MKTG 2030 Chapter Notes - Chapter 2: Consumerism, Cash Flow Statement, Price Discrimination
Document Summary
Strategic planning a managerial decision process that matches an organization"s resources and capabilities to its market opportunities for long-term growth and survival. Business planning occurs on an annual basis at 3 levels: strategic planning, marketing planning and operational planning. Strategic planning is done by top level corporate management what they do: 1. Establish the business portfolio (if applicable) 5. develop growth strategies and tactics. Strategy what a firm is going to do to achieve an objective. Tactics how a strategy is going to be implemented. Strategic plans are usually developed for a period of 3-5 years and take a long term view of the strategic health of the business. Answers to these questions become the lead items in the organizations strategic plan and part of the mission statement. Mission statement a formal statement in an organizations strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products and resources.
