BUS 343 Chapter Notes - Chapter 2: Swot Analysis, Strategic Planning, Marketing Plan

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Strategic planning longer term and less specific than marketing planning. Mission statement and business portfolio are unlikely to appear in a marketing plan. Mission a formal statement in an organization"s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources: conduct environmental situational analysis. External environment: consists of uncontrollable elements outside of the organization that may affect it either positively or negatively, pesto political, economical, social, technological and other factors. Internal environment: the controllable factors within an organization, people, facilities and how it does things. Objectives needs to be smart specific, measurable, attainable, realistic and time-bounded. Group of different products & brands characterized by different income generating and growth. Establish the business portfolio capabilities: develop growth strategies. Marketing is a decision making process: understanding the opportunity, customer analysis.

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