MCS 3620 Chapter Notes - Chapter 2: Monopolistic Competition, Target Market, Marketing Mix

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3620
• Professor: Rob McLeam

Document Summary

Strategic planning principles: factors influencing strategic planning . Strategic planning (corporate strategy): the process of determining objectives and identifying strategies and tactics to help achieve objectives. Objectives: statements if what is to be accomplished in terms of sales, profit, market share, or other measures. Strategies: statements that outline how the objectives will be achieved, such as the direction to be taken and the allocation of resources needed to proceed. Tactics (execution): action-oriented details that outline how a strategic plan will be implemented. Economic influences: the economy can dictate how aggressive or conservative a company will be with its plans, the general state of the economy is dictated by growth in gdp, inflation, employment, currency, and income distribution and consumer spending. Competitor influences: branding to differentiate amongst substitutes and alternatives is vital to marketing. Oligopoly: a market situation in which only a few brand control the market.