MGCR 352 Chapter Notes - Chapter 2: Value Chain, Strategic Planning, Camay

• School: McGill University
• Department: Management Core
• Course: MGCR 352
• Professor: Sameer Mathur

Document Summary

Strategic planning: process of developing and maintaining a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. Companies start planning by defining purpose and mission. Headquarters decides what portfolio of businesses/products is best for company. Marketing planning occurs at business-unit, product, and market levels. Steps in strategic planning: corporate level, defining the company mission, setting company objectives and goals, designing the business portfolio, business unit, product and market level, planning marketing and other functional strategies. What should our business be: questions are continuously raised in successful companies. Mission statement: statement of the organization"s purpose what it wants to accomplish in the larger environment: acts to guide people in organization, firms with better mission statements perform better. Myopic mission statements = in product or technology terms: ex: we make and sell furniture. Should be meaningful, specific yet motivating emphasize strengths in marketplace. Make employees" work feel significant, therefore not sales/profit-oriented. Turning broad mission into detailed supporting objectives.