MCS 3620 Chapter Notes - Chapter 2: Marketing Mix, Personal Information Protection And Electronic Documents Act, Oligopoly

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3620
• Professor: Bharat Sud

Document Summary

Strategic planning (corporate strategy): the process of determining objectives (setting goals) and identifying strategies and tactics (action plans) to help achieve objectives. Objectives: statements of what"s to be accomplished in terms of sales, profit, market share or other. Strategies: statements on how to achieve the objectives such as the allocation of resources. Tactics: action-oriented details including precise details about the cost and timing of specific activities. Strategic planning is cyclical in most companies occurring usually annually. The general state of the economy has direct impact on how aggressive or conservative a company is w/ their business plan. General state of the economy is determined by growth rates in the gdp, inflation rates, levels of employment, the value of canadian dollar etc. Country economies go through cycles (recession, depression, recovery & prosperity) Assessing the activities of competitors is the most analyzed aspect of marketing planning.