Please enable JavaScript.
Coggle requires JavaScript to display documents.
Strategic Planning - Coggle Diagram
Strategic Planning
Boston Consulting Group (BCG)
Question mark
Market share
Low
Growth rate
High
Competitive
Weak
Star
Market share
High
Growth rate
High
Competitive
Strong
Cash cow
Market share
High
Growth rate
Low
Competitive
Weak
Dog
Market share
Low
Growth rate
Low
Competitive
Weak
Developing Strategies
for Growth and Downsizing
Market penetration growth by increasing sales to current market segments without changing the product
Market development growth by identifying and developing new market segments for current products
Product development is a growth strategy that offers new or modified products to existing market segments
Diversification is a growth strategy through starting up or acquiring businesses outside the company’s current products and markets
Marketing Strategy and the Marketing Mix
Market segmentation is the division of a market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require separate products or marketing mixes
Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts
Market targeting
is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
Market positioning is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer
Whole marketing plan supports the positioning strategy
Steps in Strategic Planning
Defining The Company Mission
The mission statement is the organization’s purpose, what it wants to accomplish in the larger environment
Satisfying basic customer needs
Product oriented
Market oriented
Setting Company Objectives and Goals
Business objectives
Build profitable customer relationships
Invest in research (R&D)
Improve profits
Marketing objectives
Increase market share
Create local partnerships
Increase promotion
Designing the Business Portfolio
The business portfolio is the collection of businesses and products that make up the company
Portfolio analysis is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company