Strategic Market Planning
Tutorial 2.2 Strategic Market Planning 1.4 – Discuss the concept of balanced strategic planning and the approach outlined by the Balanced Performance Scorecard.
What are the five common principles associated with implementing the balanced approach to strategic planning? The idea of having balanced strategic planning outlined by the balanced performance scorecard is to allow organizations to implement strategy rapidly and with great efficiency by integrating the measurement system with the management system.
The balanced performance scorecard converts an organizations vision and strategy into a number of action measures that provide the basis for a strategic management and measurement system. The balanced scorecard approaches strategy from four complementary perspectives: financial, customer, internal process, and learning and growth. The five common principles associated with implementing the balanced approach to strategic planning are :- 1. Translate the strategy into operational terms. 2. Align the organization to strategy. 3.
Make the strategy a part of everyone’s everyday job. 4. Make the strategy a continual process, i. e. through every stage of the development, manufacture and distribution of a product. 5. Mobilize change through executive leadership. 2. 4 – Describe the role that a code of conduct plays in ensuring ethical compliance within a firm. How should a code of conduct be developed, what should it contain, and what are the keys to ensuring that the code is successfully implemented? Codes of conduct are formal statements that describe what an organization expects of its employees.
Codes of conduct define good practice by reflecting on the core values of rights, relationships, responsibilities, standards and safety. A code of conduct should be more than a list of rules for employees to adhere by. It should also be an expression of a company or organizations values and an extension of its policies. It should be well thought out, so as to be a meaningful, useful document that employees actually use. The main things contained in a code of conduct should include the following:- 1. Freedom of association and the right to bargain collectively. 2. Forced and bonded labour. 3.
Child labour. 4. Non- discrimination. 5. Health and safety. 6. Hours of work. 7. Wages. 8. Security of employment. Also trustworthiness, respect, responsibility, fairness, caring, and citizenship should be included. To ensure that the code is successfully implemented it should be used by everyone and at every stage within an organization. Everyone should be accountable if it is they do not adhere to the code of conduct. 2. 5 – What is the relationship among marketing ethics, strategic planning, and organizational performance? How is being market oriented different than having a stakeholder orientation?
Adhering to good marketing ethics and being socially responsible will increase an organizations performance while pressure to meet performance objectives can also lead to unethical activities. Strategic planning sets out long term goals and objectives for a company so they can see where they want to be performance ways. It ensures that a company will have a good performance for a number of years, and not just for the present, it is a vital attribute for a company to half whether the company is large or small if it is to achieve its objectives and meet performance targets.
Being market oriented means a company or organization reacts to what the customers want and all decisions taken are based around information about customers needs and wants rather than what the business thinks is right for the customer. A company that is shareholder oriented typically views the impact of business operations on profit, furthermore the length of concern for changes in business operations is usually short term such as meeting quarterly or annual results.