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What is Strategic Planning?
What is Strategic Planning?
Strategic Planning: a plan that maps out how an organization meets its goals and succeeds
intends to advance the organization
usually 3-5 yrs
involves research & seeking input from a wide variety of people/groups that are influenced by the organization's plan/services & have a perspective to share (aka "stakeholders")
Career CEOs often times will start a new job, implement a strategic plan and then once complete, will stay if the next steps suit their skillset, motivation, desires, etc. OR leave to move onto the next place
Where to Start?
Where to Start?
Vision - the why for an organization?
Mission - what do we need to do?
Objectives - planning for the future
Strategies - action plan
Tactics - action plan
The Planning Cycle
The Planning Cycle
Review mission & vision
SWOT
Answers who we are and assesses what's going on
Possible scenarios
examines what the possible outcomes are based on the previous steps
is the organization at risk?
is the organization going to do well?
Goals
based on the ideal scenario examined in the previous step
what are the short term goals/objectives for the organization?
Identify strategies
what are the various strategies & action plan to meet these goals?
Plan evaluation
there needs to be a way to measure the outcomes & needs to have the end in sight
what are the ways in which you will evaluate achievemnet of these goals?
includes baseline measurement, midpoint measurement (or several of them), and final review
Plan review & revision
revise as needed & the cycle repeats
Marketing
Marketing
Marketing: the processes involved in creating, communicating, delivering, & exchanging services or products to consumers (aka - "target market")
The Marketing Mix - 7 P's of the Marketing Plan
The Marketing Mix - 7 P's of the Marketing Plan
Product - what are the goods & services you are going to provide?
Price - how much will it cost? does this cover overhead, labor, & market demand?
Place - where will you "sell" your product? *can be physical or virtual space
Promotion - how will you get people to buy the product & advertise/promote the product? how will you establish public relations with your target market?
People - are you going to hire? if so, who are you going to hire? how will you ensure that you live up to the vision/mission set forth by you?
Process - what systems need to be in place to make it run smoothly?
Physical Evidence or Environment - "branding" of the company - do you stand out? do you look the way you want to be perceived?
Market Research
Market Research
What other products/services exist? Who are you competitors?
What do I know about the consumers & stakeholders?
know about past, present, & future consumers
what are their characteristics?
what are their spending habits?
what are their needs?
what do you know about the environment?
societal trends
economic changes
politics
this informs market position: how are you going to position yourself within the preexisting market?
Types of Marketing Strategies
Types of Marketing Strategies
positioning strategy - how will you differentiate your products/services from others? what is your unique identity?
advertising & promotional strategy - how have you communicated your brand to the target market?
social media & internet strategy - how can you increase internet visibility?
sales & conversion strategy - "conversion" is converting a potential client/consumer into an actual client/consumer - how will you do that?
referral & retention strategy - how will you get new referrals & how will you invest in current client/consumers?
evaluation strategy - how do you know if you met your outcomes? how often will you evaluate & monitor? how will you communicate & modify, if needed? how can you assess the "customers' experience" from beginning to end?
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