BUAD 301 Exam 1Marketing Strategy & Consumer BehaviorMarketing StrategyFramework:Analysis Stage (this includes Consumer Behavior):Company:this involves creating a strategic plan. ●Given the company’s current situation: ○What are its goals?○How is it currently organized?○Strengths & weaknesses?○What should their next steps be?Strategic Planning:developing and maintaining a strategic fit between the organization’s goals and capabilities, and its changing market opportunities.Steps of Strategic Planning:1.Write a mission statement: what the organization's purpose is - what it wants to
2.Set goals and objectives: Statements of accomplishment of a task to be achieved, often by a certain time. You must decide what you want to accomplish and it should align with the mission statement.
3.Understand business portfolio:a.Evaluatethe different business unitsin the company in comparison to what consumers want and what competitors offer.