Advertising-Chapter 4 Notes

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Department
Business And Administration
Course
BUS-3230
Professor
Hammond
Semester
Winter

Description
Chapter 4Business Planning ProcessBasic strategic business planning involves making decisions about three variablesoObjectivesstatements that outline what is to be accomplished in the corporate marketing or advertising planoStrategiesstatements that outline how the objectives will be achieved and usually identify the resources necessary to achieve the objectives such as funds time people and types of activitiesoExecution Tacticsrefers to tactical action plans that outline specific details of implementation which collectively contribute to the achievement of objectives Usually provide details of an activitys cost and timingStrategic PlanningStrategic Planningthe process of determining objectives and identifying different strategies and tactics to help achieve the objectivesoCorporate planoriginates ate the top of the organization and is largely based on input from senior executivesUsually not elaborate documentsPurpose is to identify the corporate objectives to be achieved over a specified periodActs as a guideline for planning in various operational areas of the companyoMarketing Plansconsider such matters as the marketing mix targetmarket characteristics and control and evaluation mechanisms that determine the effectiveness of the strategies being implementedVery specific and all activities related to product price distribution and marketing communications are outlined in the planEach plan is related to anotherThe Corporate PlanMission Statementthe foundation of the corporation plan it is a statement of the organizations purposeoReflects the operating philosophy of the organization and the direction the organization is to takeoRelated to the opportunities the company identifies for itself in the marketplaceoMarketoriented
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