Marketing Chapter 2 Essay

Words: 1563
Pages: 7

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.

(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
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~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?

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