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Unformatted text preview: ng. Promotion serves to inform,
educate, persuade, and remind target markets about product benefits. PRICE. Price strategies are
an important competitive weapon. Pricing is an important component of the marketing mix
because it is flexible and allows revenue to be estimated and measured.
KEY: CB&E Model Strategy OBJ: 02-8 TOP: AACSB MSC: BLOOMS Synthesis 13. Perhaps the broadest control device available to marketing management is the marketing audit.
Describe this tool and its characteristics.
A marketing audit is a thorough, systematic, periodic evaluation of the objectives, strategies,
structure, and performance of the marketing organization. The audit is designed to aid
management in allocating marketing resources efficiently. The main purpose of such an audit is to
develop a full profile of the organization’s marketing effort and to provide a basis for developing
and revising the marketing plan, but it is also an excellent way to improve communication and
raise the level of marketing consciousness within the organization. The marketing audit should be
Comprehension, systematic, independently conducted, and run periodically.
KEY: CB&E Model Research OBJ: 02-9 TOP: AACSB MSC: BLOOMS Synthesis 14. The Heritage Bank is unaware of all the many tools available that will let marketers examine a
firm’s processes and identify potential areas for improvement. This firm wants to examine all of
its goals, strategies, and structure to ensure it’s on the right track and doing things well. Heritage
has hired you as an outside consultant to recommend a plan of action. What do you suggest and
The broadest control device available to marketing management is the marketing audit. A
marketing audit is a thorough, systematic, periodic evaluation of the goals, strategies, structure,
and performance of the marketing organization. This would address all of the issues this firm
wants more information about.
KEY: CB&E Model Strategy OBJ: 02-9 TOP: AACSB MSC: BLOOMS Synthesis 15. Name and describe the three requirements for effective strategic planning.
CONTINUAL PROCESS. Strategic planning should be an ongoing process because the
environment is continually changing and the firm’s resources and capabilities are continually
evolving. CREATIVITY. Sound strategic planning is based on creativity. Existing assumptions
about the firm and the environment should be challenged, and new rules of the game should be
established. Developing unique and visionary strategies that defy conventional wisdom also
prevents managers from locking into static and predictable options. MANAGEMENT
COMMITMENT. Perhaps the most critical element of successful strategic planning is top
management’s support and participation. Without the involvement of top management, no
strategic plan can be effectively implemented.
KEY: CB&E Model Strateg...
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This document was uploaded on 09/29/2013.
- Fall '13