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The firms success depends not only on how well each department performs its work but also on how well the various departmental activities are coordinated to conduct core business processes. List and briefly describe the five core business processes outlined in the text.

The following are the five-core business processes discussed in the book:

Human resources management

Businesses require a human resource to accomplish different tasks within the organization; management scholars and experts think that human resources are the most variable asset that organizations whether in the private, public, or government organizations have. How well the human resources are sourced, developed, and retained in the organization is the work of management. Developing an efficient team is the role of management that starts with planning human resources to appraisal, motivation, rewards, and ends with the termination of the employment contract.

Marketing Sales and marketing

The goals and objectives of an organization can only be attained when the produced goods get their way to the final consumer; marketing is an integral business process where a manager puts in efforts that ensure that products/services get to their final customer. One duty of a marketing manager is the determination of a market segment. Market segmentation is a continuous process used by marketing managers to determine the markets for their products. A segmented market is a homogenous subset of the main market. It has some similarities in characteristics; they demand similar goods. To be able to sell, there is a need to simulate the mind of potential customers to buy ones products.

Supply chain management and inventory management

An organization requires raw materials for its operations. When the products have been produced, they require getting to the final customers in the right state, time, and place. How adequate materials are fetched and integrated into the system guarantees or deny a company continuous production. Adopting effective supply chain management is one practice of strategic management. It ensures a company has an adequate supply of materials when they are needed and the end customer gets final products.

Financial management and budgeting

To effectively produce, a company needs to have an operating budget and the system of operation be effected; financial managers have the role of ensuring they come up with a monetary figure that their organizations need to meet for effective operations. The management should ensure that they follow the set standards to attain the financial parameter data as projected.

Communication processes

Business communication is vital for success in all businesses. Success in this context means, being able to accomplish a particular task or to achieve a specific objective. Good business communications in relationships with either fellow staff or customers are needed to prosper. Business success can be measured in terms of the practicability of business relationships, which is directly proportional to the quality of communication.

in an economy of change, continuous innovation is necessary. Most companies rarely innovate, some innovate occasionally, and a few innovate continuously. Comment on why a company should continuously develop new products.

Modern business arenas are changing fast, to remain competitive in the arenas, a business needs to continually innovate and develop other ways of accomplishing tasks as well as come up with new products that meet consumers needs effectively. In the business world, small, medium, and large-scale businesses need to develop new processes, products, strategies, and paradigms so as they can remain afloat and have a competitive advantage. Innovation is defined as a continuous process of selecting, developing, and commercing new commodities, processes, approaches, and business models.

The major reasons why a business should keep innovating are:

To remain competitive and afloat in the changing business arenas
To improve consumer satisfaction and loyalty to the business
To cost cut and improve sales in the company
To diversify and get more business to the company

Marketers use four broad groups of variables to segment consumer markets. Identify these groups and how they are used

A market segment is a homogenous subset of the main market, which shares similar characteristics that make them demand/require similar goods. A segment is also stimulated by similar innovations. After developing a marketing segment, the next step is to develop mechanisms to enable sales in the target market. One of the ways to enter the target market is the marketing mix. An effective marketing mix ensures that goods are available to the target customer when they need them and they are affordable. Having the marketing segment in mind, then the company can know the kind of products that will be produced; the following are the broad groups segment methods:

Gender

The products the company is selling facilitate segmenting the market in gender line; some products can be sold to women or men only, some are unisex products; when the company has this in mind, it can know the approach to use in reaching the segment. Mens products cannot be marketed the same as womens products thus after segmenting the next step will b effectively be determined.

Age

Different products target different ages; understanding of the needs that certain age requires will assist a company in designing and customizing its marketing strategies to that effect. For example, if the target market has been chosen to be children, product packaging and advertising will either target the childrens attention or coined to get the eye of a parent. Using this parameter of segmentation, the level of education of the target market is important in placing ones products.

Income

The income of consumers affects the much they can buy; when setting prices this is a crucial factor to consider. It also determines the packaging and sometimes ingredients used.

Location

People in different locations demand different goods and services; on the other hand, the cost of the goods may vary in places depending on the costs incurred when delivering the commodities.

Please answer the multiply choices

Marketing management is ________.

monitoring the profitability of the companys products and services
developing marketing strategies to move the company forward
the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value
Assessing the competitive environment in which firms operate.

The ________ concept holds that consumers will favor those products that offer the most quality, performance, or innovative features.

product
marketing
production
selling
holistic

Holistic marketing incorporates ________, ensuring that everyone in the organization embraces appropriate marketing principles, especially senior management.

profit objectives
share of customer
internal marketing
external marketing
product marketing

The ________ holds that the organizations task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors in a way that preserves or enhances the consumers and the societys well-being.

customer-centered business
ethically responsible marketing manager
societal marketing concept
ethical marketing approach
holistic marketing

The ________ process consists of analyzing marketing opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort.

marketing planning
opportunity analysis
Positioning
Targeting
segmentation

The ________ in the value chain covers the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).

operations processes
manufacturing processes
primary activities
secondary activities

The firms success depends both on how well each department performs its work, and on how well the various departmental activities are coordinated to conduct ________.

core strategies
satellite businesses
Core values
core business processes
core technologies

One conception of holistic marketing views it as integrating the value exploration, ________, and value delivery activities to build long-term, mutually satisfying relationships and co-prosperity among key stakeholders.

value creation
value proposition
value research
value management

Which of the three key areas of strategic planning deals specifically with devising a long-term game plan for achieving long-run objectives?

creating a viable business opportunity
producing a strategic fit
developing an investment portfolio
establishing a viable strategy
expanding core competencies

The ________ is the central instrument for directing and coordinating the marketing effort.

strategic plan
marketing plan
tactical plan
customer-value statement
corporate mission

Which of the following terms matches the phrase it is a single business or collection of related businesses that can be planned separately from the rest of the company?

a. Strategic business unit

diverse business unit
growth business unit
niche market unit
growth business unit
niche market unit

Which of the following terms most closely matches the shared experiences, stories, beliefs, and norms that characterize an organization?

organizational dynamics
a business mission
an ethical/value statement
corporate culture

The ________ consists of the whole cluster of benefits the company promises to deliver; it is more than the core positioning of the offering.

customer promise
mission statement
corporate pledge
corporate-perceived value
value proposition

________ can track customer satisfaction directly and also gauge consumers willingness to recommend the company and brand to others.

Periodic surveys
Mystery shoppers
Customer loss rates
Customer focus statements
All of the above

________ describes the net present value of the stream of future profits expected over the customers lifetime purchases.

Activity-based costing
Customer profitability analysis
Customer value analysis
Customer-perceived value
Customer lifetime value

The aim of customer relationship management (CRM) is to produce high customer ________.

value
loyalty
satisfaction
profitability

Customers who enthusiastically recommend the company and its products and services to others are known as ________.

potentials
advocates
members
prospects

When a consumer considers a product or service, he or she will choose whichever product or service delivers the highest ________.

customer-perceived value
customer-perceived cost
consumer discount
consumer relationship

________ is defined as a deeply held commitment to rebuy or patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.

Customer satisfaction
Customer value
Loyalty
Customer profitability

When Bob found out his friend was thinking about buying a new car, he strongly recommended that his friend looks into the newest line of Ford sedans. Bob is best characterized as a(n) ________ for Ford.

first-time customer
member
partner
advocate

Michael Porter has identified five forces that determine the intrinsic long-run attractiveness of a market or market segment. Which of the following would NOT be among Porters five forces?

Industry competitors
Technological partners
Substitutes
Buyers
Potential entrants

When entry and exit barriers are high, ________.

the profit potential is high, but firms face more risk because poorer-performing firms stay in and fight it out
firms easily enter and leave the industry, and returns are stable and low
few new firms can enter the industry, and poorly performing firms can easily exit
firms enter during good times but find it hard to leave during bad times, resulting in chronic overcapacity and depressed earnings for all

A competitors share of industry sales is known as the firms ________.

share of market
share of mind
share of heart
share of competitive space
share of the psychological field

Using the market approach, ________ are companies that satisfy the same customer need.

partners
competitors
entrepreneurs
innovators
followers

A firm that serves small market segments not being served by bigger firms is known as a ________.

market challenger
market leader
market follower
market niche

The best defense is a good offense would be a policy under which of the following market leader defensive strategies?

Position defense
Flank defense
Contraction defense
Preemptive defense
Lateral defense

All of the following are considered market follower strategies EXCEPT ________.

counterfeiter
cloner
imitator
innovator
adapter

New-to-the- world products are ________.

new products that create an entirely new market
new products that allow a company to enter an established market
new products that supplement established product lines
new products that provide greater perceived value and replace existing products
existing products that are targeted to new markets or market segments

Company ________ and intermediaries are a particularly good source of ideas. These groups have firsthand exposure to customers and are often the first to learn about competitive developments.

marketing departments
competitors
sales representatives
top management

________ means presenting the product concept, symbolically or physically, to target consumers and getting their reactions.

Perceptual mapping
Brand-positioning mapping
Ideation
Concept development
Concept testing

________ means presenting the product concept, symbolically or physically, to target consumers and getting their reactions.

Perceptual mapping
Brand-positioning mapping
Ideation
Concept development
Concept testing

Companies use financial measures to evaluate the merit of a new-product proposal. The simplest to use is called ________, in which management estimates how many units of the product the company would have to sell to break even with the given price and cost structure.

conjoint analysis
risk analysis
regression analysis
ANOVA analysis
breakeven analysis

Marketers usually identify niches by ________.

dividing a segment into subsegments
conducting VALS tests
allowing consumers to gravitate toward product brands
examining the demographics section of The Handbook of Marketing
producing products that can be used in a variety of ways

________ combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product service offering of their choice.

Consumptionization
Viral marketing
Virtual marketing
Regionalization
Customization

If a marketer decides to segment a market based on neighborhoods, the marketer will have chosen the ________ method of segmentation.

demographic
psychographic
geographic
cultural
social class

A housewife requests a new treadmill for her birthday. Concerning consumer decision roles, which role is the housewife currently playing?

Initiator
Influencer
Decider
Buyer
Gatekeeper

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