Business Q&A

Answers:
Strategic planning process:
oStrategic planning is defined as the process of developing and maintain a strategic fit between the organization’s goal and capability and its varying marketing opportunity.
oStrategic planning sets the stage for the rest of the planning in the firm.
Steps to the strategic planning process:
1.Defining a clear company mission.
2.Setting supporting company objectives.
3.Designing a nouns business portfolio.
4.Planning and coordinating marketing and other functional strategies.
Step # 1:
Defining a clear company mission.
oThe first step in the strategic planning process is defining the company mission.
oAn company exists to accomplish something.
oA mission statement is statements of the organization’s purpose—what it desires to accomplish contained by the larger environment.
The mission statement must avoid human being too dogmatic or too broad. Mission statements must:
1). be authentic.
2). be specific.
3). fit the marketplace environment.
4). indicate distinctive competencies.
5). be motivating.
Step # 2:
Setting supporting company objectives.
The company’s mission desires to be turned into detailed supporting objectives for respectively smooth of headship. This second step within the strategic planning process requires the coordinator to set company goal and objectives and be responsible for achieve them. The mission lead to a ranking of objectives.
Step # 3:
Designing a nouns business portfolio:
oThe third step in the strategic planning process is designing the business portfolio.
oThe business portfolio is a collection of businesses and products that trademark up the company.
oThe best business portfolio is the one that best fits the company’s strengths and weakness to opportunity within the environment.
oIn decree to design the business portfolio, the business must:
oAnalyze its current business portfolio and want which business should receive more, smaller quantity, or no investment.
Step # 4:
Planning and coordinating marketing and other functional strategies:
The final step in the strategic planning process is planning and coordinating marketing and other functional strategies.
oEach department (such as marketing, nouns etc) provides information for strategic planning.
oMarketing plays a push button role surrounded by the company’s strategic planning process.

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1. assume.
2. worry
3. own a cup of tea
4. study telly
5. forget adjectives around it
6. remember it sooner or later beforehand you enjoy to do it
7. panic
8. wing it

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