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CHAPTER 3 BUILDING RELATIONSHIPS THROUGH STRATEGIC PLANNING I. IMPORTANCE OF CORPORATE PLANNING A. Strategic Planning 1. Strategic Planning – involves making decisions about the organization's long-term goals and strategies. 2. Strategic Goals – major targets or end results that relate to the long-term survival, value, and growth of the organization. 3. Strategy – a pattern of actions and resource allocations designed to achieve the goals of the organization. The strategy an organization implements is an attempt to match the skills and resources of the organization with the opportunities found in the external environment. B. Tactical And Operational Planning 1. Tactical Planning – translates broad strategic goals and plans into specific goals and plans relevant to a definite portion of the organization, often a functional area such as marketing or human resources. a. A tactic is the operational means by which an organization intends to reach its objectives. 2. Operational Planning – identifies the specific procedures and processes required at lower levels of the organization. C. Establishing A Mission And Vision 1. The mission is the basic purpose and values of the organization, as well as its scope of operations.
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2. The strategic vision moves beyond the mission statement to provide a perspective on where the company is headed and what the organization can become. 3. The company's mission, vision, values, objectives, strategies, and tactics are often referred to as a strategic plan . These six factors interrelate, ensuring the best allocation of the firm's resources to fulfill its mission and objective. This is achieved by answering four key questions. a. Where are we? b. Where do we want to be? c. How should we get there? d. Can we afford it? II. WHAT IS MARKETING? A. Definition of Marketing 1. The American Marketing Association's definition: Marketing is defined as the process of planning and executing the conception, pricing, promotion, and distribution of goods, services, and ideas to create exchanges that satisfy individual and organizational objectives.
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