Strategic planning models are what a blueprint is to construction. Strategy planning is of utmost importance as far as the long term business scenario is concerned. It provides a sense of direction through laying down objectives which come in handy for business decision making. It is up to the business to select and use models based on its needs and goals that had been set at the very start. One can determine which is best suited for the business and alter it when needed: 1. Basic Strategic Planning Model: This model is usually used by small businesses till the time they become fully established and as the name suggests, is used by new organisations with little experience of strategic planning. The first few steps in this process comprise of establishing your business goals and writing down the mission and vision statements. Then you identify the strategy that should…
The strategic planning process focuses on specifying the organization’s overall objectives and achieving the desired results through structured planning regarding achieving these. It’s about setting business priorities, consolidating operations, focusing resources, driving stakeholders towards achieving common goals, and establishing agreement for intended outcomes. What used to be planning done for ten years is now done for two to three years while some organizations plan for a period of a year only, given the rapidly evolving business world. Strategic planning is a step-wise process through which strategic planning consultants determine how to draw the route to the end goal. While there may not be any absolute rules as far as the right framework is concerned, most businesses follow a similar pattern because of some commonly prevailing attributes. Steps of the Strategic Planning Process: Therefore, a simple strategic plan can be broken down into five simple steps: 1. Determine where you are…
There are over 7.4 billion people on Earth, each of them unique in their own way; possessing diverse mindsets, capabilities, skills and ambitions. Due to these individual differences, it’s safe to say that us humans are different even when it comes to our motivational drives. To solve the issue of recognizing exactly what is the most dominant motivational drive of a person, David McClelland, an American Psychologist, presented his Theory of Needs. This theory proved to be a successful contribution in the growing topic of Motivation in Psychology. Basically, in the Theory of Needs, McClelland categorized humans into three generalized personalities, equipped with their most dominant need and respective motivational drive. The three types of needs are: Need for Power, Need for Affiliation and Need for Achievement. Categorization Over Stages: Unlike, Abraham Maslow, McClelland chose categorization of needs, rather than stages of needs. In McClelland’s theory there are three types…
Before we dive into describing the different types of products, let’s start by defining what a consumer product is. Simply put, a consumer product is something that has been purchased by the end consumer or a household for their consumption. 4 Different Types of Products There are four different types of products as we explore this concept in-depth, these are; ‘convenience products’, ‘shopping products’, ‘specialty products’ and ‘unsought products.’ Convenience Products: These are the most frequently bought products which do not require a lot of buying effort, and are often bought immediately without much comparison to other brands. These are purchased often and fall in routine, thus appealing to a large market. For instance, sugar, salt, hair brush, or laundry detergents etcetera fall in the category of convenience products and are low priced and readily available when needed. Because of not having a high price, companies must sell…
Most people are very brand conscious and only buy goods that are from familiar brands. If you agree with this, then you must understand that brand architecture is an essential element of marketing and building a brand. The name, recognition, and equity of your brand is your identity that helps you stand out in the market against competitors. What is the Brand Architecture? Brand architecture is a way to organize a company’s brands, products, and services such that they are prominent in their audience’s sight. The brand architecture also relates a parent company with its subsidiaries, products, and services. For example, Toyota needs brand architecture to relate to its subsidiaries, which are: Lexus, Daihatsu, Subaru and so on. Brand Architecture types There are mainly three types of brand architecture: 1. Branded house Also known as Monolithic type, the branded house is the case where the master brand…
Nike’s organizational structure is worthy of study due to the fact that it has been a successful organization since its inception. Nike is an American multinational company producing equipment, footwear, clothes, and accessories. It is the world’s largest supplier of athletic shoes and apparel. The company has gone through several controversies including the child labor allegations in 1990, strike in Yue Yuen Industrial Holdings Dongguan shoe factory (China) in 2014, and so on. Despite the problems, the firm has been thriving over the years and has no plans of going down anytime soon. Consequently, the firm’s tactic of employing creative and innovative ways to market their products is commendable. From visiting public places to getting famous sports stars in their advertisements and holding shows with those sports stars to gain people’s attention. Nike’s all-time popular slogan, “Just Do It,” is also featured in our best slogans list. Nike’s Organizational Structure A…
Google’s organizational structure and work environment are one of the most idolized and studied aspects of the organization. It is one of those organizations where the employees literally get to practice the freedom of speech and their work rights that are the majority of the time only present in the employee manuals. Jump to Starbucks Organizational Structure. The Google Structure Google’s organizational structure is not limited to a single type. It takes inspiration from different types of organizational structures. The Google structure, is in fact, an amalgamation of majorly matrix organization and flat structure. An analysis of the structure in detail reveals that these characteristics are a part of the Google’s organizational structure: Functional Structure Divisional Structure Flat Structure Functional Structure A functional structure has people performing in specialized roles. Furthermore, Google’s organizational structure draws on the strengths of the functional structure. Functional organization is said to boost the productivity…
Ever wonder who designed the Coca Cola logo and why people love it so much? Experts put in a lot of thought in designing brand logos and for good reason. A logo serves as a strong weapon for any brand. After all, it’s the first thing consumers notice when they’re rummaging through shelves at the grocery store. It’s how a brand differentiates itself from competitors and drives customers into making a purchase decision. So, it’s interesting to wonder how your favorite brand could have turned out had it opted for a completely different identity. Take Coca-Cola for example – can you imagine drinking a bottle of coke without that unique scripture? Probably not. But the logo we see today isn’t what the brand initially started off with, though the brand has stayed committed to its original theme. In this post, we’ll be discussing how Coca Cola’s unique logo has evolved…