Every business owner should develop a written guide that presents The Importance Of An Organisational Business Strategy for the company. The role of this article is to evaluate the appropriateness of each operational and marketing activity undertaken in relation to the overall business goals.
What To Consider When Strategizing For A Business
If the actions of a company are not found in the marketing strategy that was previously portrayed, this means is that we are firstly dealing with a crisis, motivated by actions of the competition or the changes in the market. Secondly, it could be about a strategy that did not meet the needs of the company.
In any case, the development of sporadic marketing activities that don`t include any consistency can have a negative impact on the company’s image and sales.
A marketing strategy should have clear objectives and must include the following aspects:
- A description of the targeted audience or final customer
- A description of the competitive environment in which the company operates
- The used distribution channels
- The way in which the company is positioned in relation to the competition
- Aspects related to the authenticity of the product and the reason for which customers may choose it over the products offered by competitors
- Pricing strategies in relation to those offered by the competitors
- Marketing expenses – advertising and promotions
- The conducted market research and the final outcomes.
Why Do You Need A Strategic Plan?
A business, regardless of its type, should be based on a clear strategy and should have a strict plan of actions in terms of financial resources, offers, objectives etc. The strategic plan is the synthesis of the key data of the business, including the business idea, its development project, and related calculations.
For a business plan to achieve the goals of the company, it must give due consideration to the following:
- Individual business profile
- The economic environment in which the business will be conducted
- The objectives proposed during the business development
- The purpose for which it was designed (presentation of the company, attracting partners or financiers for an already existing business or launching a new business).
The operating plan is a document designed to
determine the development of an enterprise during a certain period of time. It is used to establish the mission, objectives, and strategies for the effective implementation of specific activities during a specified future interval. The utility of the plan is both internal (as a tool for managers) and external (to obtain financing or to achieve a strategic partnership with another company).
This organizational plan is the preferred method of communication between entrepreneurs, potential financiers, and investors. It is used toarticulate the business strategy, explain the meaning of all the established attributes of the employees, and the role they play in the company. The business plan is, on one hand, a tool to control the entire process of starting and supporting a business. On the other hand, the business strategic plan is an important indicator of the maturity of the business in relation to its operating environment.
Source by Gerard Mohamed