BUAD 301 Exam 1.docx - BUAD 301 Exam 1 Marketing Strategy...

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BUAD 301 Exam 1Marketing Strategy & Consumer BehaviorMarketing StrategyFramework:Analysis Stage (this includes Consumer Behavior):Company:this involves creating a strategic plan. Given the company’s current situation: What are its goals?How is it currently organized?Strengths & weaknesses?What should their next steps be?Strategic Planning:developing and maintaining a strategic fit between the organization’s goals and capabilities, and its changing market opportunities.Steps of Strategic Planning:1.Write a mission statement: what the organization's purpose is - what it wants to
2.Set goals and objectives: Statements of accomplishment of a task to be achieved, often by a certain time. You must decide what you want to accomplish and it should align with the mission statement.
3.Understand business portfolio:a.Evaluatethe different business unitsin the company in comparison to what consumers want and what competitors offer.
Circles: represents a business unit in the companyThe size of the circle represents some measure related to dollar valueQuestion Mark (?): operate in a high growth market but have a low market share.Most businesses start of as QM. They require a lot of cashStar: if QM (?) business is successful it becomes a starA star is the market leader in a high growth marketIt doesn’t necessarily produce a positive cash flow for the companyCash Cows: when the market’s annual growth falls to lessthan 10% the star becomes a cash cow if it still has the largest market share.

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