MGMA01H3 Chapter Notes - Chapter 2: Sales Promotion, Marketing Strategy, Marketing Mix
Document Summary
Strategic planning: process of developing and maintaining a strategic fit between organization"s goals and capabilities and its changing market opportunities. Steps to strategic planning: defining the company mission, setting company objectives and goals, designing business portfolio, planning marketing and other functional strategies. Steps 1 to 3 are corporate level. Step 4 is business unit, product and market level. Mission statement: statement of the organization"s purpose - what it wants to accomplish in the larger environment. Should not be about sales or profits. Should be about customers and experience created for them. Turn missions into objectives for each level of management. Business portfolio: collection of businesses and products that make up the company. Fits the company"s strengths, weaknesses and opportunities. Step one is analyze current business portfolio and determine which businesses should receive more, less or no investment. Step two is shape future portfolio by developing strategies for growth or downsizing.
