Adapt to a small business the process of marketing strategy formulation presented in Exhibit 2–4.
What will be an ideal response?
The marketing strategy formulation process outlined in Exhibit 2–4 is applicable to a small firm as well, except that many of the tasks indicated in the exhibit may be performed by the same person, while many other tasks may be undertaken rather informally. Let us assume a small manufacturer has four executives: chairman of the board (retired); president (nephew of the chairman), who also heads the marketing function; controller; and vice president of manufacturing. The president defines the corporate as well as the marketing objectives. He need not undertake a formal study of the value system of top management (himself and his uncle). Preparation of the marketing plan and its review vis-à-vis the corporate objectives is also informal, since the president himself is responsible for them. The
You might also like to view...
Human capital is the collective value of the capabilities, knowledge, skills, life experiences, and motivation of an organization's workforce.
Answer the following statement true (T) or false (F)
Taken together, the work environment, events, personality, and moods combine to evoke ______.
A. emotional responses B. positive affect C. negative affect D. moods
Below is a histogram for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. What is the relative frequency of the 21-24 bin?
?
?
A. 0.05 B. 0.14 C. 0.25 D. 2.5
Sumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process 6,000 Percent complete with respect to materials 60%Percent complete with respect to conversion 20%Costs in the beginning inventory: Materials cost$78,200 Conversion cost$3,600 Units started during the month ? Units completed and transferred out during the month 70,000 Costs added to production during the month: Materials cost$286,600 Conversion cost$216,000 Work in process, ending: Units in process 8,000 Percent complete with respect to materials 75%Percent complete with respect to conversion 25% What was the cost per
equivalent unit for conversion during the month? A. $5.45 B. $6.95 C. $3.05 D. $4.00