Strategic Planning Process Defining Business Mission and Vision

Strategic Planning Process Defining Business Mission and Vision Setting Goals & Objectives

Keys to define Mission and Vision Statements Mission Statement: Defines Goals, Ethics, Culture and norms for decision making. Vision Statement: Defines the layout of the most primary goals for a company A Mission should define company´s goals in a 3 D environment: A vision statement should include where the company wants to be in near future. What the company does for their customers Give and inspire directions to the employees of the company, rather than the customers. What the company does for their employees What the company does for their owners (stakeholders) Global Companies (2 add. dimmensions) What the company does for its community What the company does for the world PRESENT BASED Conveys to members of the company and the external community FUTURE BASED Describes where do you see your business going in the future.

Personal Mission Business Statements Examples

Examples of a Mission Statements: Personal examples "I plan to contribute to the volunteer organization by spending four hours each Saturday donating my time and by proposing new ideas to the organization's leaders. " "I pledge to offer the highest quality of leadership, the greatest level of expertise, and tireless dedication to the cause if I am chosen for this position. " "My goal is to lose 20 pounds over the next three months. I will take every effort necessary to ensure that I meet and, if possible, exceed my goal by making lifestyle changes like eating a healthy diet and exercising daily. "

Corporate Mission Business Statements Examples

Best Examples of a Mission Statements: Corporate examples

Best Examples of a Mission Statements: Corporate examples

Best Examples of a Mission Statements: Corporate examples

Vision Business Statements Examples

Best Examples of a Vision Statements: Reviews and Ideas “We intend to provide our customers with the best online shopping experience from beginning to end, with a smart, searchable website, easy-to-follow instructions, clear and secure payment methods, and fast, quality delivery. ” Online Retailer It provides a sense of what the company´s business is and Describes a list of goals to achieve such Vision Statement.

Best Examples of a Vision Statements: Reviews and Ideas “Our salon will change the way you think about a haircut. Full service comfort, friendly staff, a relaxing atmosphere, and the best prices in town give you an experience that will leave you glowing both inside and out. ” Hair Salon It provides a sense of what the company´s business is and Describes a list of goals to achieve such Vision Statement It addionationaly provides a sense of customer experience

Best Examples of a Vision Statements: Reviews and Ideas "Pepsi. Co's responsibility is to continually improve all aspects of the world in which we operate - environment, social, economic creating a better tomorrow than today. Our vision is put into action through programs and a focus on environmental stewardship, activities to benefit society, and a commitment to build shareholder value by making Pepsi. Co a truly sustainable company. "

Best Examples of a Vision Statements: Reviews and Ideas Amazon "Our vision is to be earth's most customer centric company; to build a place where people can come to find and discover anything they might want to buy online. "

Branding

Brand Elements Brand names Slogans Characters URLs Elements Symbols Logos

Brand elements to build brand equity Brand Equity POWER Brand Awareness KNOW Brand Elements MEANING Brand Association BENEFITS

Brand elements to build brand equity • • • Memorability Meaningfulness Likability Transferability Adaptability Protectability Marketer’s offensive strategy and build brand equity Defensive role for leveraging and maintaining brand equity

Memorability Brand elements should inherently be memorable and attention-getting, and therefore facilitate recall or recognition.

Meaningfulness • Brand elements may take on all kinds of meaning, with either descriptive or persuasive content. Two particularly important criteria § General information about the nature of the product category § Specific information about particular attributes and benefits of the brand

Meaningfulness

Likability • Do customers find the brand element aesthetically appealing? • Descriptive and persuasive elements reduce the burden on marketing communications to build awareness.

Transferability • How useful is the brand element for line or category extensions? • To what extent does the brand element add to brand equity across geographic boundaries and market segments? Like: Tata : there are several brand by the name of tata

Transferability

Adaptability • The more adaptable and flexible the brand element, the easier it is to update it to changes in consumer values and opinions.

Adaptability

Protectability Marketers should: • Choose brand elements that can be legally protected internationally. • Formally register chosen brand elements with the appropriate legal bodies. • Vigorously defend trademarks from unauthorized competitive infringement. Like: Xerox protected its name •

Positioning

Leveraging Benefits • • • The first step in the process of leveraging the value of our brand is having a clear understanding of the meaning of the benefits that it conveys to consumers. The Onion Diagram is the first useful tool we will explain. It helps us to have a deeper knowledge of all the variables that must be included in order to have a wider description of our product. The FAAB analysis is the second tool we will explain. It helps us to establish a clear definition of the benefits we must communicate to consumers.

The Onion Diagram

Product - Onion Diagram Task: Build an Onion Diagram for these two companies Or any other company in your country.

FAB ANALYSIS FEATURES, ADVANTAGES, BENEFITS

FAB Analysis • • • Identifying the Features, Advantages and Benefits (FAB Analysis) of your business and your products and services, gives you the opportunity to develop your marketing messages in ways that will attract more ideal clients. FEATURES: These are facts or characteristics about your business, products, or services. ADVANTAGES: Are what the features do. These tend to be factual, and aren’t connected to prospects needs. BENEFITS: It is why someone should value the advantage. It connects the facts about your product to a solution for your client.

FAB Analysis • • In order to make the FAB Analysis an easy tool to work with, there is a formula that will help you to distinguish the difference between each element, and is placing phrases that answer to one single question: What does my product outstand from the rest? FEATURES: Place the phrase “Because of” before any of your product or service features, trying to make a statement. ADVANTAGES: Place the phrase “You can” before the statement that creates and advantage to your feature. BENEFITS: Place the phrase “Which means” before the statement that creates a benefit to your advantage.

FAB Analysis - Examples PRODUCT/ BRAND BECAUSE OF (FEATURE) YOU CAN (ADVANTAGE) WHICH MEANS (BENEFIT) INTERNET TV SYSTEM BECAUSE OF The access that we provide via internet to a wide variety of tv series and movies. YOU CAN Watch your favorite tv series or movies at any time you want. WHICH MEANS You can always access to watch your favorite series regardless of a busy schedule. ANTI-DANDRUFF SHAMPOO BECAUSE OF The active ingredient in our product. YOU CAN Get rid of all the flakes in your shoulder and that uncomfortable itchy sensation. WHICH MEANS Your hair will look healthier and you will be able to wear a black suit anytime you want. HYDRATING SOAP BAR BECAUSE OF Our exclusive hydrating formula with coconut oil and almonds YOU CAN Have a healthier, softier and shinnier, looking sking WHICH MEANS You will feel absolutely beautiful and confident, like no one else.

FAB Analysis • • • One recommendation to follow while practicing with this tool is not to include any element of the marketing mix as a key feature of the product. (i. e. price, distribution, promotion, etc. ) As any feature you should only include tangible or intangible characteristics of your product or service. It is my opinion that the more specific the features are, the more options you have to end up building a successful marketing strategy.

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