| I would like to share the definition about the | | | | plan is a virtual necessity. This may not be a |
| corporate strategic planning and competitive | | | | recipe for success, but without it a business is |
| advantage. They are mandatory for all big, middle, | | | | much more likely to fail. A sound plan should: |
| at least settled company/ institutions to make a | | | | * Serve as a framework for decisions or for |
| sustainable and going concern business. | | | | securing support/approval. |
| 1) Strategic Planning is the managerial process of | | | | * Provide a basis for more detailed planning. |
| developing and maintaining a strategic fit between | | | | * Explain the business to others in order to |
| the organization's objectives and resources and its | | | | inform, motivate & involve. |
| changing market opportunities. | | | | * Assist benchmarking & performance monitoring. |
| 2) Strategic Marketing is "a series of integrated | | | | * Stimulate change and become building block for |
| actions leading to a sustainable competitive | | | | next plan. |
| advantage" | | | | For inspiration (and a few smiles), have a look at |
| - John Scully- | | | | some of the quotations and examples of bad |
| 3) Corporate Mission is broad purposes of the | | | | advice included in other pages! |
| organization, driven by heritage and environment. | | | | A strategic plan should not be confused with a |
| 4) Corporate Objectives is a long range purpose. | | | | business plan. The former is likely to be a (very) |
| 5) Corporate Goal is a measurable objective of | | | | short document whereas a business plan is usually |
| the business. | | | | a much more substantial and detailed document. A |
| 6) Strategic Business Unit (SBU) is a set of | | | | strategic plan can provide the foundation and |
| product lines for which a business or marketing | | | | frame work for a business plan. For more |
| strategy should be designed. | | | | information about business plans, refer to How to |
| Now about competitive advantage is: | | | | Write a Business Plan, Insights into Business |
| 1) "Competitive advantage is a company's ability | | | | Planning and Free-Plan: Business Plan Guide & |
| to perform in one or more ways that | | | | Template. |
| competitors cannot or will not match." | | | | A strategic plan is not the same thing as an |
| -Philip Kotler- | | | | operational plan. The former should be visionary, |
| 2) "If you don't have a competitive advantage, | | | | conceptual and directional in contrast to an |
| don't compete." | | | | operational plan which is likely to be shorter term, |
| -Jack Welch- | | | | tactical, focused, implementable and measurable. |
| Now is the discussion about the Corporate | | | | As an example, compare the process of planning |
| Strategic Planning: | | | | a vacation (where, when, duration, budget, who |
| Entrepreneurs and business managers are often | | | | goes, how travel are all strategic issues) with the |
| so preoccupied with immediate issues that they | | | | final preparations (tasks, deadlines, funding, |
| lose sight of their ultimate objectives. That's why | | | | weather, packing, transport and so on are all |
| a business review or preparation of a strategic | | | | operational matters). |