Fred R. David

It’s time to redraft your mission statement

Analyses mission statements and defines them as “enduring statements of purpose” that distinguish one organization from other similar enterprises. Suggest that a well‐crafted mission statement can provide advantages or benefits to a company. States mission statements need to be longer than a phrase or sentence, but not a two‐page document, and not overly specific with regard to values, percentages, numbers, goals, or strategies. Concludes that better mission statements will give rewarding payoffs, meaning enhanced personal and business performance.

The quantitative strategic planning matrix: a new marketing tool

Abstract Originally introduced in a 1986 Long Range Planning article, the Quantitative Strategic Planning Matrix (QSPM) has become widely used in strategic management but is only rarely used in marketing strategy. This paper reveals how and why the QSPM should be commonly used in marketing strategy to assess the relativeness attractiveness of alternative strategies being considered. An example QSPM is developed in this paper for a firm considering two alternative marketing strategies: (1) Increase Advertising Expenditures by 50% vs. (2) Lower Menu Prices 10%. The QSPM process is exemplified and limitations are discussed herein. The primary contribution of this paper was to reveal how and why the QSPM can be useful, both theoretically and practically, in a devising an effective marketing strategy.

Are key marketing topics adequately covered in strategic management

Most business schools have a capstone course called strategic management. Students in these courses are often required to assess organizations’ functional areas of business, including marketing. Students determine marketing strengths and weaknesses of firms, and develop strategic plans for case companies. Students formulate strategies, make recommendations, and determine the expected marketing impact of those recommendations. Although marketing plays an important role in strategic planning, the present research shows that most strategic-management textbooks provide little to no marketing coverage. In study 1, a content analysis of six leading strategic-management textbooks reveals 10 marketing topics being discussed, although scantly. In study 2, a survey of 167 business students nearing graduation examines the relative importance of the identified topics in strategic planning. Findings of this research suggest that the capstone business course needs to be more integrative. Implications for business courses, faculty, textbook authors, as well as practicing marketers and managers are discussed.

Are Business Students Learning What Businesses Need

This paper examines whether business schools are teaching students the concepts and skills that businesses need. The authors analyze 200 corporate job descriptions collected in Fall 2009 and reveal 140 specific skills and certifications commonly cited as required for candidates applying for jobs in business. By matching these corporate skill sets with specific business major tracks, the authors provide guidance and assistance for business schools that desire to better align curricula with job requirements. A close alignment of curriculum with business needs should help students achieve better job placements and ultimately better assist the firms that hire them. Additionally, the authors examine the resumes of 200 business students nearing graduation and reveal that many students have low to no proficiency on the skills mentioned in job descriptions. This finding suggests that disparity between school of business focus and practitioner needs is ongoing and potentially problematic, at least at the institutions sampled. A content analysis of 100 school of business course syllabi and 20 textbooks supported this conclusion. The authors match corporate skills sets with academic tracks within business majors and provide specific suggestions for closing the gap between business school curricula and corporate needs. A closer alignment of business school coursework and curricula with post-graduation job requirements could benefit many if not most colleges and universities.