The Art, Science, and Craft of Decision-Making
Consider this high-level introduction to Strategic Management and its applications. Outline or take notes as you read, and pay attention to the key points identified in each section. Consider the three-legged stool explanation 5 minutes into the Kryscynski video you just viewed, especially the summary. How do the three legs compare with this book's three main processes of strategic business management?
Business Plans
Marketing Plan
The marketing plan has five objectives: If the product is a new product with no existing market, one must identify all substitute products. For each significant substitute product one must explain:
- Name, features, why substitute, why proposed product better
- Switching costs and why new product justifies switching
- Expected adoption dynamics
- Expected role once market begins to develop (see above for existing products)
Pricing
- Chosen price points
- Proposed Pricing|Pricing strategy
- How much is the product being sold
- Is the price good or bad for the product
Demand Management
In economics, Demand management|demand management is the art or science of controlling economic demand to avoid a recession. The term is also used to refer to management of the distribution of, and access to goods and services on the basis of needs. An example is social security and welfare services. Rather than increasing budgets for these things, governments may develop policies that allocate existing resources according a hierarchy of need.
Distribution
- Distribution (business)|Distribution strategy
- List of major distributors
- Current status of negotiations
Promotion and Brand Development
- Promotion (marketing) | Promotion strategy