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BUS 343 (122)
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Chapter 2

BUS 343 Chapter 2 Flashcards

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Business Administration
BUS 343
Jason Ho

An ongoing process of making decisions that guide the Business planning firm both in the short term and for the long term A plan that includes the decisions that guide the entire Business plan organization "A document that describes the marketing environment, Marketing plan outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy" A managerial decision process that matches an Strategic planning organization's resources and capabilities to its market opportunities for long-term growth and survival Strategy What a firm is going to do to achieve an objective Tactics How a strategy is going to be enacted "A semi-autonomous entity that operates as an Strategic business unit (SBU) independent business with its own mission and objectives, and its own marketing strategy" "A decisions process that concentrates on developing Functional planning plans for strategies and tactics for the short term, supporting an organization's long term strategic plan" "Planning that focuses on the day-to-day execution of the Operational planning functional plans and includes detailed annual, semi-annual, or quarterly plans" "A formal statement in an organization's strategic plan that describes the overall purpose of the organization and what Mission statement it intends to achieve in terms of its customers, products, and resources" The uncontrollable elements outside of an organization External environment that may affect its performance either positively or negatively PESTO "Political, economic, social, technological, other issues" "The controllable elements inside an organization Internal environment -including its people, its facilities, and how it does things -that influence the operations of the organization" The group of different products or brands owned by an Business portfolio organization and characterized by different income-generating and growth capabilities Portfolio analysis A tool management uses to assess the potential of a firm's business portfolio "A portfolio analysis developed by Boston Consulting BCG growth-market share matrix Group. Stars, question marks, cash cows, dogs" "Growth strategies designed to increase sales of existing Market penetration strategies products to current customers, nonusers, and users of competitive brands in served markets"
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