This unit explains the importance and implications of planning and strategy for a business in a competitive environment. The aim of this unit is to present principles and elements of strategy and their application for business practices.
The unit covers the basic concepts of planning and strategy constructed upon the competitive advantage among organisations. The development of the strategy is illustrated as being supported by situation analysis, competitive analysis, tools for analysing the strategy, options available as strategic directions and implementation of the selected strategy.
PRESCRIBED TEXT - STRATEGIC MARKETING: DECISION MAKING AND PLANNING