marketing management.docx - Eastern University Business Law...

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Eastern UniversityBusiness Law (BUS 301)AssignmentPrepared ForMS. Farhana KhanAssociate ProfessorEastern UniversityPrepared ByMD. Mahtabul IslamID: 192200011Program: BBA
Answer to the question number 1Business Strategic Planning process:Below thecorporate level, the strategic-planning process for eachbusiness or SBU consists of the six steps are explainedwith examples.Business Mission:A strategic marketing plan starts witha clearly defined business mission. Mintzberg defines amission as follows:“A business mission describes the organization’s basicfunction in society, in terms of the products and services itproduces for its customers”.Each business unit needs to define its specific missionwithin the broader company mission. Like the mission ofMicrosoft is, “Our mission is to empower every personand every organization on the planet to achieve more.”SWOT Analysis:SWOT stands for Strengths,Weaknesses, Opportunities, and Threats, and so a SWOTAnalysis is a technique for assessing these four aspects ofanyone’s business.
Goal Formulation: A goal is a specific target, an endresult or something to be desired. It is a major step inachieving the vision of the organization.In the strategic planning process, a goal is a place wherethe organization wants to be, in other words a destination.For example, a goal for a sporting organization might beto have 50 qualified and active coaches. An organizationmay set several goals that will outline a path to achievingthe vision. The goal of attaining 50 qualified and activecoaches will be an important step in achieving the visionof becoming most dynamic, most respected and bestachieved club in the district league. Managers use theterm goals to describe objectives that are specific withrespect to magnitude and time. Turning objectives intomeasurable goals facilitates management planning,implementation, and control. To be effective, goals must(1) be arranged hierarchically to guide the businesses inmoving from broad to specific objectives for departmentsand individuals; (2) be stated quantitatively wheneverpossible; (3) be realistic; and (4) be consistent. Otherimportant trade-offs in setting goals include: balancingshort-term profit versus long-term growth; balancing deeppenetration of existing markets with development of newmarkets; balancing profit goals versus nonprofit goals;
and balancing high growth versus low risk. Each choice inthis set of goal trade-offs calls for a different marketingstrategy.Strategy Formulation:Strategy formulation is theprocess by which an organization chooses the mostappropriate courses of action to achieve its defined goals.

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