How does the type of buyer or consumer affect marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market? MKT 421 Marketing Week 3 DQ
* What are the distinguishing elements of a customer-driven quality requirement? What elements are unique to a customer-driven quality requirement? Why is interfacing between the provider and the customer so critical in the successful implementation in customer-driven quality requirements? * How does one evaluate the characteristics of a quality tangible product? How important would reliability and dependability factor into your evaluation?
"What kind of company do we want to become / what kind of company must we become?" • Strategy A strategy is concerned with the actions and resources needed to achieve specific long-term objectives. Some typical questions one might ask at this level are: "What conditions need to hold for our business to be viable?" "What products and services will we offer and to what customers?" "What capabilities and capacities will we require?"
Study the demand elasticity for its products and discuss the availability of close substitutes for its products. How does that affect pricing decisions? Analyze the company’s profitability. Identify the economy or industry influences on its costs, operations, and profitability. Describe the competitive environment in which the firm operates, the distribution of market power, and the strategic behavior of the firm and its competitors.
• Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions. Week Three: Marketing Strategy: Product and Price • Describe the relationship between differentiation and position of products or services. • Analyze the impact of the product life cycle on marketing. • Identify the appropriate price strategy that should be used in the development of the strategic marketing plan. Week Four: Marketing Strategy: Place and
* Are they ethical? 3. Choose TWO of the criteria from your checklist. Explain why each would influence your decision to invest in a company. * What risk is the company?
They provide a rationale for the business, its service(s) or product(s). It’s a strategy for obtaining funds
1. Explain, in the context of meeting organisational needs, the difference between managers and leaders. Submit your answer for assessment. 2. How do you perceive the role of a business/ organisational manager, ie what things does a manager need to do and what resources do they draw upon?
(2012). J.C. Penney’s risky new pricing strategy. Harvard Business Review. Retrieved from ProQuest. Review the article: Is your own buying behavior influenced by coupons and sales?
Procedure Are step by step instructions for how something needs to be done. Vision statement A vision statement identifies what a company would like to achieve or accomplish. Mission statement A mission statement is a statement of the purpose of a company, organisation or person, its reason for existing. Objective Purpose or standard that can be achieved in relation to policy, procedure or mission statement. Key performance indicators A set of measures used to ascertain whether they are reaching their goals or objectives.