MKT 3401 Chapter : Lesson 2
Document Summary
Lesson 2: strategic planning and developing a global vision. States and mexico that created the world s largest free-trade zone. within the larger organization. Strategic planning is a process that enables managers to create and maintain a fit between the objectives and resources of the organization and evolving market opportunities. The business mission should contain objectives that are realistic, measurable, time-specific, consistent, and prioritized. Strategic business units (sbus) are subgroups that contain their own planning and operations. The situation analysis may be referred to as swot analysis. This step allows the firm to determine its strengths (s) and weaknesses (w). It also allows analysis of opportunities (o) and threats (t). Strategic alternatives include market penetration, market development, product development, and diversification. Managers may use tools such as the boston. Consulting group (bcg) portfolio matrix, the general electric market attractiveness/company strength matrix, or the profit impact of market strategy (pims) program to aid in the selection of a strategic alternative.
