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Implementing Strategies - Coggle Diagram
Implementing Strategies
Current Marketing
Issues
:check: Firms should provide incentives to consumers to share their thoughts, opinions, and experiences on the company website
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Purpose-Based Marketing
:star:best way to sell in a weak economy is to “show customers how they can improve their lives” with your product or service
:star:need to build trust and an emotional connection to the customer in order to differentiate your product or service
Market Segmentation
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:!:Strategies such as market development, product development, market penetration, and diversification require increased sales through new markets and products
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:!:Market segmentation decisions directly affect marketing mix variables: product, place, promotion, and price
Product Positioning
:<3:entails developing schematic representations that reflect how your products or services compare to competitors’ on dimensions most important to success in the industry
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Finance
Accounting
Issues
:lock:To raise capital with short-term debt, longterm debt, preferred stock, or common stock
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Financial Budgets
:silhouette:a document that details how funds will be obtained and spent for a specified period of time
:silhouette:Limitation
:silhouettes:Budgetary programs can become so detailed that they are cumbersome and overly expensive
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:silhouettes: Budgets can hide inefficiencies if based solely on precedent rather than on periodic evaluation of circumstances and standards
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Business analytics
:recycle:a management information system technique that involves using software to mine huge volumes of data to help executives make decisions
:recycle:A key distinguishing feature of business analytics is that it is predictive rather than retrospective