G-STIC Framework

View all our courses and get certified on https://academy.marketing91.com G-STIC Framework is used in marketing planning by marketers to develop a proper marketing strategy and outline the performance benchmarks. G-STIC Framework defines the activities by which it is possible to create market value. G-STIC Framework – Goal Marketing strategies are structured by Goals as it helps to define performance and qualitative benchmarks that need to be achieved. - Goal Focus Goal Focus is a metric that describes the desired outcome. It includes Monetary Goals that focus on net income and EPS and Strategy Goals focusing on social and corporate culture. - Performance Benchmarks Performance Benchmarks include Quantitative Benchmarks that define milestones based on focus goal and Temporal Benchmark that identifies the timeframe for achieving a milestone. Example – IKEA 2030 Goal G-STIC Framework – Strategy Strategy is used to analyze an idea and outline the value creation model. - Identifying the Target Market An organization identifies a target market by understanding the customer needs, how to manage offerings, taking the help of collaborators, looking at competitors, and knowing about the context. - Developing Value Proposition Refers to deploying suitable tactics to create a value proposition in customer’s minds. Example – Airbnb G-STIC Framework – Tactics Tactics refer to the set of specific activities that help in implementing strategies. It includes a marketing mix of products or services. Example – Burger King Mocking Competitors G-STIC Framework – Implementation Implementation refers to implementing the strategies and tactics successfully. It includes - Defining the Business Infrastructure Refers to the organizational structure and relationships involved in creating offerings. - Designing Business Processes Refers to specific actions to implement tactics - Setting Implementation Schedule Identifying the best timing and sequence for the effective completion of a project Example – IKEA G-STIC Framework – Control Control refers to the criteria needed for evaluating the goal progress of an organization. Functions of control are - Performance Evaluation Performance evaluation helps to evaluate the outcome of an organization’s goals against its actions - Environmental Analysis Environmental Analysis helps to monitor the environment of an organization’s operations This video is on the G-STIC Framework and it has the following sub-topics. Time Stamps 0:00 What is G-STIC Framework? 00:31 G-STIC Framework – Goal 00:52 Goal Focus 01:14 Performance Benchmarks 01:38 Example – IKEA 2030 Goal 02:22 G-STIC Framework – Strategy 02:26 Identifying the Target Market 02:39 Developing Value Proposition 03:01 Example – Airbnb 03:48 G-STIC Framework – Tactics 04:16 Example – Burger King Mocking Competitors 04:34 G-STIC Framework – Implementation 05:22 Example – IKEA 05:59 G-STIC Framework – Control 06:10 Performance Evaluation 06:48 Environmental Analysis