MGMA01H3 Chapter Notes - Chapter 2: Swot Analysis, Lasagne, Marketing Mix
Document Summary
Strategic planning: process of developing and maintaining a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. Companies usually prepare annual plan, long range plans and strategic plans. Defining the company mission setting company objectives and goals designing the business portfolio planning, marketing and other function strategies. The answer to them is the mission statement. Mission statement: statement of the organization"s purpose what it wants to accomplish in the larger environment. It acts as an invisible hand to guide people in an organization. Should be market oriented and in terms of satisfying consumer needs. It should not be stated as making more sales or profits. Company must turn mission into detailed supporting objectives for each level of mgmt. Managers must have objectives and they will be responsible for reaching them. Marketing strategies and programs must be developed to support these marketing objectives and must be defined in detail.
