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MBA 706 – Marketing Questions and Answers 100% Accurate
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MBA 706 – Marketing Questions and Answers 100% AccurateMBA 706 – Marketing Questions and Answers 100% AccurateMBA 706 – Marketing Questions and Answers 100% AccurateMBA 706 – Marketing Questions and Answers 100% AccurateMBA 706 – Marketing Questions and Answers 100% Accurate Relationship...

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  • October 10, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mba 706 marketing questions and answers 100 acc
  • mba 706 marketing questions and answers stuvia
  • relationship between strategy and change answer

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  • MBA 706
  • MBA 706

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MBA 706 – Marketing Questions

and Answers 100% Accurate


Relationship between strategy and change - ANSWER-o Change is an integral

part of strategy and is the only certainty

o Strategy aims to define core competencies, understand the external

environment, and offer an integrative, consistent approach to decision

making.

o Any strategy is significantly influenced by environmental change and its

success should not be measure in financial terms.




Contribution of strategic marketing to business - ANSWER-strategy is

concerned with making major decisions affecting the long-term direction or

the business sustaining




Concept of marketing - ANSWER-business success through a process of

understanding and meeting customer needs




it defines how the organization interacts with its marketplace

,Focus of strategic business decisions - ANSWER-o Business definition -

marketing myopia

o Core competencies - what we do well (competitive advantage)

o Integrating functions areas within the organization - coordinating

marketing with other departments

o Consistency of approach and focus of the organization - actions may need

to be revised and changed; the focus needs to remain the same




Types of change - ANSWER-§ Driving change

· Political

· Economic

· Social

· Technical

§ Impact of change

· Volatility

· Globalization

· Intense competition

· Redefine

, § Result of change

· Opportunity

· Strategic drift




cyclical (predictable) yearly trends




evolutionary (unpredictable) impact of competition, environment




Balanced scorecard for measuring success - ANSWER-o involves taking both

financial and non-financial measures to examine the benefits delivered to all

of the organization's stakeholders

§ Financial measures

§ Customer measures

§ Internal activity measures

Innovation and learning measures




becomes the basis for evaluating the strategy

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