Management and Organizational Studies 3322F/G Chapter Notes - Chapter 2: Monopolistic Competition, Strategic Planning, Marketing Plan

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

Document Summary

Strategic planning: the process of determining objectives (setting goals) and identifying strategies (ways of achieving 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 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, including precise details about the cost and timing of specific activities. Strategic planning is a cyclical process in most organizations and typically occurs on an annual basis. Changes in laws and regulations about business practices. The general states of the economy has a direct input on how aggressive or conservative a company is with its business plan. Many companies have a plan for when economy is and is not doing well.