BUSI 2204 Chapter Notes -Strategic Planning, Marketing Strategy, Marketing Mix

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marlymagharious

11 Feb 2023

School

Carleton University

Department

Business

Course

BUSI 2204

Professor

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Document Summary

Strategic planning - process of developing and maintaining a strategic. Fit between the organisation"s goals and capabilities and its changing marketing opportunities. Prep annual, long-range and strategic plans that allow company to take advantage of opportunities in the constantly changing environment. Have a clearly defined purpose for the organisation to win in the marketplace. Develop formal mission statement to indicate the organisation"s purpose. Mission statements should be market oriented and defined in terms of satisfying basic customer needs and they"re motivating. Should emphasise the company"s strengths and tell forcefully how it intends. Detailed supporting objectives for each level of management. Profits can be improved by increasing sales or reducing cost. Sales are increased by improving customer engagement and raising the company"s share within its market. Must develop clear marketing strategies and programs to support these objectives. The collection of businesses and products that make up the company.

Related Questions

The difference between a company's strategy and a company's business model is that

A)a company's strategy is the plan for achieving strategic objectives while its business model is the plan for achieving financial objectives.

B)the strategy concerns how to compete successfully and the business model concerns how to operate efficiently.

C)a company's strategy is management's game plan for realizing the strategic vision whereas a company's business model is the game plan for accomplishing the business purpose or mission.

D)strategy relates broadly to a company's competitive moves and business approaches (regardless of the financial outcomes it produces) while the term business model relates to whether the revenues and costs flowing from the strategy demonstrate that the business is viable from a profit perspective.

E)a company's strategy concerns how to please customers while its business model concerns how to please shareholders

whiterhinoceros784

Which of the following statements is true about strategic alliances?

1. Strategic alliances usually lead to one of the firms losing their relational advantage.

2. In strategic alliances, companies may choose to cooperate at any stage along the value chain.

3.Strategic alliances exclude functions that are bought through bidding.

4.In strategic alliances, the power to make decisions is always evenly distributed amidst the firms.

orangecattle808

Apply the knowledge acquired from this lecture and start writing your business plan which is Mixed farming on the following:
Venture’s identity
Motivation for starting the venture
Mission statement
Merchandize
Management
Market (incl. market research findings)

badguy55

BUSI 2204 Chapter Notes -Strategic Planning, Marketing Strategy, Marketing Mix

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