Contemporary Marketing (MindTap Course List)
17th Edition
ISBN: 9781305075368
Author: Louis E. Boone, David L. Kurtz
Publisher: Cengage Learning
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Chapter 2, Problem 3ALR
Summary Introduction
To Discuss: The difference between a firm’s mission and objectives and the importance of both conveying it clearly to the employees and customers.
Introduction: Strategic planning is a procedure in which hierarchical managers decide their visualization for the future just as recognize their objectives and ideas for the organization. Tactical planning is accomplished for defining short term objectives and action plan so as to accomplish the long term objectives set by the strategic planning in an organization.
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How does market planning contribute to achieving business objectives?
There are literally 100’s of different definitions of marketing available on the internet, and even marketing textbooks will use their own definition of what marketing is all about.
And in the business world, especially across industries, you will find that different firms and different managers have a somewhat unique view of the role of marketing.
As you probably know already however, the key goals of marketing are to:
generate long-term profits,
deliver customer satisfaction, and
improve the competitive strengths of the organization over time.
But let’s now have a very simple look at the role of marketing based on these three goals. The above marketing goals are really all about getting and keeping customers. This means that can we break marketing down to three simplistic responsibilities:
Attract new customers (Get)
Grow share of customer (Build)
Retain profitable customers (Hold)
In other words – GET – BUILD – HOLD customers. Clearly, there is a whole array of marketing…
How can our company effectively align its management strategies with the objectives outlined in our business proposal to ensure successful implementation and achievement of desired outcomes?
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Contemporary Marketing (MindTap Course List)
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.Similar questions
- What are the four objectives of a firm wishing to maximize profit?arrow_forwardWhat strategies should businesses employ to align their sales and marketing teams, ensuring they work together seamlessly to achieve common goals and drive revenue growth?arrow_forwardW hat strategies should businesses employ to align their sales and marketing teams, ensuring they work together seamlessly to achieve common goals and drive revenue growth?arrow_forward
- Give an overview of the consumer electronics industry. Then, identify and characterize the major players that may be a threat to profits in each of Porter's Five Forces for your selected industry. finally, apply Porter's Five Forces to consumer electronics, and identify and characterize potential players that may form a value net. Consumer Electronics - apply Porter's Five Forces to consumer electronics, and identify and characterize potential players that may form a Value Net.arrow_forwardHow can organizations effectively communicate their planning initiatives to key stakeholders, including employees, customers, and investors, and what are some of the most effective strategies for gaining buy-in and support for these initiatives?arrow_forwardHow can a firm ensure that their strategic plan remains flexible and adaptable to changing circumstances, while still providing a clear and focused direction for the organization?arrow_forward
- Start with a detailed description of your vision. If you are opening a toy store, describe the types of toys you will carry and the reasoning behind your choices. Instead of saying your store will carry a wide range of toys for children ages 5 through 12, consider a more descriptive statement such as educational toys supporting the standards in local towns, or eco-friendly toys providing an alternative to computer games and electronics. This gives readers an idea of who you are and what types of choices you will make. It also communicates that you have a concrete plan. Emphasize the unique and creative features of your plan to establish that you understand your niche and are prepared to capitalize on it. There is no specific format. Come up with at least 4-5 specific goals and objectives you have for the business.arrow_forwardDevelop your ideas and support it substantially.arrow_forwardWhat are the major challenges of companies todays in terms of marketing? You are advised to answer based on a real case. The case should be mentioned in the answer with the challenges explained and resolved. You also need to put up your conclusion at the end from a different perspective.arrow_forward
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