Essay Three Marketing Strategy
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Essay Three: Tools for Analyzing Strategic Decisions
Marketing Strategy A1
Madison Barbee
September 15th, 2023
Word Count:1,504
Strategic decision-making is the process of charting a course based on long-term goals
and a longer-term vision. Every aspect of business includes strategic decisions. Choices such as
the cost of certain products or what would the target market find the best product to be. Strategic
decisions are so important in a business's success that it is crucial to analyze them. To take a step
back and decide if the outcome of a certain choice is worth it to create a successful firm. Before
you make such an important decision it is best to take a look at all options and outcomes to best
set up the correct choice for the company. There are certain tools that managers commonly use to
help analyze strategic decisions. These tools ensure that the choices the firm is making are the
correct and most beneficial choices. The first tool is called hypothesis testing, which simply
unearths the major assumptions about what must be true about a strategic choice. Hypothesis
testing is a critical component in analyzing whether to pursue a particular choice of action. Each
strategic choice is simply a hypothesis, in science, we always test our hypothesis with an
experiment so it makes sense that in this case scenario, we also should test these assumptions.
The first step in hypothesis testing is to identify the core assumptions that the success of the
proposed strategic action depends upon. Once you have nailed down the core assumptions there
are a few tests you can put them through such as the value test. The value test tells us if the
strategic choice will create any value. There is also the execution test where the firm can create
and deliver the strategic action at a cost that works for the firm. After going through a couple of
these tests you then want to conduct thought experiments. Split data into categories as “what you
know,” “what you don’t know but could,” and “what you don’t know and can’t know” By
splitting this data up you can best choose which strategic choice is the best overall by being
beneficial to the firm.
Another great tool for analyzing strategic decisions is payoff matrices. Payoff matrices
are visual aids that show the payoffs associated with the strategic moves of a player the moves
and the countermoves of competitors. Game theory in general is extremely helpful in the analysis
of a discrete number of options. Payoff matrices is a graph in which you can see all available
outcomes of a certain situation. The first step in creating a payoff matrix is to identify strategic
actions available to competitors and the choices that you wish to analyze. One common example
of a payoff matrix is the simple 2x2 version in which two competitors are considering one of two
strategies either price high or price low. This matrix shows what would happen in all situations
whether both competitors' prices were low or high or if they each separately did one or the other.
After you have the matrix set up the next step is to assess the value associated with each strategic
action contingent on competitors. After collecting data on the payoffs associated with each
strategic option you can then analyze which would be the most beneficial option for your firm.
You can visually see how each option has different outcomes. The next step is to identify
dominant strategies. An optimal strategy is one that no matter what the competitor does your
payoff is still optimal. This is the strategy a business wishes to find, one that no matter what has
the same payoffs. This payoff matrix visual is a great way to analyze strategic decisions by
allowing businesses to find the best solution no matter what the competition is doing.
The third tool is called acquisition analysis. This is important when a business is deciding
whether or not to merge with another firm. Acquisition analysis is the evaluation of the strategic
value of one firm when deciding to merge. This is critical for a company that is considering a
specific acquisition opportunity. Mergers can be extremely beneficial to a company when done
correctly which is why it is important to analyze the benefits and any potential drawbacks. To
use acquisition analysis firstly a manager must analyze the strategic benefits. If we do this merge,
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Related Questions
I need type answer. . How do the integration of strategic foresight, stakeholder engagement, and data-driven decision-making enhance the multifaceted skills required for effective business goal setting in a dynamic and globally competitive environment?
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Indicate whether or not the organization where you are employed engages in strategic management and planning. If Yes, how has this benefitted the organization? If No, give your perceptions regarding the limitations and why the organization does not engage in strategic management and planning.
Q2. Discuss briefly why ethical decision-making is essential in an organization, and the possible effects that ethical violations/unethical behaviours can have on the organization and its stakeholders.
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(1)B2B: Assignment 3
1. What are the compnents of a marketing information system that is is desirable for a b2b organization?
2. Why have these components been selected?
3. How will these components assist marketing managers with their decision making?
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2. Imagine you are the CEO of an organization. Your work is expanding and you need to hire
people who are experienced and skillful in their fields such as marketing.
a. Explain what type of problem exist in above given situation? and what type of decision
could be taken?
b. Elaborate the decision-making process through which you will be able to hire best
marketing employees?
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Choose the right answer
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124) Identify an important difference between strategic planning and market planning.
125) How are marketing objectives different from corporate objectives?
126) Why is it important to consider marketing as an investment rather than as an expense?
127) A sales manager at ABC Services Inc. was required to track important marketing metrics each quarter. Give two examples of the marketing metrics this sales manager might report.
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The business type that was given to Lee, was a bakery. She would sell items at her bakery in her area. Need help to answer parts 4 through 6.
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20 - What is the correct order of strategic decision-making process?
i. Evaluate current performance results
ii. Scan and assess the internal corporate environment
iii. Implement selected strategies
iv. Review corporate governance
v. Analyze strategic (SWOT) factors
vi. Scan and assess the external environment
vii. Generate, evaluate and select the best alternative strategy
viii. Evaluate implemented strategies
a) O 1- || - I – IV - V- VI - VII – VIII
b)
|- IV - VI - || - V - VII - III - VI
c) O II - III - V -1- IV - VII - VIII - VI
d) O VI - V- IV -1- || - ||| - VII – VIII
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Understanding the common vocabulary used in strategic management is important to theapplication of its concepts.Required:
a. There are four general steps in conducting an external environmental analysis startingwith scanning of the environment. Briefly, explain all four steps.
b. Choose any organisation of your choice and employ the “SWOT Matrix” to demonstratethe current strategic position of the organization and clearly indicate the strategy optionsavailable to help match that organization’s internal environmental elements against itsexternal environmental elements.
c. Compare and contrast “strategic blunder” and “strategic drift”?
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Understanding the common vocabulary used in strategic management is important to theapplication of its concepts.Required:a. There are four general steps in conducting an external environmental analysis startingwith scanning of the environment. Briefly, explain all four steps. b. Choose any organisation of your choice and employ the “SWOT Matrix” to demonstratethe current strategic position of the organization and clearly indicate the strategy optionsavailable to help match that organization’s internal environmental elements against itsexternal environmental elements. c. Compare on contrast the following: i. Vertical integration versus horizontal integrationii. Divestiture versus Diversificationiii. Market development versus Product Development
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Instructions
There are two steps to this assignment:
1) Develop a SWOT analysis for a company. (See detailed instructions below)
2) Based on your SWOT, make three recommendations to your company regarding new product or service ideas. One of these ideas will be the focus of your marketing plan.
Part 1: Develop a SWOT
Select a company that already exists and that you would like to develop a new product or service for. Then research that company to create a SWOT analysis.
It is critical that a company understands its internal strengths and weaknesses and the external environment in terms of opportunities and threats. Develop at least three items for each area:
Strengths (3),
Weaknesses (3),
Opportunities (3), and
Threats (3).
Under the SWOT table/chart, you will elaborate on the information in your SWOT. Make sure each categories (strengths, weaknesses, opportunities and threats) is clearly labeled. Put enough information into each description so I can tell what you mean.…
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critical amd creative thinking
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A student wrote Answer.
Level: Strategic Management in Retail
Strategic managers are key players in a retail company’s survival and advantage in a highly competitive market. They are in charge of the development of mission and vision statements, objective setting, planning and implementation of strategies, and evaluation and measurement of performance. Strategic planning often occurs annually in order to prepare for the year ahead, which needs to be formalized and authored in writing (Vanderburg, 2004).
Essentially, strategic managers execute the tasks mentioned above by creating specific action plans and steps to reach a specific organizational goal. Strategic planning is an interactive process that allows various departments involved to cross check how each output affects its earlier stages. Moreover, the strategy formation is guided by various stages of strategic thinking. The result of these processes provides information on the environmental diagnosis, competitiveness, guiding…
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This is short question and has 5 sub parts interrelated.
1. Suppose there are many jobs related to business field, but you have chosen Marketing Manager as your prospective job. Defend your decision by clearly outlining the factors you considered while comparing the jobs available in the field in terms of knowledge and skill requirements for success, salaries, benefits, future growth opportunities, and any other criteria you value with choosing your career path.
2. Summarize the main skills, knowledge areas, and expertise expected of someone in the position of Marketing Manager. You are expected to summarize at least 10 main requirements of the job related to skills, knowledge areas, and/or expertise. Make sure to reference weblinks for each source.
3. Consider you are applying for the job of Marketing Manager. Summarize the skillset, knowledge, and expertise you possess. Consider the requirements of this job when choosing which skills and knowledge areas to summarize below. For…
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Instruction: THERE ARE SUB-TOPICS IN EVERY CHAPTER. PLEASE MAKE
REACTION/REFLECTIN IN EACH TOPIC AND ITS SUBTOPICS.
B. An Overview Strategic Green Planning
1.Green Marketing Planning
2.Incorporating a Green Perspective into a Mission
3.Delivering value to all stakeholders
4.Factors of environmental needs development
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Give typed explanation of both questions otherwise leave it
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ABC Group is considering entering into a new business. It has two options as mentioned below;i. ABC Cosmetics: with the growth working women in the country, this business can be expected to grab a significant customer base.ii. ABC Fashion: This business is targeted toward business executives (both male and female)who value the importance of smartness and looking good at the workplace.Which of these two business options should ABC choose and why?
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Multiple Choice:
.refer(s) to the arrangement
that ensures strategic goals align
downward with more specific
short-term goals.
A/Operational planning
B/Objective efficacy
C/Tactical goals
D/Cascading goals
معدلة 11:13 ص
Multiple Choice:
After the manager and employee
work together to set the employee's
objectives, what is the next step of
MBO?
1/The manager should express what
the organization should become.
2/The manager should compare the
employee's results with objectives.
3/The Objectives should be applied to
all the employees of that organization.
4/The employee should develop an
action plan for meeting the objectives.
معدلة 11:15 ص
GIF Lul
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The purpose of this miniproject is to gain an understanding of
market planning through actual experience.
3-29. a. Select one of the following for your market plan-
ning project:
• Yourself (in your search for a career)
• Your university
A specific department in your university
b. Next, develop the following elements of the market
planning process:
• A mission statement
• A SWOT analysis
• Objectives
• A description of the target market(s)
• A positioning strategy
• A brief outline of the marketing mix strategies-
the product, pricing, distribution, and promotion
strategies-that satisfy the objectives and address
the target market
c Prepare a brief outline of a marketing plan using the
basic template provided in this chapter as a guide.
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Choose the best ANSWER
1- A marketing team is working on specific marketing activity planning, who will do those activities and how, and what resources will be needed. Which part of the marketing plan does this best describe?
Developing the mission statement
Situation analysis
Marketing strategy
Marketing implementation
2-
Which of the following is the best example of a good strategic goal (according to professor and marketing plan directions)?
Increase sales per square foot by 5% in the next 6 months.
Get a 25% market share.
Increase profitability.
Get more people to try our new product.
3-
Which is most true about marketing?
Marketing should be an organization-wide focus on customers.
Marketing is most effectively thought of as an organizational department that just handles advertising and sales.
Marketing is only used to take advantage of people.
Marketing can only be used for tangible products.
4-
Which is the best example of using the…
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