Accounting MRK108 Chapter 3.1: Part 1 MRK108 Chapter 3
27 Dec 2016
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Planning process of anticipating future events and determining strategies to achieve organizational objectives in the future. Strategic planning managerial process of creating and maintaining a fit (cid:271)et(cid:449)ee(cid:374) the orga(cid:374)izatio(cid:374)"s o(cid:271)je(cid:272)ti(cid:448)es a(cid:374)d resour(cid:272)es a(cid:374)d the evolving market opportunities. Long term profitability and growth, which means long-term commitment of resources. Large business settings, strategic planning is a complex set of activities that take place at three levels: corporate, business unit, marketing. Strategic business unit (sbu) a subgroup of a single business or a collection of related businesses within the larger organization. Should have a distinct mission, specific target market, control over resources, its own competitor and plans independent of other bu"s. Business level planning = deal with competitive advantage. Strategic decision a decision that is wider in scope and long term in its orientation. Tactical decision is narrower in scope and its short term. Mission statement: answer the question (cid:862)what (cid:271)usi(cid:374)ess are (cid:449)e i(cid:374)? (cid:863)
