Answer to Question #242694 in Marketing for MU60

Question

According to Kotler and Keller (2016). Successful marketing requires capabilities such as understanding, creating, delivering, capturing, and sustaining customer value. These companies focus on the customer and are organized to respond effectively to changing customer needs. They all have well-staffed marketing departments, and their other departments accept that customer satisfaction is critical to the long-term survivability of the organisation. To ensure that they select and execute the right activities, marketers must give priority to strategic planning in three key areas: (1) managing a company’s businesses as an investment portfolio, (2) assessing each business’s strength by considering the market’s growth rate and the company’s position and fit in that market, and (3) establishing a strategy. The company must develop a game plan for achieving each business’s longrun objectives. Using the above extract as a reference point you are required to: •

Answer 1

We all have goals that we desire to achieve. This encompasses both our personal and business objectives. Unfortunately, the majority of us never create a strategy for achieving our goals. Your business plan was a one-time overall guide to setting up your business and defining the initial goals and objectives of the business, its structure and processes, products and services, financial resources, costing, and staffing needs, as well as all of the other fundamentals that go into forming and operating a business.