COMM 200 Chapter Notes - Chapter 6: Strategic Planning, Vision Statement, Psychographic

• School: Queen's University
• Department: Commerce
• Course: COMM 200
• Professor: Darren Mc Caugherty

Document Summary

Core elements for assessing business strategy for business managers the development of a business strategy means making decisions and determining direction in six key areas: purpose. 3)products and services: resources, business system configuration, responsibility and accountability. Summary of six principles: for business, a strategic plan is the road map to success. In many cases it is an assessment by management of the magnitude of change that is occurring within a given market arena and what shift in business risk has occurred. Market shifts: pure competition, monopolistic competition: each company offers something different and possesses and element of uniqueness, but all are essentially competing for the same customers, monopoly, oligopoly. Swot analysis: strengths, weaknesses, opportunities, threats, competitive swot to size up competition, company swot to define company strengths , weaknesses, opportunities and threats. Porters five forces: guides us in understanding the dynamic of the industry within which we compete.