MGMA01H3 Chapter Notes - Chapter 2: Invisible Hand, Swot Analysis, Strategic Planning
Document Summary
Strategic planning the process of developing and maintaining a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. This sets the stage for the rest of planning in the firm. Marketing planning occurs at the business unit, product, and market levels. Many organizations develop formal mission statements that answer basic questions about it. A mission statement is a statement of the organization"s purpose what it wants to accomplish in the larger environment: acts as an invisible hand that guides people in the organization. Mission statements should be market oriented and defined in terms of satisfying basic customer needs. Products and technologies eventually become out-dated, but basic market needs may last forever. Mission statement should be meaningful and specific yet motivating: should emphasize the company"s strengths in the marketplace. Mission statement should not be stated as making more sales: should focus on customers and the customer experience the company seeks to create.
