1. Identify the major components of strategic planning and explain how they are interrelated. The components of strategic planning consist of four main parts: 1. Analysis of organization’s strengths and weaknesses & Identification of organization’s opportunities and threats 2. Organizational mission and goal
3. Corporate and business-unit strategies
4. Each functional area of the organization (Marketing, Production, Finance and H.R.) establishes its own objectives, strategy and plan.
All these four components are not working separately; however, they are interrelated with each other. First, it starts with an analysis of the organization’s strengths and weaknesses and identification of opportunities and threats. Second, establishing or revising the firm’s missions and goals, then developing corporate strategies to achieve those goals. Third, Marketing, production, finance, H.R. establishes its own objectives and develops strategies which must support the goal and mission of the organizations to achieve them focusing on marketing orientation. 2. What are the two major parts of a marketing strategy?
1. Identifying and analyzing a target market
2. Developing a marketing mix to meet the needs of individuals in that market
3. What are some issues to consider in analyzing a firm’s resources and opportunities? Issues are Core competences, Market opportunity, Strategic windows and competitive advantage. 4. How important is the SWOT analysis to the marketing planning process? SWOT Analysis is assessment of an organization’s strengths, weaknesses, opportunities, and threats. S & W are internal factors which can influence an organization’s ability to satisfy its target markets. O & T exist independently of the firm and therefore represent issues to be considered by all organizations, even those that do not compete with the firm. 5. How should organizations set...