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Chapter 2

BUS 343 Chapter Notes - Chapter 2: Swot Analysis, Customer Relationship Management, Strategic Planning


Department
Business Administration
Course Code
BUS 343
Professor
Gordon Rein
Chapter
2

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Bus Chapter
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II AKI’ ROLE
Strategic planning the process of developing and maintaining a strategic fit
between the org’s goals and capabilities and it’s changing marketing
opportunities.
Whereas annual planning deals with company’s current business and how to
keep them going, strategic planning involves adapting the firm to take advantage
of opportunities in its constantly changing environment
At
corporate level
company defines overall purpose and mission which is then
turned into supporting objectives that guide the whole company. Next senior
managers decide what portfolio of bsn and products is best for the company and
how much support to give each one.
DEFINING A MARKET-ORIENTED MISSION
Mission statement are statements of the organizations purpose, what it wants to
accomplish in the larger environment.
To avoid Marketing Myopia, mission statements should be market-oriented and
defined in terms of satisfying basic customer needs.
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Why? Products and technologies eventually become outdated but basic
market needs may last forever.
Mission statements should be: meaningful and specific, yet motivating.
They should emphasize the company’s strengths in the marketplace and
how it intends to win in the marketplace. They should focus on customers
and the customer experience the company seeks to create.
SETTING COMPANY OBJECTIVES AND GOALS
Company then needs to turn its mission into detailed supportive objectives and be
responsible for reaching them.
Objective can include things such as research, profits ect. -Marketing
strategies and programs must be developed to support these marketing
objectives.
Broad misson statements lead to a hierarchy of objective, including business
objectives and marketing objectives
DESIGNING A BUSINESS PORTFOLIO
Guided by a company’s mission statement, management must now plan its BP
Business portfolio collection of business and products that make up the
company. The best portfolio is the one that best fits the company’s strengths and
weaknesses to opportunities in the environment
No matter how many operations the business consist of the planning process is the
same
1. Company must analyze its current business portfolio and determine which
business should receive more, less or no investments.
2. It must shape the future portfolio by developing strategies for growth and
downsizing
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ANALYZING THE CURRENT BUSINESS PORTFOLIO
Portfolio analysis when management evaluates the products and bsnes that
make up a company this is the major activity in strategic planning.
1. Management has to identity the key bsnes in a company called the
strategic
business units SBUs.
2. Then decide how much support each deserves it’s a good idea to add and
support products/bsn that fit closely with the firms core philosophy and
competencies
The purpose of strategic planning is to find ways for the company to best use
it’s strengths to take advantage of opportunities.
Management evaluates SBUs in two dimensions
1. The attractiveness of the
SBU’s market or industry
2. Strength of the SBU’s
position in that market /
industry
Best known portfolio planning
method is the BCG growth-share
matrix evaluates SBU’s
market growth rate and relative
market share
Market growth rate measure of market attractiveness
Relative market share measure of company strength in that market.
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