ECON 3245 Chapter Notes - Chapter 2: Strategic Planning, Swot Analysis, Marketing Strategy
27 Nov 2018
School
Department
Course
Professor
Document Summary
Planning: process of anticipating future events & conditions & of determining the best way to achieve organizational objectives. Marketing planning: implementing planning activities devoted to achieving marketing objectives. Strategic planning: process of determining an organization"s primary objectives & adopting courses of action that will achieve these objectives. Tactical planning: planning that guides the implementation of activities specified in the strategic plan. Used by middle management, typically focus on shorter term actions and focus on current and near future activities. Mission: essential purpose that differentiates one company from others. Marketing strategy: overall, companywide program for selecting a 1) particular target market & then 2) satisfying consumers in that market through the marketing mix. Porter"s five forces: model developed by strategy expert michael porter that identifies five competitive forces that influence planning strategies: potential new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products.
