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Mgt 103 Midterm 1 Flashcards Questions And Answers
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Mgt 103 Midterm 1 Flashcards Questions And Answers Environmental Forces social, economic, tech, competitive, regulatory forces - not controllable Strategic planning Ongoing process of making decisions that guide the firm both in the short and long term. Develop objectives before actions Thr...

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  • October 23, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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Mgt 103 Midterm 1 Flashcards Questions
And Answers

Environmental Forces social, economic, tech, competitive, regulatory forces


- not controllable




Strategic planning Ongoing process of making decisions that guide the firm both in the

short and long term. Develop objectives before actions




Three levels of planning Strategic, Functional, Operation




Strategic Planning (3 levels of planning) done by top level corporate management




Functional Planning( 3 levels) done by top functional level management like CMO




operational Planning ( 3 levels) done by supervising managers




Steps in Strategic Planning define mission, evaluate internal/external environment, set

organizational or SBU Objectives, establish business portfolio, develop growth strategies

, Mgt 103 Midterm 1 Flashcards Questions
And Answers

Mission Statement formal document that describes the firm's overall purpose and what it

hopes to achieve in terms of its customers products and resources




SWOT Analysis internal strengths and weakness, external opportunities and threats




Growth Strategies Market penetration, product development, market development,

diversification strategy




Segmenting, Targeting and Positioning select target markets where the firm's offerings are

best suited




Developing the Marketing Mix address product, price, place, promotion, placement




Environmental Scan shows the many important trends that influence marketing




Economic Environment indications of economic health (GDP, GNP, infrastructure), levels

of economics development, the business cycle.

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