1) Organizations establish a statement of what they strive to accomplish, called a mission statement. Companies should create a market-oriented mission statement by restraining from creating their mission statements product-orientated (myopically), but rather defined in terms of satisfying basic customer needs (39). An effective mission statement should be meaningful and specific, yet motivating. It is extremely important that a mission statement is specific and emphasizes the company’s strength in the market place. Furthermore, “a company’s mission should not be stated as making more sales or profits; profits are only a reward for creating value for customers. Instead, the mission should focus on customers and the customer experience the company seeks to create.” When (40). The text goes on about McDonald’s mission being to their customers’ favorite place to eat rather than being the best and most profitable quick-service restaurant and that profits will follow if they accomplish their mission.

2) The business portfolio is the collection of businesses and products that make up the company, it is guided by the mission and objectives. When portfolio planning the business must perform a portfolio analysis. The business must ask itself, “Where are we? And, where are we going?” Companies must also ask how they are going to get there and how to carry it out. It is managements job to analyze SBU’s and determine which SBU’s need support and how much support they need to grow. The portfolio planning also should include considering products for the future (43-45).

3) It is extremely important for all departments of an organization to “think consumer.” Marketing provides the guiding philosophy that suggests the company strategy should revolve around building relationships with consumers, identifies attractive market opportunities, and design strategies for reaching the