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.
Developing Organizational Objectives and Formulating Strategies
Key Takeaway
The strategic planning process includes a company's
mission (purpose), objectives (end results desired), and strategies
(means). Sometimes the different SBUs of a firm have different mission
statements. A firm's objectives should be realistic (achievable) and
measurable. The different product market strategies firms pursue include
market penetration, product development, market development, and
diversification.