Company OK was a popular furniture store in Country J. Unfortunately, the business became a failure because of Person O’s family issues with his daughter. OK Company was started in 1969 and became a publicly traded company. Later, OK Company was started to focus on the high-end customers. It started to provide large showrooms, membership system, and customer advices with a large number of customers. This was profitable till 2008, after the financial crisis, as people started to move towards low-priced products. Later, Person O made her daughter the company’s president. She reduced the prices, and made the company affordable for the customers to make purchases. Customers accepted the changes made by her but the employees and Person O did not accept the changes. Hence, Person O fired her and took the business to its original level. He called his daughter a bad child and marked his territory. To discuss: The company that successfully changed its marketing strategy Introduction: Strategic planning is the process where the organization plans the strategy on setting goals, making decisions, allocating its resources, and achieving its goals.

Question

Want to see the full answer?

Answer 1

Question

Chapter 2, Problem 2.12MA

Summary Introduction

Case summary:

Company OK was a popular furniture store in Country J. Unfortunately, the business became a failure because of Person O’s family issues with his daughter. OK Company was started in 1969 and became a publicly traded company. Later, OK Company was started to focus on the high-end customers. It started to provide large showrooms, membership system, and customer advices with a large number of customers.

This was profitable till 2008, after the financial crisis, as people started to move towards low-priced products. Later, Person O made her daughter the company’s president. She reduced the prices, and made the company affordable for the customers to make purchases. Customers accepted the changes made by her but the employees and Person O did not accept the changes. Hence, Person O fired her and took the business to its original level. He called his daughter a bad child and marked his territory.

To discuss: The company that successfully changed its marketing strategy

Introduction:

Strategic planning is the process where the organization plans the strategy on setting goals, making decisions, allocating its resources, and achieving its goals.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Discuss trends in the natural environment of which marketers must be aware, and provide examples of companies’ responses to them. (AACSB: Written and Oral Communication)

Select an FTSE 100 company. How much did the company spend on marketing activities in the most recent year for which data are available? What percentage of sales does marketing expenditure represent for the company? Have these expenditures increased or decreased over the past five years? Write a brief report of your findings. (AACSB: Written and Oral Communication; Analytic Reasoning)

Explain the roles of market segmentation, market targeting,differentiation, and positioning in implementing aneffective marketing strategy. (AACSB: Written and OralCommunication)