Question

Marketing strategy definition by authors

Answer 1

there is extreme emphasis and responsibility on the top level management and CEOs. The problem with this is that mid-level and lower-level managers are in constant, daily contact with the area that is being strategized. It is often found that these managers can provide profound ideas and have tremendous control over their implementation simply because of this knowledge and contact. By having autonomous action by these employees top-level management can be rid of their fear to change that status quo because they implemented it, can efficiently put into practice new technology, and address uncertainty quicker. And lastly, with the traditional method of planning the company tends to follow the plan and not deviate from it in any manner. By doing so a company misses out on the occurrences that happen by fortune and these are the events that tend to be so unique and not inimitable that a competitive advantage is formed correlating in profit. It is useful to view strategy as an emergent process because including emergent strategies, or allowing flexibility for unplanned responses to unforeseen circumstances. Emergent strategies mainly stem from the autonomous actions of lower-level employees who implement the “serendipitous” discoveries. In practice, it is likely that most companies use a combination of the traditional and emergent strategies, but emergent strategies allow a company to be prepared for the unexpected and how to deal with such circumstances.
3.) Explain the formal strategic planning process, naming each step in the process, and
describing the specific activities included in each step and the relationship between the
steps.
The five steps of the formal strategic planning process are explained below. First, a company must select a corporate mission and major corporate goals. This is where the company lays out the framework or context within which strategies are formulated. There are four parts: the mission statement (describes the company’s reason for existence and what it does), the vision (a statement of some desired future state and what the company would like to achieve), the statement of key values that the organization is committed to (how managers and employees should conduct themselves, how to do business, and what kind of organization it should help the company achieve after its mission is in place-organizational culture).

Answer 2

Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential