...BUAD479 Chapter Outlines: Chapter 1: * Marketing is an organizational function and a collection of processes designed to plan for, create, communicate, and deliver value to customers and to build effective customer relationships in ways that benefit the organization and its stakeholders * Marketing explained: * Distinct activity in an organization- marketing department * Set of tasks, such as assembling, pricing and promoting, which may or may not be performed by the department that results in products, services, ideas, ad other tangible and intangible items * These items produce profits or achieve stated goals for an organization * Profits achieved by creating value for customers * Creation of value- realization of the benefits that are at parity or that exceed the cost of products, services, etc. * Customers search for value on a daily basis when making buying decisions * Marketing has roots in economics, psychology, sociology, and statistics * Economics- borrowed the idea of utility- satisfaction received from owning or consuming a product or service * Value that consumers attach to the products * Supply and demand for products influence price, production costs influence supply, and utility influences demand * If consumers perceive that a product has utility-> inclined to consider purchasing it * Need- necessity to meet an urgent requirement * Want- desire...
Words: 1365 - Pages: 6
...Strategic Plan, Part I Integrated Business Topics Strategic Plan, Part I The Lone Star Army Navy store is a military surplus retailer in El Paso, Texas. While the store has been in business for several years, the store will soon undergo new ownership and is in need of a strategic plan. The store currently has no mission, vision, or values statement nor customer needs analysis. The first step in the strategic plan for the new owners is to define the business, products, and customers through the creation of a mission statement. The second step is to create a vision for the store that clearly demonstrates the decision on the future of the business. The third step is to define the guiding principles or values by which the store will operate. The fourth step is to analyze how the mission, vision, and values guide the strategic direction. The fifth step is to define the customers’ needs for the store as well as the competitive advantages. By developing a strategic plan for the Lone Star Army Navy store before purchasing, the new owners will have a strong foundation on which to grow. Mission Statement The mission statement must describe what the business does; the reason for its existence. A clear, thoughtful mission statement provides employees with a shared sense of purpose, direction, and opportunity. According to Perreault, Cannon, and McCarthy, (2009), a good mission statement has five major characteristics: it limits the number of goals, it stresses the company’s...
Words: 1310 - Pages: 6
...DEVELOPING OF MARKETING STRATEGIES AND PLANS C H A P T E R 2 ___________________________________________________________________________ INTRODUCTION How do companies compete in a global marketplace? One part of the answer is a commitment to creating and retaining satisfied customers. We can now add a second part: Successful companies know how to adapt to a continuously changing marketplace through strategic planning and careful management of the marketing process. In most large companies, corporate headquarters is responsible for designing a corporate strategic plan to guide the whole enterprise and deciding about resource allocations as well as starting and eliminating particular businesses. Guided by the corporate strategic plan, each division establishes a division plan for each business unit within the division; in turn, each business unit develops a business unit strategic plan. Finally, the managers of each product line and brand within a business unit develop a marketing plan for achieving their objectives. However, the development of a marketing plan is not the end of the marketing process. High-performance firms must hone their expertise in organizing, implementing, and controlling marketing activities as they follow marketing results closely, diagnose problems, and take corrective action when necessary. In today’s fast-paced business world, the ability to effectively manage the marketing process—beginning to end—has become an extremely...
Words: 982 - Pages: 4
... SUMMARY by Chapter 2 • • • How does marketing affect customer value? How is strategic planning carried out at different levels of the organization? What does a marketing plan include? Developing Marketing Strategies And Plans In this chapter, mainly the following points have been discussed Developing the right marketing strategy over time, through discipline and a creative Supply Chain Many companies today outsource less critical resources if they can obtain better quality or lower cost. Also, many companies partner with specific suppliers and distributors to create a superior value delivery network, also known as Supply Chain. thought process can go a long way in the marketing management process. Firms must constantly strive to improve every aspect of their strategy and the plans to guide the marketing process. The Value Delivery Process In the new view of business processes, marketing is viewed at the beginning of the planning stage. A smart competitor must design and deliver products for well-defined micro-markets and cater to their specific wants, perceptions and preferences. The Value Creation and Delivery Sequence can be divided into two segments of marketing: Strategic Marketing and Tactical Marketing. Core Competencies Core Competency refers to areas of special technical and production expertise, whereas distinctive capability describes excellence in broader business processes. Market-driven organizations generally excel in three distinctive...
Words: 887 - Pages: 4
...Strategic Plan Part I Conceptualizing a Business Dawn Riggenbach Bus/475 March 26, 2012 When a person or persons decides to start a business, there are several things they need to consider, first of all a strategic management plan will need to be outlined determining the what, where, and how of the business. This will include deciding the different divisions that will make up the business and the roles these areas will play in the day to day operation of the company. The plan will entail establishing the short and long term objectives for each division and incorporating the goals into one single arrangement. To assist in deciding the objectives, the type of autos that will be restored will need to be determine, all vehicles versus classic or antique vehicles. Once this decision has been made, a plan on how the business will achieve the established will need to be put in place. Next step is the “where” choice will be the location of the business, choosing an area that will be in a high traffic spot that can easily be found by people is important in assisting the business achieve the goals established in the objectives. The how will be determining the way to make this happen. The four functions of management are important in creating and implementing a strategic plan, as it provides the business the current status of where the business is at the moment and where they plan to be in the future (MyStrategicPlan.com). The owner’s of Riggenbach’s Auto Restoration with the assistance...
Words: 1100 - Pages: 5
...Conceptualizing a Business Edmund G. Peabody University of Phoenix Integrated Business Topic BUS/475 Mr. Arthur Murphy April 30, 2012 Conceptualizing a Business Throughout this paper, a vision for an organization that demonstrates a decision on what is wanted in the future will be created. I will define the guiding principles or values for the selected business considering the topics of culture, social responsibility, and ethics. I will analyze how the vision, mission, and values guide the organization’s strategic direction. I will also evaluate how the organization addresses customer needs and critique how they achieve competitive advantage. Strategic Plan, Part 1: Conceptualizing a Business It is imperative to comprise a Strategic Plan to ensure that the business is successful. Astrategic business plan facilitates the company to characterize its mission and vision, giving the company a sense of purpose and direction that sets them apart from competitors (Pearce & Robinson, 2009). A mission statement also discusses the product or services conducted by the company (Pearce & Robinson, 2009). Instituting a firm mission and vision statement without a doubt represents to prospective and current patrons the company’s core values and its strategy for the future. Discussed in this paper will be the mission and vision statements and the values of the Red Dawg Range based in Pine Mountain Georgia. This paper will address the company and how each of the...
Words: 1033 - Pages: 5
...STRATEGIC PLANNING A business needs to have a clear sense of direction, which must be clearly communicated to all stakeholders. This is the aim of the business which can then be broken down into smaller aims, and objectives. Strategic planning is of importance in giving directions to organizations. A strategic plan is drawn up for relatively long period of time, typically by senior managers. The plan will cover a five year period of time or longer. The plan needs to be shaped by the mission and the values of the organization. Mission and values Most organization set out two statements that guide their action, these are; * A mission statement; setting out the purpose of the organization, usually in one or a small number of sentences. It needs to be clear to communication key purpose of the organization to stakeholders. * A value statement; setting the core values of the organization and what it believes in. These values should shape all of the relationships between the members of the organization and other stakeholders Development of strategic plans and objectives While the mission of an organization sets out its purpose and the values that it stands for , its aims set out in board terms what the organization seeks to archive through its strategic plan. The aims of an organization are closely tied to the mission, and give a general sense of direction for planning. The aims of an organization can be broken down in to more specific objectives. The objectives are...
Words: 706 - Pages: 3
...THE PROCESS OF STRATEGIC PLANNING ARTICLE #1 OF 10 INTRODUCTION TO STRATEGIC PLANNING Strategic planning is to a business what a map is to a road rally driver. It is a tool that defines the routes that when taken will lead to the most likely probability of getting from where the business is to where the owners or stakeholders want it to go. And like a road rally, strategic plans meet detours and obstacles that call for adapting and adjusting as the plan is implemented. Strategic planning is a process that brings to life the mission and vision of the enterprise. A strategic plan, well crafted and of value, is driven from the top down; considers the internal and external environment around the business; is the work of the managers of the business; and is communicated to all the business stakeholders, both inside and outside of the company. As a company grows and as the business environment becomes more complex the need for strategic planning becomes greater. There is a need for all people in the corporation to understand the direction and mission of the business. Companies consistently applying a disciplined approach to strategic planning are better prepared to evolve as the market changes and as different market segments require different needs for the products or services of the company. The benefit of the discipline that develops from the process of strategic planning, leads to improved communication. It facilitates effective decision-making, better selection of tactical options...
Words: 8741 - Pages: 35
...NETFLIX: THE PUBLIC BOX OFFICE FLOP ANS 1. NETFLIX BUSINESS MODEL | Over 12,000 titles | Free Delivery |No late fees | Self addressed envelope |5. Instantly watch movies & TV | | | | | |shows on your PC, Apple iPad, | | | | |Return a viewed movie to get a new|iPod Touch, Sony PS3, etc. | |Create your own list of movie |Can order 4 DVDs at a time in |Keep each movie as long as you want |one from the list | | |online |unlimited plan | | | | | | | | | | | | | | | | | | | | | | | ...
Words: 861 - Pages: 4
...Value Alignment Individual’s have the ability to make decisions that are important. These decisions may be important to the person’s life, surroundings or even job. These decisions are because of a person’s values. Values are the foundation for the reasoning behind someone’s actions. Sometimes one may not really know his or her beliefs, but their actions will show it to others. When values are involved between an individual and an organization, it is important that they are compatible. This will create a successful relationship between the individual and the work environment. The value that Wal-Mart portrays is to assist their customers with saving money. They do this by offering low prices on their items sold. This is what keeps the customers coming back to shop. Wal-mart had these values set by Sam Walton, who believed that good customer service and respect delivered to the customer was of the upmost importance. Wal-mart takes pride in offering low prices to the community, and this is implemented by all the stores located in different countries. Wal-Mart makes sure to also respect all the employees, with all employees receiving the same privileges and reprimands. This is just one example of Wal-Mart’s values. The organization’s first priority is to continue to satisfy their customers to the fullest by assisting the consumers with any problems and concerns that may occur. It is important that each customer feel important, and is treated with respect and dignity. Values...
Words: 1260 - Pages: 6
...Management CS CH 6 Sprinkles 1) In this case, Candace and Charles Nelson displayed many characteristics associated with entrepreneurs such as, self-confidence, tolerance for ambiguity, high energy levels, and share a desire for independence. Candace and Charles displayed confidence by believing in them and in their cupcake business and made the decision to quit their lucrative careers to pursue the uncertainty of the cupcake only bakery. Their confidence could be tied in with their tolerance for ambiguity. Entrepreneurs are risk takers; they tolerate situations with high degree of uncertainty. This is the case for the Nelson’s. To bring the cupcake concept to L.A. during a time that the United States was deeply influenced by the “South Beach Diet” a diet that inspired low-carb eating was a major risk to take. Success in the beginning was uncertain yet they quit their jobs and made a go of it. Having a high energy level is critical in any small business. Hard work was something the Nelson’s were used to. They both were obviously college educated and I am sure it takes a great deal of hard work and energy to be an investment banker. The Nelson’s brought their high energy level to Sprinkles. This is observed through Candace’s actions to get 300 cupcakes ready and flying on a red eye flight to be on the Oprah Winfrey show. Her hard work here gave Sprinkles the publicity it needed to gain a steady customer base. The Nelson’s ignored the negatives surrounding them and...
Words: 1661 - Pages: 7
...Strategic Plan Belle Villarreal STR 581 February 4, 2013 Amy Ruiz Table of Contents Title Page Cover Page………………………………………………………………………………………...1 Executive Summary……………………………………………………………………………….3 Company Background…………………………………………………………………………….5 Vision, Mission, and Value Statement ……………..…………………………………………….5 Sources used for External and Internal Analysis………………………………………………….6 Strategic Plan……………………………………………………………………………………...7 Implementation Plan………………………………………………………………………………8 Strategic Choice and Evaluation…………………………………………………………………10 Evaluating Alternatives…………………………………………………………………………..11 Values of Strategy………………………………………………………………………………..12 The Right Strategy……………………………………………………………………………….13 External Environmental Factor…………………………………………………………………..14 SWOT……………………………………………………………………………………………15 Competitive Position and Possibility…………………………………………………………….16 Action Items……………………………………………………………………………………...17 Resources Allocation…………………………………………………………………………….19 Successful Implementation………………………………………………………………………19 Conclusion……………………………………………………………………………………….20 References………………………………………………………………………………………..22 Executive Summary The document you are about to read is a research paper and plan on how to open or start your own business. Within the next couple of years I plan to open a sleep study lab. My sister currents owns and operates her in a different city. My goal is to mirror hers and open a second branch in the city I live. Her sleep lab...
Words: 5835 - Pages: 24
...Value Alignment BUS/475 Value Alignment Whole Foods Market, a natural food supermarket, was originally founded in Austin, Texas in 1980. When they opened there was a very small staff at one store location and there were fewer than a dozen other natural foods supermarkets available in the United States. Over the years the company has grown substantially. Much of their success can be attributed to their strong mission statement and core values for which they promote and proudly advocate. Whole Foods mission is to “to be able to be a grocery store featuring good, wholesome food; not a health food store filled with pills and potions” (Whole Foods, 2013). The Origin and Subsequent Evolution of Personal and Workplace Values Personal values are the beliefs deep within our subconscious and mixed and molded into the way we live our lives. Values guide our behaviors and the decisions we make. Very often our decisions about friends, a new job, a future marriage, and business decisions are based on our personal value system. We develop an initial set of values during our childhood from our parents, mentors, teachers, and grandparents; however later as we gain life experiences and develops our abilities to think critically we may add different values or disregard some of our initial values altogether. Many of our personal values affect our behaviors and the decision we make with regard to business. The origin and evolution of personal and workplace values joins the standard...
Words: 1097 - Pages: 5
...the ideas from any two functions of management can be used by managers to ensure innovative values and practices occur in their organization. TABLE OF CONTENTS Executive Summary …………………………………………………………… iii Introduction …………………………………………………………… 1 Purpose …………………………………………………………… 1 Scope …………………………………………………………… 1 Methodology …………………………………………………………… 1 Assumptions …………………………………………………………… 1 Limitations …………………………………………………………… 1 Background …………………………………………………………… 1 Plan …………………………………………………………… 1 Discussion …………………………………………………………… 2 Planning …………………………………………………………… 2 Organisational Goals ……………………….. 2 Strategic Planning ……………………….. 2 Leading …………………………………………………………… 3 Transformational Leadership .………………………. 4 Conclusion …………………………………………………………… 4 Recommendations …………………………………………………………… 5 References …………………………………………………………… 6 1. Executive Summary The purpose of this report is to advise Company X’s Chief Operating Officer (COO) how the effective use of the planning and leading functions can be utilised to ensure innovative values and practices are occurring within the organisation. The report was commissioned by the COO following the acquisition of a new business that lacked formalised planning and consequently the sales and profitability of the business had been in a decline over the past three years. In Item 3 the report examines innovative values and practices in the context of the planning and leading functions, and specifically, how the...
Words: 2754 - Pages: 12
...ENT3003 EXAM 3 REVIEW Chapter 3 Entrepreneurial opportunity * The fundamental difference between an idea and an opportunity is that the entrepreneur extracts value from the idea * 2 fundamental theories on how opportunities happen * Discovery theory – arising from shifts in external factors in the market or industry * Creation theory – that there is no single coherent theory, but a number of assumptions about contexts and behaviors that don’t fall within the realm of discovery theory Creativity * Enables entrepreneurs to differentiate their business * Is the basis for invention * Critical skill for recognizing or creating opportunity Wallas’s four stages of the creative process * Preparation * Incubation * Illumination * Verification Challenges to creativity * 3 Main types of roadblocks * Personal * Problem solving * Environmental * No time for creativity * One of the biggest contributors to this is multitasking * No confidence Developing creative skill * Design an environment to stimulate creativity * Keep a log of ideas * Most business concepts come from existing ideas on which the entrepreneur makes improvements * Take advantage of personal network * Return to childhood Techiniques to generate ideas * Define the problem * Restate the problem * Identify the pros/cons for potential solutions * Develop a decision tree * Brainwriting ...
Words: 934 - Pages: 4
