BUS 343 Lecture Notes - Lecture 2: Boston Consulting Group, Strategic Planning, Cash Flow

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Lily Lin

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. It set the stage of the rest of the planning. Long range/ annual planning: for maintenance of company"s current business. Process of strategic planning: defining the company mission. Mission statement: - a statement of the organization purposes. Should be market oriented and define in terms of customer needs. Is not for making more sales (* profits are only a reward for creating value for consumers) Marketing myopia: defining mission statement in terms of product/technology and problem: setting company objectives and goals arise when market changes. Turn mission into detailed supporting objectives for each level of management. Broad mission lead to hierarchy of objectives. Business profile: the collection of businesses and brands. Best profile = one that best fits the company"s strengths and weaknesses to opportunities.