MGST 391 Lecture Notes - Product Differentiation, Marketing Mix

• School: University of Calgary
• Department: Management Studies
• Course: MGST 391
• Professor: Ahmad Ali Sohrabi

Document Summary

Strategic planning is the process of developing and maintaining a strategic fit between organization"s goals and capabilities and its changing marketing environment. Strategic planning process: defining mission, analysis of business portfolio, setting strategic objectives and goals, developing competitive strategies, porter"s 5 forces, cost-differentiation-focus triangle, growth strategies (product/market expansion grid, developing detailed marketing and departmental plans and strategies. This is a statement of organization"s purposes- what it wants to accomplish in the larger environment. It should be market oriented, specific, realistic, motivating and consistent with market environment. e. g. to provide best satisfaction to customers and fair return on investment, keeping environment healthy and clean and promising secure future to employees . Business portfolio is the collection of businesses and products that make up the company. Business portfolio planning involves 2 steps: analysis of current business portfolio, developing strategies, portfolio analysis: A tool by which management identifies and evaluates sbus to determine which business should receive more, less or no investment.