54 Chapter 2: Strategic Market Planning Part b
55 Topic Covered 2.1. Key Strategy Decisions 2.2. Strategy Types 2.3. Market Analysis and Sizing 2.4. SWOT Analysis 2.5. The Business Mission 2.6. Ongoing Marketing Research
56 2.5. SWOT Analysis (1) SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. Strengths: characteristics of the business or team that give it an advantage over others in the industry. Weaknesses: are characteristics that place the firm at a disadvantage relative to others. Opportunities: external chances to make greater sales or profits in the environment. Threats: external elements in the environment that could cause trouble for the business.
2.5. SWOT Analysis (2) Opportunity/Threat Matrix 57 Example: TV-Lighting-Equipment company: *Source: Kotler & Keller / Marketing Management
59 2.5. SWOT Analysis (4) Exercise 2.F 1. Prepare a SWOT analysis for your company 2. Establish a process in your company that will help you make sure that you do a repeated SWOT every X months (recommended: X=3..6) Assign champions from within your company or external that will add to your ability to do it well.
64 Topic Covered 2.1. Key Strategy Decisions 2.2. Strategy Types 2.3. Market Analysis and Sizing 2.4. SWOT Analysis 2.5. The Business Mission 2.6. Ongoing Marketing Research
65 2.4. Defining the Business Mission (1) A company vision is an almost impossible dream that provides a direction for the company for the next 5-10 years The business mission is a sentence describing a company's function, markets and competitive advantages; a short written statement of your business goals and philosophies. Some use the analogy of the North Star to the Company Vision, and the compass to the Mission Statement Mission statements are at their best when they reflect a vision Company Vision Mission Statement
2.4. Defining the Business Mission (1) Example: Alvarion 66 Company Vision: To allow every person in the world the right to reach knowledge and education to eradicate illiteracy Company Vision Company Mission: To develop and supply state of the art 4G based wireless network solutions for carriers worldwide Mission Statement
67 2.4. Defining the Business Mission (2) A mission statement defines what an organization is, why it exists, its reason for being. Organizations develop a mission statement to share with managers, employees, and in many cases, customers A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and opportunity. Mission Statement
68 2.4. Defining the Business Mission (3) At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate. Periodically review the mission statement and possibly revise it to make sure it accurately reflects your goals as your company and the business and economic climates evolve.
70 2.4. Defining the Business Mission (5) Exercise 2.G 1. Draft your company s vision and mission statement 2. Ask a few additional people in your company to write it 3. Compare and analyze the differences, and reach an agreed statement
71 Topic Covered 2.1. Key Strategy Decisions 2.2. Strategy Types 2.3. Market Analysis and Sizing 2.4. SWOT Analysis 2.5. The Business Mission 2.6. Ongoing Marketing Research
72 2.6. Ongoing Marketing Research You need to be the expert on your company s market! Your market changes all the time How to keep up? Create a Marketing Dashboard which you have your team fill in regularly Include both Market Forecasts and Company Sales Forecasts
2.6. Ongoing Marketing Research 74 Exercise 2.H Create the template for your Marketing Dashboard See attached chart: Suggested parameters for marketing dashboards
75 2.6. Ongoing Marketing Research You need to be the expert on your company s market! Your market changes all the time How to keep up? Spend X minutes every morning reading publications, Press releases, RSS feeds, Journals (X >= 20!) Subscribe to social networking groups that are relevant to your target market
76 2.6. Ongoing Marketing Research Exercise 2.I 1. List publications that are most valuable for your ongoing market research: Journals Blogs RSS feeds 2. Correlate/validate your prioritized list with colleagues from your industry to make sure that you get it right 3. Consider sharing such information with your professional network. You will be surprised how much reward you will get!