This refers to an individual, group or organisation that is affected or interested in the operations of the organisation. Stakeholders are normally categorised as internal (for example employees, managers, teams in other functions of the organisation), external (for example, pressure groups, government bodies), connected (for example shareholders, customers, competitors – these are technically also external).… Read more
This refers to a business technique which identifies the individuals, groups or organisations which the organisation impacts, or vice versa, and assesses their needs, power,influence and view of the organisation. Stakeholder analysis, such as the use of Mendelow’s Matrix, can be applied to the corporation as a whole during strategic planning, or to specific operational… Read more
This refers to the marketing stages a product or service passes through from introduction to withdrawal from the market. The product lifecycle typically includes introduction (market launch, often including market trials), growth (increasing sales as the market becomes more aware of the product), maturity (the peak level of real sales but with little growth in… Read more
This refers to the documentation of the activities required to meet the organisation’s business and marketing strategy within a defined timescale. Working from the organisation’s strategic vision and objectives, the marketing plan identifies customer needs (typically through market research, this may be for existing or potential customers) and how the organisation can meet them. It… Read more
This refers to the internal controls exercised by managers or supervisors within an organisation which link day to day operational controls with broad strategic goals. Management controls include setting standards, measuring performance, coordinating activities across the organisation to ensure that resources (such as finance, labour, materials) are used efficiently and effectively towards achieving the strategic… Read more
This refers to a written definition of the purpose and values that guide and direct the organisation. The vision statement is a high level statement from which strategic objectives and targets are then derived. It typically defines the organisation’s aspirations in areas like customer service, quality, engagement with staff and external stakeholders and social responsibility.… Read more
This refers to an organisational model which groups staff with common skills and business processes. Typical functional structures include centralised ICT, finance, HR or marketing teams. By providing functional expertise across the organisation, this model can provide operational efficiency and access to specialist capability which could not be afforded in smaller business units. Functional structures… Read more
This refers to an organisational model which groups staff according to the product or market sector they work with. By focusing on a particular product or market, this model can provide improved customer service and responsiveness, tailor functional support to the specific needs of the sector and provide flexibility to respond which might not be… Read more
This refers to an organisational model which has a clearly defined hierarchy. By providing clear demarcation and decision making, this model can improve standardisation and consistency of service, and provide clear accountability; these benefits may be offset by slower decision making and a lack of flexibility. Bureaucratic structures is a term normally found in strategic… Read more
This refers to a management tool for developing business growth strategies. Developed by Igor Ansoff, the matrix provides a framework against which to assess options for market penetration (selling more existing products in existing markets), market development (selling existing products in new markets), product development (selling new products in existing markets) and diversification (selling new… Read more