ARBUS302 Lecture Notes - Lecture 2: Customer Experience, Human Capital, Goal Setting

• School: University of Waterloo
• Department: Arts and Business
• Course: ARBUS302
• Professor: Olivia Mesta

Document Summary

Organizational foundation and direction: every organization relies on limited resources including human capital, physical capital, technological, and financial resources. Marketers are not only concerned with setting the strategic direction but also with moving the organization there: strategic direction relies on the foundation of the organization. Successful organizations identify the reasons for the existence of the organization (why) along with the strategic direction (what) and combine these two to formulate strategies to achieve their goals (how). The figure below includes these elements as why + what = how. Organizational foundation: why does it exist: an organization"s foundation is its philosophical reason for its existence. They are timeless, which means that they do not change due to short-term environmental changes or short-term financial concerns: core values represent the firm"s heart and soul and serve to inspire its stakeholders. Mission is usually used interchangeably with vision: a mission statement should be clear, concise, meaningful, inspirational, and long-term.