Question

In mid-2010, Hewlett-Packard Company (HP) acquired Palm Computing Inc., a manufacturer of personal devices and smartphones. Before deciding to acquire the company, strategic planners at HP spent time thinking about how Palm and HP would "fit" together, and how the acquisition might change HP's core goals and objectives. The strategic planners were engaged in the ________ step of the marketing planning process.

Answer 1

Answer: Define the business mission

Explanation: This is the 1st part of the marketing planning process that looks at the mission statement of the company to confirm that operations are run in line with thie company's mission. According to Henry Mintzberg "a mission statement describes the organisation's basic function in society, in terms of the products and services it produces for its customers." A well planned business mission includes the following elements:

Purpose - Why the company exists. A company can exist with the intention of making profits or for charitable reasons (for example non - profit organisations).

Strategy and scope - This states the limitations of the organisation in terms of the market it wants to enter, the location it will operate in, and the business method it will use. This element also addresses the products or services it will offer, and how it will compete in the market.

Policies, standards and behaviours - This specifies the policies and procedures that govern how the company will operate.

Values - This specifies the operational culture the company wants its employees to exhibit, in order to set the tone of the company.