MKTG 301 Chapter Notes - Chapter 2: Marketing Mix, Swot Analysis, Value Chain
Document Summary
Strategic planning (an "ongoing" process): the process of developing and maintaining a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. Set the stage for the rest of planning in the firm. Mission statement: a statement of the organization"s purpose. Acts as an "invisible hand" that guides people in the org. Focus is on the customer or customer experience. Detailed supporting objectives for each level of management. Each marketing strategy must be defined in greater detail. Business portfolio: the collection of businesses and products that make up the company. Best portfolio is the one that best fits the company"s strengths and weaknesses to opportunities in the environment. Must analyze current business portfolio and determine which businesses should receive more, less, or no investment. Must shape the future portfolio by developing strategies for growth and downsizing. Portfolio analysis: the process by which management evaluates the products and businesses that make up the company.
