BUS 343 Chapter Notes -Consumerism, Environmental Stewardship, Swot Analysis
30 Jun 2013
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Strategy: what a firm is going to do achieve an objective. Strategic plan: a strategy which is planned for 3-5 years, not detailed. Marketing plan: a strategy which is planned for 1 year, regards the 4p"s in detail. Tactics: how a strategy is going to be implemented. Strategic planning: the managerial decision process that matches the organization"s resources and capabilities to its market opportunities for long-term growth. Mission statement: a formal statement in an organization"s strategic plan that describes the overall purpose of the organization. Evaluate the internal and external environment (situation analysis, environmental analysis, business review) External environment: the uncontrollable elements outside of an organization. Internal environment: the controllable elements inside an organization. Pesto: political or legal, economic, social or cultural, technological, or other. Set organizational or sbu (strategic business unit) objectives. Objectives need to be specific, measurable and attainable (usually in numerical terms) Business portfolio: group of different products or brands owned by an organization.
