Marketing Chapter 2 Essay

Words: 1563
Pages: 7
Open Document
Chapter 2

1. (a) Using Medtronic as an example, explain how a mission statement gives a strategic direction. (b) Create a mission statement for your own career.

Answer:
(a) A mission statement gives strategic direction by stating the “what” and “how” of a business in a clear, concise, meaningful, inspirational, statement that will continue to be relevant in the long-term. Medtronic’s mission statement identifies its customers, market, products and technology. They stated the business they are in and their specific goals.

(b) It is my business to progressively coordinate strategic methods of empowerment and to do so with passion and commitment.

2. What competencies best describe (a) your college or university …show more content…
~Weaknesses: With a big name like IBM, change may be difficult. Many of the products offered are not customizable. Lack of intercultural experience, narrow range of products offered, and most business products are geared towards large businesses.
~Opportunities: Offer new technologies and services locally and in developing countries. Smarter Planet involves new ways of thinking.
~Threats: potential securities risks. Demand for Smarter Planet solutions will depend on interest in change rather than just reaction to problems.

In the next three to five years we are likely to see fewer trade barriers, the growth of developing economies, and increasing access to the internet. Growth markets such as China, India, Brazil, and Africa will be able to use IBM products. Customers will have a need for more custom-made technological solutions and cross-technology connectivity. Businesses will need analytics and optimization, cloud and smarter computing solutions and technology for the globally integrated enterprise.

3. How can IBM communicate its strategy to companies, cities, and governments? How is Watson a part of the communication strategy?

Answer:
The current CEO of IBM, Sam Palmisano, sent out a letter for their annual report, titled “Letter from the Chairman”. In this letter, he had a powerful
Show More

Related Documents: Marketing Chapter 2 Essay

Marketing Chapter 2 Notes Essay

Marketing Chapter 2 Company-Wide Strategic Planning: Defining Marketing’s Role Strategic Planning- The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. Mission Statement- A statement of the organization’s purpose- what it wants to accomplish in the larger environment. Mission statements should be meaningful…

Words 823 - Pages 4

Marketing Management 14th Ed Kotler Test Bank Chapter 2 Essay

Marketing Management, 14e (Kotler/Keller) Chapter 2 Developing Marketing Strategies and Plans 1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors Answer: C Page Ref: 33 Objective: 1 Difficulty: Easy 2) What is the traditional view of marketing? A) Firms should just focus on production because if the…

Words 7824 - Pages 32

English 209 Essay examples

COURSE DESCRIPTION Introduces basic marketing principles and concepts. Emphasis is placed on the development of marketing strategy and the major components of the marketing mix (product, price, promotion, and distribution). Reviews the critical environmental factors of markets, domestic and international, and customer behavior characteristics that affect marketing operations. Highlights the integration of marketing with other functions in a business organization. INSTRUCTIONAL MATERIALS Required…

Words 1148 - Pages 5

Essay on Chapter 1

1/14/2012 Chapter 1 Introduction Chapter 1 - Slide 1 Chapter Goals 1. Distinguish between international and domestic marketing. 2. Describe the global environment in which marketing takes place. 3. Show a variety of ways in which a firm may practice international marketing. 4. Discuss current global trends affecting global marketing. Chapter 1 - Slide 2 The Concept of Global Marketing • Global marketing has become important to companies around the world for three reasons: 1. Foreign markets…

Words 1217 - Pages 5

Guide: Marketing and Kellstadt Graduate School Essay

Syllabus MKT. 555 Decisions in Marketing Management Robert Galka rgalka@depaul.edu Phone: 312.362.7229 Loop Office – De Paul Center Suite 7500 D/MKT (Email is preferred for all communication. Phone messages are not checked as frequent as emails. Place MKT555-240 as the first characters in the subject line of all emails to ensure I find your email in case it is caught by spam control) Course Objectives: 1. Develop an understanding of the fundamental concepts in Marketing. 2. Develop a functional understanding…

Words 1925 - Pages 8

2014 15 Tm4001 Handbook Essays

Module Handbook 2014-15 Module Code: TM4001 Module Title: Marketing Principles Tutor: Jane Martin Seminar Tutors: Terry Smith Contents: Information about the module ……………………………………… page 3 Module Intentions ………………………………………………………… page 3-4 Module Programme ……………………………………………………… page 4 Module Content ……………………………………………………………. page 4-8 Learning / Teaching Methods ……………………………………….. page 9 Assessment Strategy …………………………………………………….. page 9 Reading List ………………………………………………………………….. page…

Words 1913 - Pages 8

Questions On Marketing Strategy Planning

Assignment #2 Marketing Strategy Planning This chapter sets the stage for the rest of the book by introducing key marketing strategy concepts including target marketing and the development of the marketing mix (the four Ps decision areas). The focus on “best practices” in marketing mix planning highlights the role of both customer acquisition and customer retention. And the integrated model of the marketing strategy planning process is introduced here and ties the organization of the whole book…

Words 644 - Pages 3

Essay about Marketing Concept

Department of Marketing, Entrepreneurship & Strategy BSc Business Studies Fundamentals of Marketing May 2013 MKT104 (Level 4) CRN: 55062 Student Name: _________________________ Module Leader: Martin Gilbert Contents Page INTRODUCTION 2 MODULE TUTORS (6 & 7) 2 AVAILABILITY OF MODULE TUTORS (8) 2 RATIONALE 2 AIMS (9) 2 LEARNING OUTCOMES (9) 2 MODULE TEACHING (10) 3 TEACHING PLAN – indicative content (11) 4 RESOURCE LIST (12) 10 ASSESSMENT (13) 10 ASSIGNMENT…

Words 2492 - Pages 10

Student notes week 1 Essays

BST002 Business Studies 2 CRICOS Provider Code SAIBT 02193C, University of South Australia 00121B Part of the Navitas group Introduction Course content and structure Topic    1 Operations The role of operations management Influences on operations management Operations strategies: Business Planning Topic     2 Marketing The role of marketing. What is marketing? Influences on marketing Marketing Process Marketing strategies Part of the Navitas Group Introduction Course content and structure…

Words 721 - Pages 3

Essay on Marketing: Marketing and Assignment Submission Area

Assignment #6 Business and Organizational Customers and Their Buying Behavior This chapter puts more emphasis on the e-commerce revolution taking place in business-to-business (B2B) markets and how it influences marketing relationships among suppliers and their customers. For example, there’s a clear explanation of the different types of Internet website initiatives (for example, procurement hubs, exchanges, and communities) as well as topics such as reverse auctions and use of Internet…

Words 318 - Pages 2