Home > Free Essays > Business > Strategic Management > Effective Strategic Planning: Monitoring and Controlling
Rate

Effective Strategic Planning: Monitoring and Controlling Essay

Exclusively available on IvyPanda Available only on IvyPanda
Updated: Jun 3rd, 2020

Marketing Tactics

The company has developed its strategic tactics that will move the business to the next level of performance. These tactics align well with the company’s mission, vision, and objectives, which underpin the existence of the company. These tactics include the following:

Increasing the level of advertisement

The company has plans for increasing the level of advertisement to penetrate the market. Traditionally, the industry players have emphasized the need for increased advertising. However, the company will engage in customized advertisement that approaches each segment individually.

Matching the company’s lowest price in segmented high-traffic categories

The Company believes that adopting lower pricing will help to leverage the company’s customer loyalty (Wittmann & Reuter, 2008). The purpose of utilizing this tactical approach aims to assure the company of the ability to “beat the market.”

Stepping up special events and promotional undertakings

The company intends to break the market trend that favors its immediate competitors. It is essential that the company designs best approaches that will leverage its profitability as well as gaining significant market share (Wittmann & Reuter, 2008).

Customer friendliness campaign

The company will pursue the tactic of promoting its public image and goodwill. This method will promote customer loyalty. Strategic campaigns are long-term undertakings that seek to create a sustainable market control over immediate competitors (May & May, 2010).

Information technology strategies

Use of technology in the modern business environment has been instrumental in supporting the main strategic plans of a firm. Therefore, information systems can be used as central to business strategy. The company values advanced information technology because it serves to support key company strategies and strategic advantage over the rest of industry players (Wittmann & Reuter, 2008).

Recommendations for improvement of corporate responsibility

The process of creating sustainable corporate social responsibility remains a landmark step to the existence of any company. The company believes that creating sustainable development of the community in which it operates will help to boost the company’s ability to penetrate the market. The company envisages improving its corporate social responsibility using community-based philanthropy. Although many companies have questioned the sustainability of the approach, the company asserts that ensuring community development will serve to create direct impact on the community within which it operates (Wittmann & Reuter, 2008).

The company continues to use its strategic, corporate philosophies as the major drivers of the business following the historical data and future forecasts. This is because the mission, vision, and values of the organization tend to articulate, credible, attractive, realistic and measurable future for the company (May & May, 2010). As Robert Miles noted in his article, “Corporate Transformation”, all transformations that have succeeded relied on a vision that stretches an organization beyond its goals and comprehension of its capacities (May & May, 2010).

The other approach to corporate social responsibility would be to initiate strategic benchmarking to offer strict competition with other company’s CSR policies, implementation, and effectiveness. The company intends to ensure a constant review of competitor initiatives and measure the efficacy of those CSR policies. The company will seek to understand how customers perceive existing CRS policies against those of the competitors. After the successful review of competitor CSR strategy, the company will develop an alternative strategy that has an overriding effect on strategies of its competitors (May & May, 2010).

The proposed pricing model of the company products as “masstige” represents the majority of the users of products by appealing to the middle-class as its target segment (May & May, 2010). The analysis of the industry recommends the company to pursue this model of pricing as it seeks to reclaim its market presence. The company has focused on its ability to champion the business through strategic marketing mix aimed at appealing to the market.

Analysis of how the measures will advance organizational goals financially and operationally.

How the measures to promote organizational goals

Differentiation strategy

Differentiation entails a strategic plan to eliminate the common aspects of a product that delineates a company’s products from the rest of the competitors (May & May, 2010). This strategy aims at developing a model product unique in quality and image, yet affordable by average consumers on the market. In ensuring that it maintains a high-quality product portfolio, Ford has adopted a differentiation plan that gives a unique feel of a quality brand capable of sustaining the historical brand of the company (Wittmann & Reuter, 2008).

Revenue generation

The company aims at increasing its revenue streams through focus marketing and sales strategies. In a bid to achieve the objective of high profitability, the company has established a strategic marketing and distribution plan capable of maximizing the sales in order to achieve its projected (May & May, 2010). However, the company recognizes the innate challenges involved in the process of widening its market sales. Therefore, the primary essence of strategic distribution serves to cushion the company against this vulnerability.

Trade promotions

The company values its customers, and it intends to offer incentives to its middle and low-end customers. This will take on ways that provide its customers with free samples to push its products in the market. This will increase the company’s market presence across its target regions. The company will identify its key moving stores as exclusive vendor shops that support this mission. Therefore, the company shall seek to provide sufficient free samples and cash incentives for purposes of implementing the strategy (May & May, 2010). This strategic approach intends to make the company the most “sought after” firm within the industry contrary to the current position. The company advertises its products in periodicals in order to reach the male customers as well as through on-line marketing campaigns. On the other hand, segmentation through In-store-up and cross selling will provide a platform to win new and existing customers.

Product

The Company projects to expand its product portfolio to cater for all the existing and new market segments. The company believes that expanding product portfolio to cover a wide market serves to create a company that customers can rely on in terms of product needs.

Pricing

The company pursues a differentiated pricing strategy due to its ethical branding. Therefore, its prices are set at a premium compared to other products on the market.

Place

The Body Shop places its products in retail stores as well as its internet-based virtual presence. Thus, the company can reach its target market in multiple ways that best suits its differentiated segments.

Methods of monitoring and controlling the proposed strategic plan

  • To sustain an effective and efficient communication with supply chains through intermediation
  • Appropriate means to lower production costs through lean production philosophies to allow affordable end prices to customers.
  • Maintain secure manufacturing processes in line with consumer safety requirements.
  • Establish good rapport with governments and other organs that promote the business both local and international markets

References

May, M. G., & May, G. (2010). Strategic Planning. New York, NY: Business Expert Press.

Wittmann, R., & Reuter, M. P. (2008). Strategic Planning: How to Deliver Maximum Value through Effective Business Strategy. London: Kogan Page Publishers.

This essay on Effective Strategic Planning: Monitoring and Controlling was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
Removal Request
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Request the removal

Need a custom Essay sample written from scratch by
professional specifically for you?

Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar
Writer online avatar

certified writers online

Cite This paper

Select a referencing style:

Reference

IvyPanda. (2020, June 3). Effective Strategic Planning: Monitoring and Controlling. Retrieved from https://ivypanda.com/essays/effective-strategic-planning-monitoring-and-controlling/

Work Cited

"Effective Strategic Planning: Monitoring and Controlling." IvyPanda, 3 June 2020, ivypanda.com/essays/effective-strategic-planning-monitoring-and-controlling/.

1. IvyPanda. "Effective Strategic Planning: Monitoring and Controlling." June 3, 2020. https://ivypanda.com/essays/effective-strategic-planning-monitoring-and-controlling/.


Bibliography


IvyPanda. "Effective Strategic Planning: Monitoring and Controlling." June 3, 2020. https://ivypanda.com/essays/effective-strategic-planning-monitoring-and-controlling/.

References

IvyPanda. 2020. "Effective Strategic Planning: Monitoring and Controlling." June 3, 2020. https://ivypanda.com/essays/effective-strategic-planning-monitoring-and-controlling/.

References

IvyPanda. (2020) 'Effective Strategic Planning: Monitoring and Controlling'. 3 June.

More related papers
Psst... Stuck with your
assignment? 😱
Hellen
Online
Psst... Stuck with your assignment? 😱
Do you need an essay to be done?
What type of assignment 📝 do you need?
How many pages (words) do you need? Let's see if we can help you!