Strategic Planning Process

Many factors influence and help shape a business. Managers, when attempting to assess a firms performance, must fully understand a laundry list of interrelated issues. The Strategic Planning Process is a way in which managers can illustrate the potential strengths, opportunities, threats, and weaknesses of an organization. An important aspect of this process is to analyze the business environment in which competition, economic, political, legal and regulatory, technological, and sociocultural factors, to some extent dictate how a business operates. Along with understanding the macro-environment, managers must assess available financial and human capabilities, identify opportunities in the market place, attempt to match core competencies to opportunities resulting in competitive advantage, as well as establish a mission and formulate goals, corporate strategy, and objectives. The Strategic Planning Process is an integral part of helping a business sustain advantages over long periods of time.

Online Privacy

Despite the convenience and easy use of the Internet, it has its downfalls. Personal information such as age, gender, living arrangements, and even social security numbers can be accessed by almost anyone (that has the know-how to do it). From sites such as Facebook and Flickr, people, mostly researchers, are able to see and use patterns to better understand individuals and what they do. Personally, this makes me very weary of typing in my personal information and sending it over the Internet. Unfortunately, the Internet has become an integral part of society and some people have taken advantage (for the worse) of the situation.

AMA Statement of Ethics

John Smith should sell the names. However, he should be truthful and it would be in his best interest to notify his customers that he will be doing this. There is nothing specific (that I saw) that says that it is "illegal" to provide a company with useful marketing data, especially when the company is interested in a particular market. Not only will the money be helpful for John but also, the future relationship he could potentially have with the car dealership. Networking with other firms can be very beneficial. Is John Smith morally obligated, to protecting his customers information?

In response to Jeremy Jordon's Post DRM

It seems like DRM, however beneficial or detrimental, must be incorporated into products. Companies use techniques like this to try and protect their products or services as much as possible, for as long as possible. It is almost inevitable, that someone will eventually hack the program and ruin it for everyone. I have never personally dealt with a DRM problem but I can understand how it would be a hassle. Is it possible for a company to completely protect their product or service from imitators or people who can potentially steal their information?

Marketing Research

Research is a very important aspect of a marketing plan. Marketing research is the systematic design, collection, interpretation, and reporting of information to help marketers solve specific problems or take advantage of opportunities. (Text 116) Gathering data allows marketers to better inform potential customers of products or services. Marketers, when trying to create value for their company, need to take a whole list of factors into consideration when implementing a plan. When collecting information, marketers want to be careful that the data is valid and was received from a reliable source. If not, the data could be skewed, potentially ruining all hopes of taking an advantage of an opportunity. There are various methods in which to collect data. All of which, should help add value for the company. How can marketers be sure, that the data they have collected is in fact valid and reliable?

In Response to Liz Allaire's Post

I agree, the Internet has become an integral part of society. Technology allows information to be accessed and transfered immediately. Marketers want to take advantage of this highly profitable opportunity. The articles discuss ways in which firms experimenting with Internet technology can cut costs and innovate. What other firms demonstrate beneficial use of the Internet?

Electronic Marketing (Articles)

As technology continues to advance, marketers have to adapt to changes in the environment. The Internet provides individuals with instant information about almost all topics imaginable. Not only, is the Internet reasonably easy to use, it is cheap. For instance, Alicia Settle of Per Annum Inc. saw a decreases in expenses, after making the shift from direct mail to e-mail. (Evans) This, on a side note, leads to some environmental issues such as, saving paper. However, William Kapas of J.C. Kapas Real Estate Co. stated, "I think it is easier to delete electronic junk mail without taking a second look." (Evans) The implication being: tangible mail potentially has more influence on consumer actions, than does electronic mail. For example, Peter Taffae founder of Exectutive Perils, stopped sending their humorous postcards to clients. The cost of such was very expensive, 4,000 dollars every four to six weeks. However, after Taffae found out the cards add value to the firm and influence business contracts, he reconsidered his decision. (Evans)

More recently, managers and marketers have been collaborating with technological firms, in order to provide consumers with information about specific products. For example, magazines like Esquire and Star are adding interactive graphics or bar codes to their articles and adds. (Clifford) Consumers need a cell phone, with the applications to scan or take pictures, as well as an Internet connection. The idea behind it is that: a consumer will see a product he or she likes in a magazine, can scan or take a photo of the product, and will then be connected to a website in which an extensive amount of information regarding the product is displayed. (Clifford)

Technology is keeping managers and marketers on their toes in this ever changing environment. They must be aware of trends and especially costs when trying to implement new value adding strategies. Will scanning bar codes and taking pictures out of magazines be a new fad/trend practiced by consumers?