COMM 2401 Chapter Notes - Chapter 2: Strategic Planning, Invisible Hand, Marketing Strategy

• School: Dalhousie University
• Department: Commerce
• Course: COMM 2401
• Professor: Aghakhani

Document Summary

Strategic planning: the process of developing and maintaining a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. Steps in strategic planning: defining the company mission, setting company objectives and goals, designing the business portfolio, planning marketing and other functional strategies. Mission statement: a statement of the organization"s purpose - what it wants to accomplish in the larger environment - it"s an invisible hand that guides the organization. Mission statement should be market oriented and not product or technology oriented should be meaningful and specific, and motivating at the same time, and should focus on the customer experience. Business portfolio: the collection of businesses and products that make up the company. The best business portfolio match fit the company"s strengths and weaknesses to opportunities in the environment. Portfolio analysis: the process by which management evaluates the products and businesses that make up the company.