?Describe the process of strategic planning. How does this process help marketing managers?
What will be an ideal response?
?Through the process of strategic planning, a company establishes an organizational mission and formulates goals, a corporate strategy, marketing objectives, and a marketing strategy. A market orientation should guide the process of strategic planning to ensure that a concern for customer satisfaction is an integral part of the entire company, leading to the development of successful marketing strategies and planning processes. The strategic planning process begins with the establishment or revision of an organization's mission and goals. The corporation and individual business units then develop strategies to achieve these goals. The company performs a detailed analysis of its strengths and weaknesses and identifies opportunities and threats within the external marketing environment. Next, each functional area of the organization (marketing, production, finance, human resources, etc.) establishes its own objectives and develops strategies to achieve them, which must support the organization's overall goals and mission and should be focused on market orientation.
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Assume that a company uses direct labor hours as its allocation base for its production departments, A and B. Both departments use 20,000 direct labor hours. Budgeted factory overhead costs are $2,060,000 for Department A and $1,140,000 for Department B. What is the production department factory overhead rate for each department?
a. $57 and $103, respectively, per machine hour b. $80 per machine hour for both departments c. $160 per machine hour for both departments d. $103 and $57, respectively, per machine hour
Nutley Company uses a job order cost system and last period incurred $70,000 of overhead and $100,000 of direct labor. Nutley estimates that its overhead next period will be $65,000. The company also expects to incur $100,000 of direct labor. If Nutley bases its overhead applied on direct labor cost, what should be the predetermined overhead rate for the next period?
What will be an ideal response?
Which of the following is an incremental cash flow?
A. Market research costs B. Change in working capital C. Sunk costs D. Project site analysis costs E. Externalities
Nicholas Smart of Rex Corning Fiberglass talks to Martin Halls, a homebuilder, to find out how much fiberglass insulation he intends to use in building homes during the next year. Nicholas then multiplies that number by the total number of builders in the territory. He is using a ____ approach to measure sales potential.
A. multivariable B. use of product C. breakdown D. regression E. buildup