STRATEGIC PLAN FOR SM MARKETING LLC

Final Strategic Plan for SM Marketing LLC

Strategic Plan for SM Marketing LLC

Strategies

Many planning experts believe a long-term or grand strategy must be based on a core idea about how the company can best compete in the marketplace, the core idea is generic strategy. There are three generic strategies, first, is striving for low-cost leadership in the industry. Second, is striving to create and market unique products for varied customer groups through differentiation. Third, is striving to have special appeal to one or more groups of consumer buyers, focusing on their cost or differentiation concerns (Pierce & Robinson, 2005). Grand strategies indicate the time over which long-range objectives are to be achieved. The 15 principal grand strategies are concentrated growth, market development, product development, innovation, horizontal integration, vertical integration, concentric diversification, conglomerate diversification, turnaround, divestiture, liquidation, bankruptcy, joint ventures, strategic alliances, and consortia (Pearce & Robinson, 2005).

SM Marketing is keeping up with innovative technology. SM Marketing is constantly searching for technology that helps cut costs and improve the company's ability to increase profits. Technology personnel have to focus on developing a reliable and efficient plan and an even better execution in time of need. Costly technological mistakes will have a direct impact on its vision and its ability to retain and attract employees and customers. SM Marketing currently outsources all of the creative and design work, as they were not staffed to do it in house. SM Marketing could acquire one of the three creative and design studios, this was an example of successful vertical integration.

Plan Implementation

The implementation of the plan needs to start immediately because the issues facing the company are serious and can cause long lasting damage. The first major issue is low employee morale. First SM Marketing needs to make changes with leadership. Employees have lost trust in the leadership. The CEO does not follow and stand behind the mission, vision and values of the company. The Board will let the employees know they are there for them, there are serious and are focused on the mission, vision and values of the company. This implementation has to happen immediately.

Next, SM Marketing will implement a work-life balance program for employees. The program SM Marketing will start with is Flexible Work Hours, this program will include options of flex-hours, working from home, and part-time hours. Human Resources will work with leadership to develop ...