Strategic Planning and Marketing Flashcards Preview

IRP801 > Strategic Planning and Marketing > Flashcards

Flashcards in Strategic Planning and Marketing Deck (33)
Loading flashcards...
1
Q

What should be inside a designer’s toolbox?

A
Briefcase
Business Cards
Smart phone (*all in one)
Tape Measure
Calculator*
Watch*
Digital Camera*
Notebook
Pens/pencils/Markers
2
Q

What are the types of strategic plans?

A

Personal
Business
Marketing

3
Q

What are the 3 questions addressed by the strategic plan?

A

Who are we?
Where do we want to go?
How are we going to get there?

4
Q

What is SWOT analysis?

A

Strengths
Weaknesses
Opportunities
Threats

5
Q

What are some choices made on a personal plan?

A

Can be a short term and Long term plan

Own a business or work for others

6
Q

What is inside a business plan?

A

Mission Statement/Vision Statement

Template for how the business will operate and grow (or not)

7
Q

What are the 4 P’s of a Marketing Plan?

A

Product, Place, Promotion, Price

8
Q

What are the questions you should ask when setting a Goal for a Personal plan?

A

Why am I interested in Interior Design
What are my (specific) goals?
What goals are you willing to share with someone today?
What are your biggest successes to date?
What do you want to accomplish within 1 year? 5years? 20?
What is your ultimate interior design goal (anything is possible)?
What “mini goals” or objectives will create stepping stones to your ultimate goal?
Who in the profession do you admire?
What companies practice the type of design you like to do?
What is the most important to you: money, recognition, work/life balance, self-satisfaction, creative expression?
What would you like to spend your life doing?
What frustrates you the most professionally? Personally?
Do you like to work alone or in group?
What do you want your obituary to say about you?

9
Q

What are the advantages of working for yourself?

A

Don’t report to a boss
Personal satisfaction for achieving success
Potential for higher income
Potential for long-term job security
Creative autonomy
you pick your place on the risk/reward continuum
Greater responsibility

10
Q

What are the disadvantages of working for yourself?

A
Greater responsibility
Greater personal financial risk
Greater legal liability
greater stress
longer hours
minimal income initially
More management = less design
Less flexibility to change jobs
11
Q

What are the components of a business plan?

A
Usually starts with a Mission Statement and Vision Statement, then contains 4 components:
Business Summary
Market Summary
Operational plan
Financial Plan
12
Q

On a business plan what is the Mission Statement?

A

A concise explantation of a firm’s purpose

13
Q

What a Mission Statement contains?

A
A description of:
The Business
The Customers
The Services or Products offered
The Geographic Area Covered
14
Q

On a business plan what is a vision statement?

A

A philosophical description of the ideal future state; your intent (Why you exist today, what you are doing to pursue your vision for the future)

15
Q

What are the benefits of a vision statement?

A
Creates commitment from staff
Creates understanding from clients
Improves business focus
Keeps everyone "on the same page"
Enhances team environment and employee morale
16
Q

What is inside the business summary?

A

corporate structure
legal structure
services performed

17
Q

What is inside the market summary?

A

Potential clients (need for your services)
Competition
Trends/events that may affect the plan
how services will be priced
what advertising or promotions will be used

18
Q

What is inside the operational plan?

A

organization structure
Personnel required and job descriptions
records management procedures
employee salaries and benefits

19
Q

What is inside the financial plan?

A

Accounting methodology
Capital and operating costs
Budget of expected revenue and expenses
Projected income/loss

20
Q

How do you manage a strategic plan?

A
Setting goals (where do you want to go?)
Setting objectives (what benchmarks will show progress??)
Setting tactics (what are the day-to-day tasks required?)
21
Q

Why it is important to have a strategic plan?

A
Set Mission and Vision statements
Set Priorities
Helps with financial resource allocation
Provides a yardstick to measure and evaluate success
May prevent failure
22
Q

What are the parts of a strategic plan?

A
Executive summary
mission statement
company background
product  description
marketing plan
competitor analysis
SWOT Analysis
Operations
Financial planning
Timeline
23
Q

What are the 4 habits that build refer-ability?

A

Show up on time
Do what you say you-re going to do
Finish what you start
Say please and thank-you

24
Q

What is the difference between marketing and sales?

A

Marketing: we use marketing to make known that our Interior Design services are available
Sales: we sell our services in exchange for fees

25
Q

What is Marketing?

A

Outward looking - what does a potential client want?
Creating a need (or a desire) for your services
Creating an opportunity for sales

26
Q

What is sales?

A

Inward looking - why a potential client buy what I have?
Convincing a client to turn that desire into action and buy your services
Presenting yourself for a sale when the opportunity arises

27
Q

What are the marketing musts?

A

Planning, Support, Execution

28
Q

What planning in marketing entitles?

A

Leadership - ownership and accountability
Creativity - dare to be different
Goal Setting - establish and be committed

29
Q

What support in marketing entitles?

A

Organized: develop the right marketing materials
Consistent research: always know your material
Public relations: continually strengthen relationships

30
Q

What Execution in marketing entitles?

A

Graphic Identity: develop a strong, consistent graphic image
Exceptional work: the easiest way to get the next job is to do a good job
Exceptional service: everyone is marketing with every task

31
Q

What are the 4P’s of marketing?

A

Product : range of services
Place: get services to clients
Promotion: public relations (publications, competition, advertising), materials (gifts, newsletters, brochures, business cards…)
Price: value in comparison to competitors, services that differentiate you

32
Q

What are the decisions of target marketing (establishing a niche or a specific sub-group of the total market)?

A

Demographics: age, gender, income level, race…
Psychographics (lifestyle): hobbies or sports
Geographic’s (location)
Benefits (desired end results): increased productivity, attraction & retention, branding….

33
Q

What are the components of a marketing plan?

A

Goal statement (based on market analysis)
Capabilities: what past clients say we do well
Services: what will you offer, who will do, how will be done
Clientele: existing and potential
Polices: how and what will we charge
Organization - who is responsible for marketing effort
Marketing effort: how much will be spent
Evaluation: how will we measure success
Forecast: profits, additional staff, additional clients