Management and Organizational Studies 3322F/G Chapter Notes - Chapter 2: Monopolistic Competition, Marketing Mix, Oligopoly

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3322F/G
• Professor: Beth Lee

Document Summary

Strategic planning/corporate strategy: the process of determining objectives (setting goals) and identifying strategies (ways to achieve the goals) and tactics (specific action plans) to help achieve objectives. Objectives: statements of what is to be accomplished in terms of sales, profit, market share, or other measures. Strategies: statements that outline how the objectives will be achieved, such as the direction to be taken and the allocation of resources needed to proceed. Tactics: action-oriented details that outline how a strategic plan will be implemented. Demographic influences: the population is aging, trend towards urbanization continues, changing household formations; postponing of marriage increasing, increases in divorce rates, same sex marriages, canadian households are shrinking in size, ethnic diversity, spending power and wealth. Social influences: two issues: canadians are living very hectic lifestyles (1), and they are trying to live healthier lifestyles (2, consumers showing concern for environment and tend to favour companies that do.