A value proposition A statement that summarizes the key benefits or value for target customers. Before you (or a firm) can develop a strategy or create a strategic plan, you first have to develop a value proposition. For example, when you’re exploring your vacation options, you want to know the benefits of each destination and the value you will get by going to each place. Individual buyers and organizational buyers both evaluate products and services to see if they provide desired benefits. Individuals and organizations both must develop long-term (longer than a year) strategic plans, match their strengths and resources to available opportunities, and adjust their plans to changing circumstances as necessary. Just as your personal plans-such as what you plan to major in or where you want to find a job-are likely to change, organizations also have contingency plans. Given its importance for both organizations and students, we begin with the value proposition and then discuss the strategic planning process. As such, the value proposition becomes the basis for developing strategies. Organizations must also offer value to customers and graduates must provide value to their employers. The plan must also take into account conditions in the external environment, such as the economy, competitors, and government regulations that could affect what the firm wants to do. Such a plan must take into account a company’s current internal conditions, such as its resources, capabilities, technology, and so forth. Have you ever wondered how an organization decides which products and services to develop, price, promote, and sell? Organizations typically develop plans and strategies that outline how they want to go about this process.
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