MKTG 301 Study Guide - Midterm Guide: Test Market, Iphone 5C, Command Key
Document Summary
Opportunities: starts at the internal level (e. g. mission statement, strategy is a company"s overall plan. Strategy can change and is constantly evolving. Steps in strategic planning: defining the company mission, setting company objectives and goals, designing the business portfolio, planning marketing and other functional strategies. Defining the company mission: mission statement: a statement of the organization"s purpose. If we have a good mission statement, employees know why they are working. Millennials care what a company stands for. Characteristics of quality mission statements: market-oriented. Ex: nike focuses on aspiration and inspiration; under armor is more product-focused make the athlete better : meaningful, specific, motivating, illustrative of distinctive competencies, focus is on the customer or customer experience. Mission statement examples: we save people money so they can live better . Setting company objectives and goals: to drive sales profitability while delivering a target brand shopping experience , a good mission statement leads to: Detailed supporting objectives for each level of management.
