BMGT 350 Chapter Notes - Chapter 2: Boston Consulting Group, Strategic Planning, Market Segmentation

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Roxanne Lefkoff

Document Summary

Strategic planning: process of developing and maintain a strategic fit between the organization"s goals and capabilities and its changing marketing opportunities. Corporate level- starts strategic planning process by defining its overall purpose and mission. Mission is turned into detailed supporting objectives that guide the entire company. Then headquarters decide what portfolio of business and products are best. Each business and product develops detailed marketing and other plans that support the company-wide plan. Mission statement: statement of organization"s purpose, what is wants to accomplish in the larger environment. Steps in strategic planning: defining the company mission, setting company objectives and goals, designing the business portfolio, planning marketing and other functional strategies. Mission statements should be market oriented and defined in terms of satisfying basic customer needs. Not be stated as making more sales or profits, profits are only a reward for creating value to customers. Focus on customers or their experience that the company seeks to create.