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CHAPTER 8: STRATEGY IMPLEMENTATION - Coggle Diagram
CHAPTER 8:
STRATEGY IMPLEMENTATION
SOCIAL MEDIA MARKERTING
:check: Must get customers involved in the company website and solicit suggestions in terms of:
:star: Product development
:star: Customer service
:star: Ideas
:check:
Company enable customers to interact with the firm on social media marketing.
:star: Facebook
:star: Twitter
:star: LinkedIn
:star: Instagram
:star: Forsquare
ISSUES:
:warning: To be a price leader or a price follower
:warning: To use exclusive dealerships or multiple channels of distribution.
:warning: To use heavy, light, or no TV advertising versus online advertising
MARKET SEGMENTATION
:explode: Strategies can implement
:check: Market development
:check: Product development
:check: Market Penetration
:check: Diversification
:explode: subdividing of a market intro distinct subsets of customers according to needs and buying habits.
:explode: Allows firm to operate with limited resources because mass production, mass distribution and mass advertising are not required.
:explode:
Directly affect the marketing mix variables
(4P)
:check: Product (brand/quality)
:check: Place (Location)
:check: Promotion (Advertising)
:check: Price (Payment term)
:explode:
Alternative Bases for Market Segmentation
:check: Geographic
:check: Demographic
:check: Psychographic
:check: Behavioral
PRODUCT POSITIONING
:pencil2: Entails developing schematic representations that reflect how products or services compare to competitors
:pencil2: Called as
Perceptual Mapping
:pencil2:
Product Positioning Steps
:fire:
Select key criteria
which effectively differentiate product and services in the industry.
:fire:
Diagram two-dimensional
product-positioning map with specified criteria.
:fire:
Plot major competitors
products or services in the resultant four-quadrant matrix.
:fire:
Identify areas in the positioning
map which most competitive in the target market
:fire:
Develop marketing plan
position the company's products or services appropriately.
Rules using this strategy
:
:check: Look for the hole or vacant niche
:check: Don't serve two segments with the same strategy
:check: Don't position yourself in the middle map
FINANCE/ACCOUNTING ISSUES
:warning: To raise capital with short term debt
:warning: To extend the time of accounts receivable
:warning: To establish a certain percentage discount on accounts within a specified period of time.
PERFORMING PROJECTED FINANCIAL ANALYSIS
:<3: Allows an organization to examine the expected results of various actions and approaches.
:<3: Allows an organization to compute projected financial ratios under various strategy-implementation decisions.
Step Performing Projected Financial Analysis
:check: Prepare projected income statement before the balance sheet.
:check: Use the percentage-of-sales method to project the cost of goods sold
:check: Calculate the projected net income
:check: Subtract from the net income any dividends to be paid.
RESEARCH AND DEVELOPMENT ISSUES
:green_cross: stress basic or applied research
:green_cross: Be leaders or followers in R&D
:green_cross: Develop robotics or manual-type processes
:green_cross: Emphasize product or process improvements
Approaches R&D Strategies:
:check: Be the first firm to market new technological products
:check: Be an innovative imitator of successful
:check: Be a low-cost producer by mass-producing products similar to but less expensive than products recently introduced.
MANAGEMENT INFORMATION SYSTEM (MIS) ISSUES
:check: having effective MIS important factor in differentiating successful firm
:check: Process of strategic management is facilitated immensely in firms that have an effective MIS