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Planning in Management

Essay by   •  July 11, 2019  •  Essay  •  415 Words (2 Pages)  •  61 Views

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Planning

Planning involves setting objectives and defining on actions to be taken to achieve these objectives. It also establishes mission statement, defining the goals of the company and determining the activities and resources required to achieve them. ("1.5 Planning, Organizing, Leading, and Controlling | Principles of Management", 2018)

Bain & Company’s mission is to help the clients set new standards of distinction in their industries, not follow the pack with off-the-shelf solutions. Bain & Company has good experience across all industries. The highly customized teams provide each client with deep industry knowledge and expert perspectives from other industries on the challenge at stake, to offer their clients new perspectives and breakthrough business insights. They believe that achieving the mission will redefine the management consulting business, and will provide new levels of rewards for clients and organization. ("Our mission", 2018)

One of the strategic plans used by Bain & Company is providing customer insights and segmentation. Profit potential varies dramatically across a company's customer base, and different customers can have radically different needs and behaviours. Therefore, Bain & Company will help clients understand customer needs and behaviours using Both Brain® approach to getting to the solution and develop actionable segmentation from the resulting insights. They also help clients define the potential customer or the area of consist advantage over competitors and provide the information about the management decisions and resources allocation. ("Customer Insights & Customer Segmentation", 2018)

In addition, Bain & Company also use the marketing and brand strategy. It helps the companies align with marketing and brand strategy with overall organization objectives. It must be ensured that marketing investments are generating highest returns and strengthen the brand positioning. Bain Brand Strategy helps clients assess whether the products deliver the meaning that their customers desired or marketing truly tells that story. It combines hard metrics and creative magic to build a customer-focused brand strategy. Hence, develop a strong and trustworthy image by building a loyal customer base through the brand. ("Brand Strategy", 2018)

Lastly, Customer experience is one of the strategies planning

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