7 Flashcards
(73 cards)
What is a marketing strategy?
A marketing strategy is a company’s overall game plan for:
reaching prospective consumers and turning them into customers
defining its value proposition, key brand messaging, and target customer demographics.
How does a marketing strategy differ from a marketing plan?
A marketing strategy outlines key objectives and how to achieve them, while a marketing plan is a concrete action plan with specific timing, details, and KPIs for execution.
What is the first stage in strategic planning where marketing strategy aligns?
Organizational Direction, which involves assessing the company’s mission, vision, and values.
What is the purpose of a vision statement?
A vision statement describes where the company wants a community or the world to be as a result of its services, looking into the company’s future, providing inspiration.
What is the purpose of a mission statement?
A mission statement clarifies what the company wants to achieve, who they want to support, and why, acting as a roadmap for the company’s vision statement.
What is the role of environmental assessment in strategic planning?
To evaluate the company’s current and future competitive positioning, including identifying external threats and opportunities, and assessing internal weaknesses and strengths.
What happens during the strategy formulation stage?
Goals, major initiatives, and objectives are established based on the insights from the environmental assessment.
What is the goal of implementation planning?
To identify the specific actions required and outline specifics for the next fiscal year to put the strategy into action.
Why is strong leadership important for strategy implementation?
Effective strategy implementation requires strong leadership capabilities to champion the strategy, motivate employees, and overcome resistance.
What is a common challenge in strategy implementation regarding focus?
Too much focus on financials, rather than a holistic view of the entire organization.
How should functional strategies (like marketing) relate to the business strategy?
Functional strategies should be integrated seamlessly within the comprehensive business strategy, not as a substitute or fragmented effort.
What are the steps of strategy planning?
- Organizational Direction
2 Environmental assessment
- Strategy Formulation
- Strategy implementation planning and execution
- Strategy monitoring
What are the five key stages in the strategic planning process, in order?
The five key stages are: 1) Organizational Direction, 2) Environmental Assessment, 3) Strategy Formulation, 4) Implementation Planning, and 5) Execution/Update.
What is the purpose of the Organizational Direction stage?
To assess the company’s mission, vision, and values, establishing the high-level direction.
What is the purpose of the Environmental Assessment stage?
To evaluate the company’s current and future competitive positioning by identifying external threats and opportunities, and internal weaknesses and strengths.
What occurs during the Strategy Formulation stage?
Establishing specific goals, major initiatives, and objectives based on the insights from the environmental assessment.
What is the primary aim of Implementation Planning?
To identify the specific actions required and outline next fiscal year’s specifics to put the strategy into action.
What does the “Execution/Update” stage involve?
Putting the plans into motion and continuously monitoring, evaluating, and updating the strategy as needed, highlighting its dynamic nature.
What is a key challenge often encountered in strategy implementation related to focus?
Too much focus on financials, leading to a fragmented approach rather than a holistic one.
How should functional strategies (like marketing or finance) be handled in relation to the overall business strategy?
They must be seamlessly integrated and aligned with the overarching corporate strategy, not treated as isolated efforts.
Explain the difference between ‘holistic’ and ‘fragmented’ strategy implementation.
Holistic Implementation: This viewpoint recognizes that strategy involves and impacts all aspects of the organization, ensuring that all departments, functions, and levels work cohesively and are integrated towards common strategic goals. It avoids a narrow focus (e.g., only on financials).
Fragmented Implementation: This occurs when different departments or functional areas (like marketing or finance) pursue their own strategies or objectives in isolation, without seamless integration or alignment with the overarching corporate strategy. This lack of coordination can lead to inefficiencies, conflicting efforts, and ultimately derail the overall strategic effort.
What is meant by “translating strategy into action”?
Bridging the gap between strategic intent and operational execution, ensuring strategic goals are broken down into clear, actionable steps for all levels of the organization.
Why are strong leadership capabilities crucial for strategy implementation?
Leaders play a vital role in championing the strategy, motivating employees, fostering change, and overcoming resistance to ensure the strategic vision is realized.
What does the “continuous learning and adaptation” viewpoint emphasize?
That strategy is a dynamic process requiring continuous review, evaluation, and adaptation based on performance, market changes, and unforeseen circumstances, allowing companies to remain agile.
