Management (MindTap Course List)
12th Edition
ISBN: 9781285861982
Author: Richard L. Daft
Publisher: Cengage Learning
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Question
Chapter 8, Problem 4EE
Summary Introduction
To determine:
If I had been challenged by a colleague on my thinking or plan.
Introduction:
Challenges faced on a thinking process or a plan.
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1- A marketing team is working on specific marketing activity planning, who will do those activities and how, and what resources will be needed. Which part of the marketing plan does this best describe?
Developing the mission statement
Situation analysis
Marketing strategy
Marketing implementation
2-
Which of the following is the best example of a good strategic goal (according to professor and marketing plan directions)?
Increase sales per square foot by 5% in the next 6 months.
Get a 25% market share.
Increase profitability.
Get more people to try our new product.
3-
Which is most true about marketing?
Marketing should be an organization-wide focus on customers.
Marketing is most effectively thought of as an organizational department that just handles advertising and sales.
Marketing is only used to take advantage of people.
Marketing can only be used for tangible products.
4-
Which is the best example of using the…
124) Identify an important difference between strategic planning and market planning.
125) How are marketing objectives different from corporate objectives?
126) Why is it important to consider marketing as an investment rather than as an expense?
127) A sales manager at ABC Services Inc. was required to track important marketing metrics each quarter. Give two examples of the marketing metrics this sales manager might report.
The goal of this exercise is to demonstrate your understanding the three phases of the strategic marketing process; planning, implementation, and evaluation.
Read the description of the marketing action and then match it to the appropriate stage of the Strategic Marketing Process.
Situation analysis
Executing the
marketing program
Designing the
marketing program
Market-product
focus and goal
setting
4
Marketing program
5
6
Acting on deviations
2
3
Defining precise
tasks,
responsibilities, and
deadlines
8
Obtaining resources
Comparing results
with plan to identify
deviations
9
Match each of the options above to the items below.
As the sales for digital cameras has increased, the sales for traditional film and film camera has declined
Managers at Kodak select which products will be directed toward which customer for each of its strategic business units
3
Kodak managers select the marketing mix (4Ps) and related budget for each of its strategic business units
Managers for the digital…
Chapter 8 Solutions
Management (MindTap Course List)
Ch. 8 - Prob. 1OTJVCCh. 8 - Prob. 2OTJVCCh. 8 - Prob. 3OTJVCCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - Prob. 7DQ
Ch. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 1EECh. 8 - Prob. 2EECh. 8 - Prob. 3EECh. 8 - Prob. 4EECh. 8 - Prob. 5EECh. 8 - Prob. 6EECh. 8 - Prob. 7EECh. 8 - Prob. 8EECh. 8 - Prob. 9EECh. 8 - Prob. 10EECh. 8 - Prob. 1SGBCh. 8 - Prob. 1EDCh. 8 - Prob. 2EDCh. 8 - Prob. 3EDCh. 8 - Prob. 1CFCACh. 8 - Prob. 2CFCACh. 8 - Prob. 3CFCA
Knowledge Booster
Similar questions
- 1Outline how the marketing strategy process applies to a new business in relation to developing, producing, and marketing a new product/service Select any stakeholder or competitor related to the Amazon/Whole Foods acquisition and discuss the strategic applications 2Examine the challenges executives face to develop and implement marketing strategies which achieve the goals of both the organization and society This is the subject of Strategic Marketing, please provide refrencesarrow_forwardExplain the important benefits of Strategic Marketing Management. (Make 5 sentences only for every benefit) BENEFITS: a) A more thorough understanding of the market b) Helps in determining the strategic direction c) Has the potential for a large payoff?arrow_forwardUCTIONS: Create a fictitious organization related to the tourism and hospitality industries such as travel agency,This organization should have a NAME and a set of VISION, MISSION, and VALUES. Assume that each 6 members of your group takes a top management position in your organization. As the organization's top management, the group is tasked to come up with strategic goals and objectives. Make sure to align the goals and objectives to your VISION, MISSION, and VALUES. Use the SMART Goals Framework in coming up with your goals and objectives. SPECIFIC, MEASURABLE, ATTAINABLE, RELIABLE AND TIME BOUND. DEFINED EACH SMART OBJECTIVES TO THE GOALS OF THE TRAVEL AGENCY.arrow_forward
- How do I respond to this in 100 words? Strategic management involved the ongoing process of establishing an organization's mission and objectives, considering both its external surroundings and internal strengths and weaknesses; it includes devising and executing strategies, as well as monitoring and adjusting them to guarantee the achievement of desired goals. Strategic management is very important because it provides organizations with a competitive advantage, assists with the allocation of resources, steers direction and focus, helps align and coordinate organizational members and functions toward a common goal, allows for adaptation to change, and drives performance optimization. Porter's Five Forces Model is a framework developed to analyze and evaluate the competitive forces and the attractiveness of the industry through the identification of five key forces that determine the competitive intensity and profitability of an industry. The five forces are the threat of new…arrow_forwardwrite an essay that includes an assumption, example, counterargument and conclusion in formal english based on this research question; Assess the view that strategic analysis is of little value to businesses that operate in a fast changing and competitive environment.arrow_forward2. Pick the Marketing Management Philosophies from the list below. Select one: a. Product Orientation, Sales Orientation and Promotion Orientation b. Product Orientation, Sales Orientation, Market Orientation, Societal Orientation c. Product Orientation, Place Orientation, Price Orientation, Promotion Orientation d. Product Orientation, Sales Orientation, Market Orientation3.Which of the following best defines Customer Relationship Management (CRM). Select one: a. A collaboration of managers working together to reach a common goal of maximizing employee satisfaction. b. A company-wide business strategy designed to optimize profitability, revenue and customer satisfaction by focusing on highly defined and precise customer groups. c. Managing members of an organization coming together to design a marketing plan. d. None of thesearrow_forward
- The market researchers at AlHana Foods gather daily sales data and sort it by product line and region. With the help of sophisticated tools and techniques, they develop the data needed by marketing managers to evaluate the market share of the company's different products and also to gain valuable market insights. This mix of people and procedures at AIHanaFoods that generate actionable marketing insights represents a[No]. Select one: O a. strategic planning system O b. marketing information system O c. product mix d. enterprise planning systemarrow_forwardStrategic planning plays a pivotal role in the long-term success of businesses and organizations. It involves setting overarching goals, defining a clear vision, and formulating comprehensive strategies to achieve these objectives. A well-crafted strategic plan provides a roadmap for decision-making and resource allocation, aligning the efforts of all team members toward a common vision. Furthermore, strategic planning facilitates adaptability in a dynamic business environment, enabling organizations to proactively respond to changes and seize new opportunities. Ultimately, it serves as a blueprint for sustained growth and competitive advantage. Question: What is a key function of strategic planning for businesses and organizations? a) Maximizing short-term profits b) Setting vague and undefined goals c) Providing a roadmap for decision-making. d) Avoiding adaptability in a dynamic environmentarrow_forwardKeep the following in mind: Think marketing techniques like Big Data and Predictive Analytics would have been effective 10 to 15 years ago? And what accounts for this fact?arrow_forward
- Focused strategies keyed either to low-cost or differentiation are especially appropriate for situations where Copyright © by Glo-Bus Software, Inc. Copying, distributing, or 3rd party website posting isexpressly prohibited and constitutes copyright violation O the industry has many different niches and segments, thereby allowing a focuser to pick a competitively attractive niche that is not only suited to its competitively valuable resources and capabilities but also lessens the risk of overcrowding that occurs when too many rivals attempt to focus their energies on the same target segment. O the industry is growing rapidly, a company can achieve a big enough volume to fully capture all the available scale economies, and the product offerings of most rival sellers are weakly differentiated. O buyers have low costs in switching from one seller's brand to another, buyer, bargaining power is relatively strong, and buyers' needs and uses of the product are diverse. O the industry contains…arrow_forward1. Analyze the historical role of marketing in Financial Services organizations. Based oncurrent trends, predict the potential future evolution of marketing within this sector.2. Identify and analyze specific marketing strategies used by companies. Develop criteria bywhich you would assess the effectiveness of these strategies, taking into account theiralignment with business goals.arrow_forwardBear the following points in mind: Do you believe that Big Data and Predictive Analytics would have been successful in marketing 10-15 years ago? What is the reason behind this?arrow_forward
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