According to Kotler and Keller (2012), “Goals indicate what a business unit wants to achieve; strategy is a game plan for getting there. Every business must design a strategy for achieving its goals, consisting of a marketing strategy and a compatible technology strategy and sourcing strategy.”
An organization’s mission statement shouldClearly outline the main purpose of the organization, and what they do.Mention plans by organizations on achieving the mission statementMention audience of the mission statement.Clearly outline the value organization providesFor this Portfolio Assignment provide answers to below questions:
1. Amazon.com Mission statement is “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online, and endeavors to offer its customers the lowest possible prices.”
Is this mission statement market-oriented, product-oriented, production-oriented or futuristic? Why?2. The purpose of strategic planning is to find ways in which an organization can best use its strengths to take advantage of opportunities within the environment.
In the past, Wal-Mart mission statement was, “We deliver low prices, every day.” Currently, Wal-Mart’s corporate mission is “to save people money so they can live better.”
Using the knowledge from strategic formulation and unit’s reading, provide a possible reason for review of Wal-Mart’s mission statement.The Portfolio Assignment entry should be a minimum of 500 words and not more than 750 words. Use APA citations and references if you use ideas from the readings or other sources.
3. Take a moment and reflect on the topics introduced in this Unit.
Formulate at least one question that arose while you were reading the material and completing the assignments.Was there anything in this Unit that surprised you or caught your attention? Explain.The Portfolio Assignment entry should be a minimum of 500 words and not more than 750 words
Resources:Principles of marketing. (2015). University of Minnesota Libraries Publishing. https://doi.org/10.24926/8668.1901 (Original work published 2010) **Attached
Chapter 1 – What is Marketing? You will learn the core concepts of marketing.Chapter 2 – Strategic Planning. Explains the development of marketing strategies and plans. You will learn about the role of strategic planning and how to create innovative marketing.Chapter 5.4 - Positioning and Repositioning Offerings. This chapter why explains why positioning is an important element and what repositioning is designed to do.Chapter 6.4 – Branding, Labeling, and Packaging. In this chapter, you will learn about branding decisions when developing new products and the level of packaging for new products.
Modicum. (2017, July 8). Building brand equity. Forbes. https://www.forbes.com/sites/propointgraphics/2017/07/08/building-brand-equity/#83bb8326e8f8.
Young Entrepreneur Council. (2019, September 6). How to increase sales by building brand equity and shaping brand perception. INC. https://www.inc.com/young-entrepreneur-council/how-to-increase-sales-by-building-brand-equity-shaping-brand-perception.html.