Marketing Notes - Marketing360 Business Planning The...

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Marketing 360 Business Planning The ongoing process of making decisions that guide a business in the short and the long term Managers create a business plan that helps them focus their attention and resources on market opportunities Business plans are performed at managerial levels Strategic Planning (5 yrs) Managerial decision process that matches the firm’s resources and workforce talents to market opportunities Choosing the destination C-Level managerial decision process where top mgmt. defines the firm’s direction codified into the mission statement Mission Statement Defines the company’s purpose and specifies what the firm hopes to achieve over the next 5 years It needs to match an organization’s resources and capabilities to its market opportunities for long-term growth and survival Includes a situational (business) analysis of internal and external factors Ex: macroeconomic factors, trends, etc. and an evaluation of the firm’s products vs. competitor’s products Tactical Planning (1-2 yrs) Each functional area in a firm figures out how their dept. will implement the strategic plan Charting the course to the destination VP or D-Level decision process that focuses on developing detailed plans to implement strategies Tactical planning is performed for each function (dept.) Ex: Marketing planning
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Marketing Notes - Marketing360 Business Planning The...

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