COMM 200 Chapter Notes -Strategic Planning, Market Segmentation, Customer Service
Document Summary
Core elements for assessing business strategy: purpose. Mission of the organization and the vision its managers or owners have for the business. Mission = organization"s purpose or reason for existence. Vision = forward-thinking statement that defines what a company wants to become and where it is going: markets. Markets should be assessed in terms of their current and future profitability and growth potential. Markets with more potential receive more resources. Harvesting = strategy that reflects a reduced commitment to a particular market given its perceived weak future. Specific markets or market segments the business sees itself competing in growth or profitability potential. Review of the current products and services offered by a business, as well as potential new products/services that are to be added to the products portfolio. Products can become undesirable because of technology, tastes, substitutes, and new competitors: products and services, resources. Allocation of a business"s resources in support of its strategic decisions.
