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MCS 1000 (215)
Chapter 2

Chapter 2 Noted

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Department
Marketing and Consumer Studies
Course
MCS 1000
Professor
Saba Safdar
Semester
Winter

Description
Marketing MCS 1000 Chapter 2 notes Strategic planning The management task and ongoing process of developing and maintaining a strategic fit between an organizations goals and capabilities in the faces of an alwayschanging market landscape Companies must develop both long term and short term plans that make sense for it specific to its product its marketcustomers and its competitorsAs well as its resources objectives and opportunities This is exactly what strategic planning does They maintain the balance between developing and organizing goals and capabilities in the face of a constant changing market Strategic planning differs from annual plans and longrange plans because it focuses on getting customers and takes advantage of opportunities where as annual plans and longrange plans focus on how to keep its customers The corporate level starts the strategic planning by defining the main goal and purpose of their product followed by that goal which is turned into a realistic plan that is supported by objectives to obtain the main goalFollowed by that is the senior managers decide a business portfolio After that is established business unit and product group develop plans for their department Figure 21 page 19All organizations start out with a clear goal purpose but over time that goal can change due to the growth of the organization addition of new products or markets and the change in the environment Senior managersthe ones who set out the goal for how to obtain the goal most constantly ask themselves what our business is who our customers are what they value and what should their business be They must themselves that for all of the reasons listed above Organizations often publish mission statements for its employees Mission statement A statement of the organizations purposewhat it wants to accomplish in the larger environment Mission statement acts as an invisible hand to guide its employees on what the organizations goals are a list of the core values and an articulation of the foals it intends to pursue For example Cineplex entertainments goals are to deliver aMission statements should be geared towards a market and not a product because as society evolves products change and technology becomes outdated but basic marketing needs do not Mission statements should not be too narrow or too specific because that can turn markets off But the statements should be specific enough to give stakeholders a clear idea of what the company does Also statements should be in tune with the current market environment which consists of society culture economics politics and natural environment Hence the reason why many companies talk off being green and socially diverse
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