Creating value for customers is a fundamental aspect in marketing success. To aid the process of value creation, Michael Porter developed tool for finding new ways to create customer value, which he refers to as the “the value chain”.Nine components of Porter’s Value ChainPorter’s value chain focuses on nine strategic activities that can create value […]
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In marketing strategy subjects, you often learn about different strategic models – some of these will include portfolio models, or portfolio matrixes, or portfolio analyses – which are all interchangeable terms for the same concept.What is a business portfolio?A business portfolio is essentially the same concept as a share portfolio for an individual investor. Someone
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The strategy hierarchy is often taught in business and marketing schools today, stating that a strategy can be formulated at three different levels: corporate level, strategic business unit level (SBU), and functional (or departmental) level. It is important concept to understand because at these different levels, different strategic issues are addressed. Therefore, it will give
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Why having a marketing plan will be beneficial to the firmIn addition to documenting the plan itself and outlining the various action tasks, a marketing plan can actually provide other benefits to an organization.Key “extra” benefits of a marketing planIt is a very effective communication tool – particularly upwards to senior management about what will
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Can firms be successful without a marketing plan?One of the questions often asked by marketing students is whether or not a company really needs a marketing plan.Certainly by the way that marketing plans are taught at university, one would be forgiven thinking that every business had a documented marketing plan. But this is not always
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What is a not for profit organizationA not-for-profit organization is one that does not intend that its sole purpose is to deliver profitability. But it is important to remember that a not-for-profit organization will typically generate a profit which is then reinvested into the organization in order to achieve growth or to increase the impact
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This example of a SWOT analysis of 3M is designed to help you understand how to prepare an structure a SWOT for strategic input.Company Overview for 3MThe brand name of 3M comes from its original name of the Minnesota Mining and Manufacturing Company. It is a large, global and diversified company with its head office
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This SWOT example for 7-Eleven convenience stores is designed to help you understand and structure a SWOT analysis. It is ideal for university assignments or as a template for a business exercise.Company Overview7-Eleven has its head office in Dallas, Texas, USA. It was founded in 1927 and now has over 50,000 outlets worldwide.Since the early
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Using a SWOT analysisA SWOT analysis is an analytical method used to identify and understand both the internal and external factors which have an impact on the company’s business environment. SWOT is an acronym that stands for:Strengths (S),Weaknesses (W),Opportunities (O) andThreats (T).This particular business tool can be used to formulate and select the proper marketing
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What is a “Value Proposition”?A key aspect of a successful marketing strategy is the clear definition and communication of a sought-after value proposition. A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Over time, firms/brands will develop and enhance
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