COMM 223 Chapter Notes - Chapter 2: Strategic Business Unit, Invisible Hand, Starbucks

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Eric Martineau

Document Summary

Your target market is your potential consumers that share common characteristics; they act the same way and have the same preferences. Strategic planning the process of developing and maintaining a strategic fit between the organization"s goals & capabilities and its changing marketing opportunities. You have to adapt the firm to take advantage of opportunities in its constantly changing environment. A firm has to adapt to the fact that everyone today uses their cell phones this is an opportunity to cease. A smart marketer would see that consumers are geared towards purchasing more phones; they"d reach out to these consumers and adapt their firm to meet these changing market opportunities. The mission statement the organization"s purpose, what it wants to accomplish in the larger environment. Your mission statement should be goal-based, consumer-based and not product-based. Your mission statement should be consumer focused because they"ll always be there. A market-oriented mission statement defines the business in terms of satisfying basic customer needs.