...@Chapter-2@.... #Strategic Planning: the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities. #Mission Statement: the organization's purpose, what it wants to accomplish in the larger environment. #market oriented mission statement: defines the business in terms of satisfying basic customerneeds. #6 strategic business objectives 1. Operational Excellence 2. New Products, Service, and Business model 3. Customer/ Supplier Intimacy 4. Improved Decision Making 5. Competitive Advantage 6. Survival. #Product/Market Expansion Grid: a tool for identifying company growth opportunities through market penetration, market development, product development, or diversification. #Market Penetration: a growth strategy increasing sales to current market segments without changing the product. #Market Development: a growth strategy that identifies and develops new market segments for current products. #Product Development: a growth strategy that offers new or modified products to existing market segments. #Diversification: a growth strategy for starting up or acquiring businesses outside the company's current products and markets. #Downsizing: the reduction of the business portfolio by eliminating products or businesses units that are not profitable or that no longer fit the company's overall strategy. #Value Chain: a series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products. #Value Delivery Network: made up of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve performance of the entire system.