C9 Management Principles

Question 1

Staffing

Answer 1

Management function of determining the appropriate number of employees needed by the organization for the work that must be accomplished.

Question 2

strategic planning

Answer 2

A continuous & systematic process in which people make decisions about intended future outcomes, how outcomes are to be accomplished, and how success is measured and evaluated.

Question 3

strategy

Answer 3

The tread or underlying logic that holds a business together. A pattern of purposes and policies defining the company and its business.

Question 4

What is strategic planning used for?

Answer 4

Are used to lead to improved economic performance, and is used to help overcome obstacles to success.

Question 5

Steps of strategic planning?

Answer 5

Define mission, Establish SBUs. Set marketing objectives. Perform a situation analysis. Develop a marketing strategy. Implement tactical plans. Monitor results.

Question 6

mission statement

Answer 6

A summation of the organization’s purpose, competition, target market, product, and service & of the recipients of the service.

Question 7

Strategic business units (SBUs)

Answer 7

A separate component of the organization & has specific market focus & a manager with responsibility for placing all functions into a strategy. Are the basis for a strategic marketing plan.

Question 8

marketing objectives

Answer 8

A statement of what is to be accomplished through marketing activities.

Question 9

Situation analysis

Answer 9

The identification of marketing opportunities and potential problems confronting an organization.

Question 10

SWOT analysis

Answer 10

Focuses on identifying Strengths, Weaknesses, Opportunities, & Threats to an organization.

Question 11

marketing strategy

Answer 11

Selecting and analyzing a target market & creating & maintaining an appropriate marketing mix to satisfy that market.

Question 12

brand equity

Answer 12

value of a brand