Applications

the organization's objectives, skills, and resources and its changing market opportunities. The aim of strategic planning is to shape the company's businesses and products so that they yield target profits and growth. Straicgic planning takes place at four levels: corporate, division, business unit, and product.

5. The corporate strategy establishes the framework within which the divisions and business units prepare their strategic plans. Setting a corporate strategy entails four activities: defining the corporate mission, establishing strategic business units (SBUs), assigning resources to each Sill J based on its market attractiveness anil business Strength, and planning (lew businesses and downsizing older businesses,

6. Strategic planning for individual businesses tin tails the fob lowing activities: defining the business mission, analyzing external opportunities and threats, analyzing internal strengths and weaknesses, formulating goals, formulating Strategy, formulating supporting programs, implementing the programs, and gathering feedback and exercising control,

7. Each product level ivjthin a business unit must develop el marketing plan for achieving its goals. The marketing plan is one of the most Important outputs of the marketing process.

Marketing Debate What Good is a Mission Siaiement?

Virtually all firms have mission statements to help guide anil inspjre employees as well as signal what is important io the firm to those outside the firm. Mission statements are often the product of much deliberation and discussion. At the same time, some critics claim that mission statements sometimes lack "t eel h" and Specificity. Moreover, cri lies a I so maintain that in many cases, mission statements do not vary much from firm to firm, and m Eike the same empty promises.

Take a position: Mission statements are critical to a successful marketing organization, ot Mission statements rarely provide useful marketing value.

Marketing Discussion

Consider Porter's value chain and the holistic ma rkei i ng orientation model. Wha! implications do they bar e for marketing planning? How would you structure a marketing plan to Incorporate some of their concepts?

Í3 PARTI 'jMDERÍTANDirJG MARKE" NG MANAGEMEK r

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