Marketing Chapter 2
Chapter 2
1. (a) Using Medtronic as an example, explain how a mission statement gives a strategic direction. (b) Create a mission statement for your own career.
Answer:
(a) A mission statement gives strategic direction by stating the “what” and “how” of a business in a clear, concise, meaningful, inspirational, statement that will continue to be relevant in the long-term. Medtronic’s mission statement identifies its customers, market, products and technology. They stated the business they are in and their specific goals.
(b) It is my business to progressively coordinate strategic methods of empowerment and to do so with passion and commitment.
2. What competencies best describe (a) your college or university and (b) your favorite restaurant?
Answer:
(a) Wayne College to provides high quality, accessible credit and noncredit educational opportunities to the citizens of Wayne, Medina, and Holmes counties and surrounding areas, and partners with and resource for the communities and organizations it serves.
(b) House of Hunan, Fairlawn, has quality Chinese, Thai, vegetarian, & sushi choices. Ambiance is reminiscent of old Chinatown and it is often full of patrons. Great chicken dishes, good dumplings, and very good quality beef. Service is good, food is fresh and satisfying, and the price is fair value.
3. Why does a product often start as a question mark and then move counterclockwise around the BCG’s growth-share matrix shown in Figure 2-4?
Answer:
When a product is introduced, it is usually a “question mark” because it is “new” and there is uncertainty about consumers’ acceptance of them. After a period of time, depending on the product category, the “not-so-new” product could be classified as a “star” if its growth rate is sizeable and had a significant share of the product category. If the growth rate in the product category falls substantially and there is great competition from competing brands, the product
1. (a) Using Medtronic as an example, explain how a mission statement gives a strategic direction. (b) Create a mission statement for your own career.
Answer:
(a) A mission statement gives strategic direction by stating the “what” and “how” of a business in a clear, concise, meaningful, inspirational, statement that will continue to be relevant in the long-term. Medtronic’s mission statement identifies its customers, market, products and technology. They stated the business they are in and their specific goals.
(b) It is my business to progressively coordinate strategic methods of empowerment and to do so with passion and commitment.
2. What competencies best describe (a) your college or university and (b) your favorite restaurant?
Answer:
(a) Wayne College to provides high quality, accessible credit and noncredit educational opportunities to the citizens of Wayne, Medina, and Holmes counties and surrounding areas, and partners with and resource for the communities and organizations it serves.
(b) House of Hunan, Fairlawn, has quality Chinese, Thai, vegetarian, & sushi choices. Ambiance is reminiscent of old Chinatown and it is often full of patrons. Great chicken dishes, good dumplings, and very good quality beef. Service is good, food is fresh and satisfying, and the price is fair value.
3. Why does a product often start as a question mark and then move counterclockwise around the BCG’s growth-share matrix shown in Figure 2-4?
Answer:
When a product is introduced, it is usually a “question mark” because it is “new” and there is uncertainty about consumers’ acceptance of them. After a period of time, depending on the product category, the “not-so-new” product could be classified as a “star” if its growth rate is sizeable and had a significant share of the product category. If the growth rate in the product category falls substantially and there is great competition from competing brands, the product