Keys to Successful Strategy Execution - Literature review Example

College: Where do we want to be and how might we get there (BLACKS LEISURE) Mission ment Forthe period covering 2008 - 2013, the following will be Black Leisure's mission statements: By 2013, Black Leisure Group will achieve 150 million of revenue, 55% profit and will have a 3 million customer base. We will have 20 outdoor activities that are expanding at 5%. We will have a labor force of 20,000 professionals who will be positioned in all the continents. The total number of store will be 800 that will be retailing 25 brands combined in Outdoor and Boardwear. The maximum turnover will be 11%. (Zagotta & Don, 2008, Issue 5) Discussions of the Mission Statements The above mission statement is quantifiable in terms of the time of achievement which is 2013, revenue target which is 100, % of profitability to be targeted, customer base to be targeted, total number of outdoor activities to be targeted, the number of retailing store and total brands the labor force and skill of work and finally the % of turnover to be expected. (Zagotta & Don, 2008, Issue 5) This mission is will be very successful in the communication of the strategy by use of mantra. The mission statements are also very well articulated to plan the strategy results rather than planning the activities. The Mission Statement has also clearly planned what Black Leisure's group will not do so that they avoid doing everything and finally end up not achieving anything. (Zagotta & Don, 2008, Issue 5) By mentioning the various sections that will be target for growth, the mission has taken the first step to open up to the organization. By use of the annual financial results and the quarterly feedback, these mission statements will be able to give feedback on the progress. Finally the whole statements has laid a foundation for a virtuous circle of improvement and implementation by the way it has been laid out. (Zagotta & Don, 2008, Issue 5) Development of Objectives by use of Ansoff's Matrix According to H. Ansoff (1988), there are two fronts that Black Leisure can adopt as marketing strategies to develop their objectives. These are the markets and products. Since Black Leisure has an existing market of outdoor retailing activities and existing product of clothing wear and Boardwear, they should concentrate to enhance the brands they have such as Peter Storm, One Earth, Eurohike, Storm Shield, Rarespecies, ALS, Technicals, O'neill, Freespirit and 100%MAMBO. They should have objectives of expanding the market turnover that is currently at 298.3 million and operating profit that had declined to 1.6 million due to poor brand sales force.(Ansoff, 1988, chapter 6.) (BernStein, 2007, p. 4) Black Leisure have an existing clothing brand product that they consider offering to new markets within and outside UK. These new market segments should be concentrate on youth style brands objectives, show fashion innovations, and have high sporting technology. They should also objectives that are focused on Boardwear and latest rebalanced wears that can be used for varied sport operations. (Ansoff, 1988, chapter 6.) ( BernStein, 2007, p. 8) Black Leisure Group have may be having a new product such as Outdoor and Boadwear clothing and an existing market such as skiing, mountaineering, walking and many others. The strategy should be to having objective of mixing the brands wear such as promoting a Freesprint Clothes and O'neill shoes; Storm Shield jackets combined with One Earth boots; Freesprint Sport shoes and ALS tracksuit and any other new mixes possible. (Ansoff, 1988, chapter 6.); (Bernstein, 2007, p. 6). Finally, Black Leisure have will need to formulate new products such as parachutes, goggles pressure pads and for new markets such as sky diving. This is becoming a popular sport activity whose objective will be to diversify the current product availabilities and capabilities with the customers being able to explore new geographical latitudes and altitudes of sporting. Whichever product they wish to diversify, if the cloth wear are related, they should use vertical integration and unrelated brands. If the cloth wear and activities are unrelated, they should use horizontal integration and related diversities. (Ansoff, 1988, chapter 6.); (Bernstein, 2007, p. 6). Desired Segmentation, Targeting and Positioning Black Leisure Group are operating in the Outdoor wear and Boardwear segments. They have been targeting the sporting activities such as skiing, walking, snowboarding and mountain climbing. They have been positioning as clothing and sportswear for items like jackets, shoes, sports equipment and accessories. (Kotler and Keller, 2006, Chapter 2) Targeting SMART objectives at the appropriate market segments Black Leisure Group has had a SMART objective approach to the respective market segment. They have been specific on the outdoor wear and boardwear products from footwear to safety product as well as the specific market such as skiing, mountaineering and walking. It will be very important that they products are flexible as the weather is so that the cash in on the slightest forecast and changes. (Drummond & Ensor, 2001, p. 23- 30) The have adopted measurable objectives such as providing efficiency and comfort during the utilization of these products. The also have the objectives of maximizing revenue with minimal operational cost applications. (Drummond & Ensor, 2001, p. 23- 30) They have attainable objective, such as providing and aiding in leisure activities and pursuit once a person has acquired the products such as boardwear. (Drummond & Ensor, 2001, p. 23- 30) They have reliable objective due to the quality and durability of the products that are enjoyed by the customers in the course of their objectives. (Drummond & Ensor, 2001, p. 23- 30) Finally, they have timely objectives of providing the products before the sporting season or activity come round such as mountaineering or walking during summer. (Drummond & Ensor, 2001, p. 23- 30) Strategic Choices, Marketing Mixes, Consistency with marketing objectives and Appropriateness to the Black Leisure Group. Black Leisure Group has made a strategically choice to go into the business of outdoor clothing and equipment retailing. They are UK market leaders and stockist of the various leading clothing and equipment brands and accessories. Their strategic choice has been lead by a vision that is SMART in formulation. This strategic choice has seen them realize 55.6% profitability. The segment is also not very saturated and has high entry barriers such as capital and low exit barrier with the flexibility and scalability to transform into a tour firm when the competition get extremely tough. (Hollensen, 2003, p. 45); (Kotler and Keller, 2006. Chapter 4) In terms of their market mixes, they have adhere to the 7Ps and their corresponding 7C. Their products in the range of outdoor wear and boardwear have customer in the outdoor sporting activities. The products include innovative board for riders activities, mountaineering shoes, storm jackets, walking shoes, sun glasses, stretch suits and many other are all customer focused. These products have also been carefully differentiated from the main competition so that the give the customers a wider selection. (Keith, 2007. p. 12); (Kotler and Keller, 2006. Chapter 4) In term of the Black Leisure strategies, they do have assured products that will ensure that they are in good business. They have a latest range of selection that has been relaunched to meet the customer expectations in the much known UK weather. Their products will now ensure that there is an all round suitability whether it is wet, sunny or just dry, winter or summer. The clothing products have been modified to thinner layers that are comfortable to the customers and allow free breathing. (Keith, 2007. p. 12); (Kotler and Keller, 2006. Chapter 4) The placement of their product is very convenient as they are available in up to 435 store. This guarantees that the clients can also get their favorite brands as close as possible to them. This place convenience will also ensure that their competitors have little penetration into their market share and brands. There are also new places to carry out activities such as beaches and outdoor gardens and fun fare that will appeal to the consumers. This coupled with the increased distribution network will ensure that will ensure that Black Leisure attains a better business performance in the coming financial year. (Keith, 2007, p. 12); (Kotler and Keller, 2006. Chapter 4) The prices of the Black Leisure product are also consumer competitive and affordable across all the income steams. This is because they have been concentrating on cost leadership as they market their products. But this could have lead to the reduction of revenue in the past financial year. In the last financial year, the prices for tents and cloth wear were noted to have been the best ever. (Kotler and Keller, 2006. Chapter 4) However Black Leisure has been keeping a rather tight control of the costs in line with their strategies so that they emerge stronger in terms of profit margins and for efficiency ratio satisfaction in the investments. (Keith, 2007, p. 12); (Kotler and Keller, 2006. Chapter 4) The promotion of the products has been using advertisement and sports sponsorship to get the customer's persuasion to buy the products. They have been concentrating more on the press platforms to make the buyers aware of their products by elaborating the utility and gains. Towards the end of last year to the beginning of this year, they have been using slogans like "Proper Outdoor Kit at Best Ever Prices". This was running parallel to the one of "Cut your Carbon Footprints - Go camping!" (Keith, 2007, p. 12) ;( Hollensen, 2003, p. 40) ;( Kotler and Keller, 2006. Chapter 4) The people mix has also been put into consideration this has been projected by the various brands that Black Leisure Group has come up with to provide customer satisfaction. The Black Leisure employees are well trained to serve the customer's who would like to buys their various products. The customers are very closely bonded to the brands that are offered. Black Leisure also offers after sales services to the products that they sell to the customer. They have warranties in addition to the sales support that they offer. (Hollensen, 2003, p.45) ;( Kotler and Keller, 2006. Chapter 4) The process of service the customers at their numerous outlets have been made customer friendly and convenient. The customers do not have to wait for very long time in queues. They have the advantage of ordering certain range of products and these will be delivered to their places of residents. The customers also have brochures to explain to them how the products that they buy function. (Hollensen, 2003, p. 45); (Kotler and Keller, 2006. Chapter 4) Finally, the physical evidence of the product at the deliveries goes along way to built the customer relationship and loyalty. The products of Black Leisure are tangible hence defects can be sensible claimed as opposed to services. This tangibility gives the customers a sense of certainty that they can evidently use to measure their financial investment. All the above 7Ps make up the marketing plan of Black Leisure. (Hollensen, 2003, p.)(Kotler and Keller, 2006. Chapter 4) REFERENCE: Aaker (2005) Strategic Marketing Management, 7th edition, Wiley. Aaker, D.A. and McLoughlin, D. (2007) SMM, European Edition, Wiley Baker (2000) Marketing Strategy & Management, 3rd edition, Macmillan. Bernstein, D. (2007). Black Leisure Group Plc Results for 2007. Released May 3, 2007. Available at Accessed on April 5, 2008. Brennan, Baines and Garneau (2003) Contemporary Strategic Marketing, Palgrave. Dibb, Simkin, Pride and Ferrell (2006) Marketing Concepts and Strategies, Houghton and Mifflin. Doyle (2002) Marketing Management & Strategy, 3rd edition, Prentice Hall. Doyle and Stern (2006) Marketing Management and Strategy, 4th edition, Prentice Hall. Drummond & Ensor (2001) Strategic Marketing, Planning & Control, 2nd edition, Butterworth- Heinemann. Gilligan and Wilson (2003) Strategic Marketing Planning, Butterworth- Heinemann. Hollensen (2003) Marketing Management, A Relationship Approach, Prentice Hall. Keith, F. (2007). Black Leisure Group Plc Results for 2007. Released May 3, 2007. Available at Accessed on April 5, 2008. Kotler, P. and Keller, K. (2006) Marketing Management, 12th edition, Prentice Hall. Kotler (2003) A Framework for Marketing Management, 2nd edition, Prentice Hall. Luffman, Lea (1998) Sanderson & Kenny, Strategic Management: an analytical approach, 3rd edition, Blackwell. McDonald, Marketing Plans, 5th edition, CIM Butterworth-Heinemann. Zagotta, R. & Don R. (2008). "Keys to successful strategy execution: The most brilliant strategy ever devised won't get you anywhere if you can't execute it. (Strategy Execution)." Journal of Business Strategy 23.1(Jan-Feb 2002):Vol 30 Issue 5. Expanded Academic ASAP. Gale. Central Queensland University Library. Read More