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Module 8 Implementing Strategies: Marketing, Finance/Accounting, R&D, and MIS Issues Ch 8 -1 Module 8 Implementing Strategies: Marketing, Finance/Accounting, R&D, and MIS Issues Ch 8 -1

Ch 8 -2 Ch 8 -2

Implementing Strategies “The greatest strategy is doomed if it’s implemented badly. ” – Bernard Implementing Strategies “The greatest strategy is doomed if it’s implemented badly. ” – Bernard Reimann Ch 8 -3

The Nature of Strategy Implementation Less than 10% of strategies formulated are successfully implemented! The Nature of Strategy Implementation Less than 10% of strategies formulated are successfully implemented! Ch 8 -4

Marketing Issues Marketing decisions requiring policies n n n n Exclusive dealerships or multiple Marketing Issues Marketing decisions requiring policies n n n n Exclusive dealerships or multiple channels of distribution Heavy, light, or no TV advertising To limit or not the share of business with a single customer Price leader or price follower Offer complete or limited warranty Reward salespeople with commission or salary Advertise online or not Ch 8 -5

Ch 8 -6 Ch 8 -6

Current Marketing Issues n Advertising media n Purpose-based marketing Ch 8 -7 Current Marketing Issues n Advertising media n Purpose-based marketing Ch 8 -7

Marketing Issues n Market segmentation n Product positioning Ch 8 -8 Marketing Issues n Market segmentation n Product positioning Ch 8 -8

Marketing Issues Market Segmentation n Subdividing of a market into distinct subsets of customers Marketing Issues Market Segmentation n Subdividing of a market into distinct subsets of customers according to needs and buying habits Ch 8 -9

Market Segmentation Geographic Demographic Market Segment Basis Psychographic Behavioral Ch 8 -10 Market Segmentation Geographic Demographic Market Segment Basis Psychographic Behavioral Ch 8 -10

Market Segmentation n Market-development, productdevelopment, market-penetration, and diversification strategies require market segmentation Market segmentation Market Segmentation n Market-development, productdevelopment, market-penetration, and diversification strategies require market segmentation Market segmentation allows operating with limited resources; enables small firms to compete successfully Market segmentation decisions affect marketing mix variables Ch 8 -11

Marketing Mix Variables Product n Place n Promotion n Price n Ch 8 -12 Marketing Mix Variables Product n Place n Promotion n Price n Ch 8 -12

Marketing Issues Product Positioning Schematic representations that reflect how products/services compare to competitors’ on Marketing Issues Product Positioning Schematic representations that reflect how products/services compare to competitors’ on dimensions most important to success in the industry Ch 8 -13

Product Positioning Steps 1. 2. 3. 4. 5. Select key criteria Diagram map Plot Product Positioning Steps 1. 2. 3. 4. 5. Select key criteria Diagram map Plot competitors’ products Look for niches Develop marketing plan Ch 8 -14

Product-Positioning Map for Banks Personal Bank B Bank A Bank C Aggressive Conservative Bank Product-Positioning Map for Banks Personal Bank B Bank A Bank C Aggressive Conservative Bank D Bank E Impersonal Ch 8 -15

Product-Positioning Map for Personal Computers High Capability Firm 1 Firm 2 Good Customer Service Product-Positioning Map for Personal Computers High Capability Firm 1 Firm 2 Good Customer Service Firm 4 Bad Customer Service Firm 3 Low Capability Ch 8 -16

Product-Positioning Map for Menswear Retail Stores Very latest, fashionable menswear Low Price Average mass Product-Positioning Map for Menswear Retail Stores Very latest, fashionable menswear Low Price Average mass merchandiser or discounter Average specialty chain High Price Average department store Conservative, everyday menswear Ch 8 -17

Product-Positioning Map for the Rental Car Market High Convenience Firm 1 Firm 2 High Product-Positioning Map for the Rental Car Market High Convenience Firm 1 Firm 2 High Customer Loyalty Low Customer Loyalty Firm 3 Low Convenience Ch 8 -18

Product Positioning n Look for a vacant niche n Don’t serve two segments with Product Positioning n Look for a vacant niche n Don’t serve two segments with the same strategy n Don’t position yourself in the middle of the map Ch 8 -19

Finance/Accounting Issues Acquiring needed capital n Developing projected financial statements n Preparing financial budgets Finance/Accounting Issues Acquiring needed capital n Developing projected financial statements n Preparing financial budgets n Evaluating the worth of a business n Ch 8 -20

Finance/Accounting Issues n n n n Raise capital – short-term debt, long-term debt, preferred, Finance/Accounting Issues n n n n Raise capital – short-term debt, long-term debt, preferred, or common stock Lease or buy fixed assets Determine appropriate dividend payout ratio LIFO, FIFO, or market-value accounting Timeframe of accounts receivable Discounts on accounts Amount of cash to be kept on hand Ch 8 -21

Finance/Accounting Issues Debt vs. Equity Decisions n EPS/EBIT analysis q Earnings per share/earnings before Finance/Accounting Issues Debt vs. Equity Decisions n EPS/EBIT analysis q Earnings per share/earnings before interest and taxes Ch 8 -22

Ch 8 -23 Ch 8 -23

Finance/Accounting Issues Projected Financial Statement Analysis n Allows an organization to examine the expected Finance/Accounting Issues Projected Financial Statement Analysis n Allows an organization to examine the expected results of various actions and approaches Ch 8 -24

Finance/Accounting Issues Steps in Preparing Projected Financial Statements 1. Prepare income statement before balance Finance/Accounting Issues Steps in Preparing Projected Financial Statements 1. Prepare income statement before balance sheet (forecast sales) 2. Use percentage of sales method to project CGS & expenses 3. Calculate projected net income Ch 8 -25

Finance/Accounting Issues Steps in Preparing Projected Financial Statements (cont’d) 4. Subtract dividends to be Finance/Accounting Issues Steps in Preparing Projected Financial Statements (cont’d) 4. Subtract dividends to be paid from net income and add remaining to retained earnings 5. Project balance sheet items beginning with retained earnings 6. List comments (remarks) on projected statements Ch 8 -26

Projected Income Statement Ch 8 -27 Projected Income Statement Ch 8 -27

Projected Balance Sheet Ch 8 -28 Projected Balance Sheet Ch 8 -28

Finance/Accounting Issues Financial Budget Details how funds will be obtained and spent for a Finance/Accounting Issues Financial Budget Details how funds will be obtained and spent for a specified period of time Ch 8 -29

Types of Budgets n n n Cash budgets Operating budgets Sales budgets Profit budgets Types of Budgets n n n Cash budgets Operating budgets Sales budgets Profit budgets Factory budgets Capital budgets n n n Expense budgets Divisional budgets Variable budgets Flexible budgets Fixed budgets Ch 8 -30

Finance/Accounting Issues Evaluating Worth of a Business n Central to strategy implementation – integrative, Finance/Accounting Issues Evaluating Worth of a Business n Central to strategy implementation – integrative, intensive, and diversification strategies often implemented through acquisitions of other firms Ch 8 -31

Evaluating Worth of a Business Three Basic Approaches 1. What a firm owns 2. Evaluating Worth of a Business Three Basic Approaches 1. What a firm owns 2. What a firm earns 3. What a firm will bring in the market Ch 8 -32

Evaluating Worth of a Business Net worth or stockholder’s equity n Net profit – Evaluating Worth of a Business Net worth or stockholder’s equity n Net profit – conservative value would be five times the firm’s current annual profits n Price-earnings ratio method n Outstanding shares method n Ch 8 -33

Ch 8 -34 Ch 8 -34

Research & Development Issues New products and improvement of existing products that allow for Research & Development Issues New products and improvement of existing products that allow for effective strategy implementation Ch 8 -35

Research & Development Issues Constraints n Level of support constrained by resource availability n Research & Development Issues Constraints n Level of support constrained by resource availability n Technological improvements shorten product life cycles Ch 8 -36

Research & Development Issues Three Major R&D Approaches to Implementing Strategies 1. First firm Research & Development Issues Three Major R&D Approaches to Implementing Strategies 1. First firm to market new technological products 2. Innovative imitator of successful products 3. Low-cost producer of similar but less expensive products Ch 8 -37

Management Information Systems (MIS) Issues Having an effective management information system (MIS) may be Management Information Systems (MIS) Issues Having an effective management information system (MIS) may be the most important factor in differentiating successful from unsuccessful firms. Ch 8 -38

MIS Issues Functions of MIS n n Information collection, retrieval, and storage Keeping managers MIS Issues Functions of MIS n n Information collection, retrieval, and storage Keeping managers informed Coordination of activities among divisions Allows firm to reduce costs Ch 8 -39