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and Control
The aim of strategic planning is to shape the company’s
businesses and products to yield the targeted profits and
growth
Opportunities: Threats
• Economic climate • Competitive activity
• Demographic changes • Channel pressure
• Market • Demographic changes
• Technology • Politics
A major pet food manufacturer could pitch the following strengths and
weaknesses against the opportunities and threats
Goals indicate what a business unit wants to achieve; strategy describes the
game plan
for achieving those goals.
Michael Porter has condensed them into three
generic types that provide a good starting point for
strategic thinking:
overall cost leadership,
differentiation,
focus.
Overall cost leadership: Here the
business works to achieve the
lowest production and distribution
costs so that it can price lower than
competitors and win more market
share
Differentiation: Here the business
concentrates on achieving superior
performance in an important customer
benefit area, such as being the leader in
service, quality,style, or technology—
but not leading in all of these things.
Focus: Here the business focuses on one or more
narrow market segments, getting to know these
segments intimately and pursuing either cost
leadership or differentiation within the target
segment.
Program Formulation
Once the business unit has developed its principal
strategies, it must work out detailed supporting programs.
Implementation
Implementation is vital to effective management of the
marketing process.
Feedback and Control
As it implements its strategy, the firm needs to track
the results and monitor new developments in the
internal and external environments.
The control process