRENEUR Capitalize on Opportunities with a proven Formula

SUPERSTAR ENTREPRENEUR Capitalize on Opportunities with a proven Formula Unique Training Class SUPERSTAR ENTREPRENEUR Capitalize on Opportunities with a proven Formula Your Gateway to Ultimate Success! Develop Winning Business Plans Become Attractive Close Deals Fast What is

More information

Developing the Strategy: Vision, Value Gaps, and Analysis

Developing the Strategy: Vision, Value Gaps, and Analysis T H E S T R A T E G Y E X E C U T I O N S O U R C E Article Reprint No. B0801A Developing the Strategy: Vision, Value Gaps, and Analysis By Robert S. Kaplan and David P. Norton, with Edward A. Barrows

More information

A primer in Entrepreneurship Chapter 2 Recognizing Opportunities and Generating Ideas

A primer in Entrepreneurship Chapter 2 Recognizing Opportunities and Generating Ideas Chapter 2 Recognizing Opportunities and Generating Ideas Prof. Dr. Institute for Strategy and Business Economics Chapter 2: Recognizing Opportunities and Generating Ideas Table of Contents II. III. Techniques

More information

Guideline. Records Management Strategy. Public Record Office Victoria PROS 10/10 Strategic Management. Version Number: 1.0. Issue Date: 19/07/2010

Guideline. Records Management Strategy. Public Record Office Victoria PROS 10/10 Strategic Management. Version Number: 1.0. Issue Date: 19/07/2010 Public Record Office Victoria PROS 10/10 Strategic Management Guideline 5 Records Management Strategy Version Number: 1.0 Issue Date: 19/07/2010 Expiry Date: 19/07/2015 State of Victoria 2010 Version 1.0

More information

Get your businesses going in the right direction with a targeted list of permission based emails. Don t get into spam. Get into their hearts.

Get your businesses going in the right direction with a targeted list of permission based emails. Don t get into spam. Get into their hearts. EMAIL MARKETING Get your businesses going in the right direction with a targeted list of permission based emails. Don t get into spam. Get into their hearts. PERMISSION SEGMENTATION SUCCESS We all are

More information

Strategy Formulation

Strategy Formulation Strategy Formulation Introduction Strategy formulation is the process by which an organization chooses the most appropriate courses of action to achieve its defined goals. This process is essential to

More information

E-Commerce Business Models and Concepts

E-Commerce Business Models and Concepts Copyright 2002 Pearson Education, Inc. Slide 2-1 E-Commerce Business Models and Concepts Created by, David Zolzer, Northwestern State University Louisiana Learning Objectives! Identify the key components

More information

Strategic Leadership and

Strategic Leadership and Chapter 11 Strategic Leadership and Change Management Chapter 11 Learning Outcomes Discuss the role of strategic leadership in the strategic management process. Describe the relevance of analyzing the

More information

Business-Level Strategy: Creating and Sustaining Competitive Advantages

Business-Level Strategy: Creating and Sustaining Competitive Advantages Business-Level Strategy: Creating and Sustaining Competitive Advantages Chapter Five McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Learning Objectives After reading

More information

BUSINESS PLAN OUTLINE

BUSINESS PLAN OUTLINE I - BUISNESS PLAN OUTLINE INTRODUCTION TO THE BUSINESS PLAN & CONCEPT Before starting a new business or expanding an existing business, you should develop a Business Plan. The Business Plan will serve

More information

Thinking of starting your own business

Thinking of starting your own business Thinking of starting your own business An information guide Compiled May 2011 CONTENTS Section 1 Foreword Section 2 Advice From Business link DWP Financial assistance Section 3 Where can I get more help

More information

37 Marketing Automation Best Practices David M. Raab Raab Associates Inc.

37 Marketing Automation Best Practices David M. Raab Raab Associates Inc. 37 Marketing Automation Best Practices David M. Raab Raab Associates Inc. Many companies today have installed marketing automation or demand generation software.* But buying a system is like joining a

More information

Looking for the right stuff. Highway 12 Ventures 802 W. Bannock, 7th Floor Boise, Id. 83702 (208) 345-8383 highway12ventures.com

Looking for the right stuff. Highway 12 Ventures 802 W. Bannock, 7th Floor Boise, Id. 83702 (208) 345-8383 highway12ventures.com Looking for the right stuff Step 1: The business plan Your ability to write a high-quality business plan is the first test of your capacity to work as a team and run your company successfully. We receive

More information

EXECUTIVE MBA Course Descriptions

EXECUTIVE MBA Course Descriptions EXECUTIVE MBA Course Descriptions Business & Economic Context, XMBA 4102 This introductory economics course is designed to provide a survey of essential economics concepts and frameworks for executives.

More information

Business strategist Decision maker Change manager Multicultural negotiator System designer Collaborator Leader

Business strategist Decision maker Change manager Multicultural negotiator System designer Collaborator Leader Yeditepe University offers Executive Master of Business Administration Program (EMBA) for those who would like to positively differentiate themselves in their career development. Yeditepe Executive MBA

More information

What this topic is about. The purpose of marketing Different approaches to marketing Segmentation Niche &mass markets B2C & B2B marketing

What this topic is about. The purpose of marketing Different approaches to marketing Segmentation Niche &mass markets B2C & B2B marketing Effective Marketing What this topic is about The purpose of marketing Different approaches to marketing Segmentation Niche &mass markets B2C & B2B marketing What is Marketing? The process of identifying,

More information

(Relevant to Paper II -- PBE Management Accounting and Finance)

(Relevant to Paper II -- PBE Management Accounting and Finance) analysis and accounting (Relevant to Paper II -- PBE Management Accounting and Finance) Dr Fong Chun Cheong, Steve School of Business, Macao Polytechnic Institute Every day we see competition in products

More information

1. Which segment do ebay, Amazon.com, and LandsEnd.com belong? 2. Which segment focuses on consumers dealing with each other?

1. Which segment do ebay, Amazon.com, and LandsEnd.com belong? 2. Which segment focuses on consumers dealing with each other? 1. Which segment do ebay, Amazon.com, and LandsEnd.com belong? A) B2Bs B) B2Cs C) C2Bs D) C2Cs 2. Which segment focuses on consumers dealing with each other? A) B2B B) B2C C) C2B D) C2C 3. Which segment

More information

Strategic Planning: What Is the Process?

Strategic Planning: What Is the Process? Strategic Business Planning for Commercial Producers The Setting Strategic Planning: What Is the Process? Craig Dobbins and Cole Ehmke Center for Food and Agricultural Business Purdue University Strategic

More information

Envisioning a Future for Public Health Knowledge Management

Envisioning a Future for Public Health Knowledge Management Envisioning a Future for Public Health Knowledge Management By Cadence Group Public health today faces challenges and opportunities of a degree that it has never seen before. Never before have methods

More information

2015 Global PLM Services in Discrete Manufacturing Company of the Year Award

2015 Global PLM Services in Discrete Manufacturing Company of the Year Award 2015 2015 Global PLM Services in Discrete Manufacturing Company of the Year Award Frost & Sullivan 1 We Accelerate Growth Background and Company Performance Industry Challenges The industrial sector experienced

More information

FinancialServicesMarketin RepoRtS

FinancialServicesMarketin RepoRtS Resources to focus for your niche, acquire new clients and services ac Fortunately, you can reduce the effects of this new era of competition by concentrating on niche markets. VOL 6 NUM 1 Strategies and

More information

Barco Marketing Case Analysis

Barco Marketing Case Analysis Barco Marketing Case Analysis I. Position Statement: Over the past few months, many events have led Barco Projection Systems to be confronted with an important decision: Barco needs to continue its development

More information

The Value of Knowledge

The Value of Knowledge www.pwcacademy.rs The Value of Knowledge PwC Mini MBA Programme Programme Description Content 3 The Value of Knowledge 4 Duration Topics 5 Session 1 - Business Breakdown & Map 6 Session 2 - Corporate &

More information

Landing Page 101: Learn the Top 100 Tips to Landing Pages - Improve your ROI with Quality Landing Pages, Now Create Landing Pages that truly convert.

Landing Page 101: Learn the Top 100 Tips to Landing Pages - Improve your ROI with Quality Landing Pages, Now Create Landing Pages that truly convert. Landing Page 101: Learn the Top 100 Tips to Landing Pages - Improve your ROI with Quality Landing Pages, Now Create Landing Pages that truly convert. Landing Pages 100 Success Secrets Copyright 2008 Notice

More information

Key Terms. DECA Ryerson 2015-16 Case Guides Business to Business Marketing

Key Terms. DECA Ryerson 2015-16 Case Guides Business to Business Marketing Key Terms Acquisition Costs: The incremental costs involved in obtaining a new customer. Agent: A business entity that negotiates, purchases, and/or sells, but does not take title to the goods. Benchmark:

More information

Standards for the Professional Practice of Internal Auditing

Standards for the Professional Practice of Internal Auditing Standards for the Professional Practice of Internal Auditing THE INSTITUTE OF INTERNAL AUDITORS 247 Maitland Avenue Altamonte Springs, Florida 32701-4201 Copyright c 2001 by The Institute of Internal Auditors,

More information

Total Quality Management (TQM) presented by Dr. Eng. Abed Schokry

Total Quality Management (TQM) presented by Dr. Eng. Abed Schokry Department of Industrial Engineering Total Quality Management (TQM) presented by Dr. Eng. Abed Schokry Policy, strategy and goal deployment Chapter 4 ١ Chapter 4: Learning Outcomes After successful studying

More information

Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs

Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs Mark Glein, PhD, Marketing Florida State University Marketing Plan

More information

Business Name. 1 P a g e

Business Name. 1 P a g e Business Name 1 P a g e Table of Contents Executive Summary...Page 3 Mission Statement...Page 4 Vision Statement...Page 4 Values Statement...Page 5 Business Description...Page 6 Industry Analysis...Page

More information

Supply Chain Management 100 Success Secrets

Supply Chain Management 100 Success Secrets Supply Chain Management 100 Success Secrets Supply Chain Management 100 Success Secrets - 100 Most Asked Questions: The Missing SCM Software, Logistics, Solution, System and Process Guide Lance Batten

More information

How can you identify the causes and effects of the risks in your company? What can happen?

How can you identify the causes and effects of the risks in your company? What can happen? Risk Identification STAGE 1 : RISK IDENTIFICATION 1. Risk identification 2. Sources for identifying risks 3. Other procedures for identifying risks 4. Classification of risks 1.Risk Identification How

More information

Strategic Planning. Credit value: 15 Guided learning hours: 45. Unit aim. Unit introduction

Strategic Planning. Credit value: 15 Guided learning hours: 45. Unit aim. Unit introduction 22727C Strategic Planning Unit code: QCF Level 7: H/602/2330 BTEC Professional Credit value: 15 Guided learning hours: 45 Unit aim This unit provides the learner with an understanding of how to review

More information