BMGT350 Chapter 2

BMGT350 Chapter 2 - Chapter Two Strategic Planning The Nature of Strategic Planning Strategic planning the managerial process of creating and

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Chapter Two: Strategic Planning The Nature of Strategic Planning: Strategic planning: the managerial process of creating and maintaining a fit between the organizations objectives and resources and evolving market opportunities. (Goal: long run profitability and growth) Two Questions- 1) What is the main activity at a particular time? 2) How will it reach its goals? Planning : is the process of anticipating future events and determining strategies to achieve organizational objectives in the future. Marketing planning : designing activies relating to marketing objectives and the changing marketing environment. (Product lines, distribution channels, communications and pricing) Why write a marketing plan: - comparison between actual and expected performance - clearly states activities to help work towards common goals - serves as reference point for success of future activities - allows manager to be aware of possibilities and problems Defining the Business Mission: Mission statement: a statement of the firm’s business based on a careful analysis of benefits sought by present and potential customers AND an analysis of existing and anticipated environmental conditions Marketing myopia: defining a business in terms of goods and service rather than in terms of the benefits that customers seek (Too narrowly defined) Ex: Wrigley defines itself as a confectioner instead of just a
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This note was uploaded on 12/06/2010 for the course BMGT 350 taught by Professor Boyd during the Spring '08 term at Maryland.

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BMGT350 Chapter 2 - Chapter Two Strategic Planning The Nature of Strategic Planning Strategic planning the managerial process of creating and

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