Strategic Planning
Read this chapter, which examines the strategic planning process companies go through to develop, price, promote, and sell their products and services. The first section explains the value proposition and will help you understand why a company may develop different value propositions for different target markets. After reading the chapter, complete the discussion questions at the end of the chapter.
Components of the Strategic Planning Process
Key Takeaway
A firm must analyze factors in the external and
internal environments it faces throughout the strategic planning
process. These factors are inputs to the planning process. As they
change, the company must be prepared to adjust its plans. Different
factors are relevant for different companies. Once a company has
analyzed its internal and external environments, managers can begin to
decide which strategies are best, given the firm's mission statement.