Baby Alarm is a new product that detects if there are harmful odors in the air and sends out a signal if an infants gets too close to them and is in danger. I have been asked by my boss to come with 10 strategic planning activities for our company to perform.
1. The Value Chain
This is vital in creating more customer value. The value chain is a synthesis of activities to design, produce, market, deliver, and support for a product. This is important for Baby Alarm because the company needs to make sure every department is in sync and all working towards the same outcome.
2. Core Competencies
These are the companies resources such as labor, materials, assets, and information. Core competencies are a source of competitive advantage that is significant enough that is difficult for competitors to imitate. Baby Alarm should find one or two core compentencies to utilize its resources to gain an advantage over its competitors.
3. Marketing Plan
The marketing plan is the central instrument for directing and coordinating the marketing effort. Baby Alarm needs a plan if they want to be successful.They need to figure out what they want to advertise, how they want to advertise, and what methods to use to advertise.
4. Corporate Mission
Creating a corporate mission helps a company see what its ulimate purpose for being in business. This lets the company know why they are there and its main goal. At Baby Alarm, the ultiate goal to create a life saving alarm for young children and to keep them safe from harmful chemicals.
5. Assessing Growth Opportunities
The purpose of this assement is to figure out plans for a new business, downsize an exisitng business, or terminating a business. Baby Alarm should determine if there are growth opportunities to they can expand its business.
6. SWOT Analysis
This is determining a business’ strengths, weaknesses, opportunities, and threats. A business can see where they are strongest, and what they can improve on. Perhaps Baby Alarm strongest point is its product, and its weakest is its lack of advertising.
7. Deciding to go Global
More and more companies are deciding to go global. This allows them to expand into different markets and increase its sales. Baby Alarm should consider going globally since there are babies all over the place, and most people would like to protect their babies from harmful chemicals.
8. Goal Formulation
An important activity a business should do is figure out its goals. It is similar to a corporate mission, but goals are specific with time frames. Baby Alarm could form a goal to increase sales by 20% by the end of the year.
9. Analyzing consumer markets
Consumers are different in many ways and Baby Alarm should understand the differences between consumers. Some consumers are highly influenced by family members. Some consumers are really concerned with safety. For Baby Alarm, they should consider markets who are concerned with safety and family.
10. Identifying target markets
Baby alarm needs to identfy which markets they want to target. The better they know their target market, they will have a better understanding how to market towards them. A good target market they should consider is new parents.
1. The Value Chain
This is vital in creating more customer value. The value chain is a synthesis of activities to design, produce, market, deliver, and support for a product. This is important for Baby Alarm because the company needs to make sure every department is in sync and all working towards the same outcome.
2. Core Competencies
These are the companies resources such as labor, materials, assets, and information. Core competencies are a source of competitive advantage that is significant enough that is difficult for competitors to imitate. Baby Alarm should find one or two core compentencies to utilize its resources to gain an advantage over its competitors.
3. Marketing Plan
The marketing plan is the central instrument for directing and coordinating the marketing effort. Baby Alarm needs a plan if they want to be successful.They need to figure out what they want to advertise, how they want to advertise, and what methods to use to advertise.
4. Corporate Mission
Creating a corporate mission helps a company see what its ulimate purpose for being in business. This lets the company know why they are there and its main goal. At Baby Alarm, the ultiate goal to create a life saving alarm for young children and to keep them safe from harmful chemicals.
5. Assessing Growth Opportunities
The purpose of this assement is to figure out plans for a new business, downsize an exisitng business, or terminating a business. Baby Alarm should determine if there are growth opportunities to they can expand its business.
6. SWOT Analysis
This is determining a business’ strengths, weaknesses, opportunities, and threats. A business can see where they are strongest, and what they can improve on. Perhaps Baby Alarm strongest point is its product, and its weakest is its lack of advertising.
7. Deciding to go Global
More and more companies are deciding to go global. This allows them to expand into different markets and increase its sales. Baby Alarm should consider going globally since there are babies all over the place, and most people would like to protect their babies from harmful chemicals.
8. Goal Formulation
An important activity a business should do is figure out its goals. It is similar to a corporate mission, but goals are specific with time frames. Baby Alarm could form a goal to increase sales by 20% by the end of the year.
9. Analyzing consumer markets
Consumers are different in many ways and Baby Alarm should understand the differences between consumers. Some consumers are highly influenced by family members. Some consumers are really concerned with safety. For Baby Alarm, they should consider markets who are concerned with safety and family.
10. Identifying target markets
Baby alarm needs to identfy which markets they want to target. The better they know their target market, they will have a better understanding how to market towards them. A good target market they should consider is new parents.
