MARKETING:REAL PEOPLE,REAL CHOICES
10th Edition
ISBN: 9780135199893
Author: Solomon
Publisher: RENT PEARS
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Chapter 3, Problem 6QA
Summary Introduction
To determine: The three internal environment elements of organization and SWOT analysis with relation of company’s internal and external environment.
Introduction: Business growth strategies are the plans to expand the company and increase its profit. There are various strategies that marketer adopt such as market penetration, market development, product development, and diversification.
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MARKETING:REAL PEOPLE,REAL CHOICES
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- To provide education on investment knowledge and skills for people in Hong Kong, the Hang Seng University of Hong Kong (HSUHK) will offer investment classes in 2022. Write up a marketing plan for this new service. The budget for offering this new service is HK$10 million. Make sure you have included the following parts in your marketing plan: Background of HSUHK Description of the new service SWOT analysis Marketing objectives Target market Marketing mix strategy (7Ps) (You should include a service blueprint when you mention “process”.) Budget Controlarrow_forwardWhat are the key components of a successful CRM strategy, and how do they contribute to business growth?arrow_forwardHow can a firm conduct a competitive analysis to understand brand's position in the market and identify areas for improvement?arrow_forward
- Discuss the importance of conducting thorough market research and competitor analysis in the business planning process. How can businesses use this information to identify opportunities and mitigate risks?arrow_forwardA profitable company will make it a point to determine how its competitors are doing business and try to do it better themselves. Benchmarking is one of the most effective tools available to an organization to ensure that these goals are being met. Many organizations use benchmarking as a way to measure organizational performance. What are the pros and cons of this approach? Has this approach always been used as a competitive tool? Provide at least two examples of companies using this type of tool to help them remain competitive within their market.arrow_forwardThe Boston Consulting Group (BCG) matrix is a usefulstrategic tool. Another classic portfolio planning methoduseful to marketers is the GE/McKinsey matrix (see www.quickmba.com/strategy/matrix/ge-mckinsey/ ). How is theGE/McKinsey matrix similar to and different from the BCGmatrix?arrow_forward
- If all FMCG companies do SAP (or similar) how does a particular company in that sectorderive any competitive advantage?arrow_forwardDescribe the partnership between a managerial economists and a corporate planner in the objective-formulation phase of planning.arrow_forwardThe Boston Consulting Group (BCG) Matrix is a useful strategic tool. Another classic portfolio planning method useful to marketers is the GE/McKinsey Matrix (see www.quickmba.com/strategy/matrix/ge-mckinsey/). How is the GE/McKinsey Matrix similar to and different from the BCG matrix?arrow_forward
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