What is strategy?
A description of thestrategy-driven organization
- The strategic plan must determine how to create value for shareholders and other stakeholders
- Strategy is about positioning the organization for sustainable competitive advantage
- Strategic determines which industries to participate in, what products and services to offer and corporate resource allocation
- Strategy is about the overall vision and goal of the company. The basis on which the company will compete (price, features, etc.) who will be considered competitors, what products and services the company will offer
- Growth strategies need to consider the amount of access to financial capital, human capital and other available resources in relationship to market opportunities
Strategic Marketing
- Requires an understanding of your industry, especially emerging trends.
- Requires an in-depth understanding of your target market, why they choose to buy your product/service and what messages they are hearing from your competitors
- Strategic marketing programs are aimed at achieving specific results (branding, sales, conversion)
Tactical Marketing
- Tactical is the execution of the strategic plan-the budget allocation is applied based on the activities identified (direct sales base,collateral. PR/Media placement, trade shows, etc.)
- Tactical marketing is the ROI barometer-it is where the success of the strategic plan is measured
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SIMPLY PUT Planning
Your Company's Growth: A 10 Step Guide to the Strategic Planning Process www.BusinessSimplyPut.com
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