SM_ClassPrecis_Module1-1.docx - CLASS PRECIS(For Module 1...

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CLASS PRECIS (For Module 1 – Session 1 & 2) By Group No. 7 (MKST) Avneesh Srivastava Chinmay Deshmukh Ritesh Himanshu Trivedi The class was started by discussing the course outline and the evaluation parameters for the course. Expectations from the class and the instructor were set. Structure of the PPT for group presentations was discussed. The class then proceeded to define the concept of ‘strategy’ in business. Strategy refers to ‘how’ a firm sets about both, ‘setting’ and ‘achieving’ organizational objectives. Strategy makes achieving organizational objective possible, while people of the organization make it happen. To clarify further the definition of strategy, the differentiation between an ‘Objective’ and a ‘Mission’ was established. A Mission statement describes ‘What’ an organization aims to achieve and ‘How’ it aims to achieve it, while an ‘Objective’ describes a portion of the mission to be achieved by when. An Objective is a short-term target, which will be helpful in achieving the company’s mission. As an example, the mission of the Airline ‘Vistara’ could be to ‘to offer fliers a truly personalised and seamless flying experience that’s always delivered in an intuitively thoughtful way.’, while one of its objectives could be ‘to achieve highest rating of customer satisfaction in the Airline market in India by 2020’. As discussed that Strategic marketing is the process of strategy development by regularly considering the marketing environment & customer satisfaction it gives an organisation the competitive advantage over its rivals.
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