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Some of the most important strategic metrics are market share, product quality, investment intensity, and service quality (all measured by PIMS and strongly correlated with financial performance). One of the emphasized principles is that the same factors work identically across different industries.
Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning. [7] [8] [9] Michael Porter identifies three principles underlying strategy: [10] creating a "unique and valuable [market] position" making trade-offs by choosing "what not to do"
Marketing to consumers' intent is expected to produce better ROI because of the absence of the need to create awareness about a product or service in the consumer's mind before promoting it. Consumer's intent for consuming a product or service may either be predicted based on behavioral data or captured explicitly when the subscriber tries to ...
Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes. [1]
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
A marketing plan is a plan created to accomplish specific marketing objectives, outlining a company's advertising and marketing efforts for a given period, describing the current marketing position of a business, and discussing the target market and marketing mix to be used to achieve marketing goals.
An implementation intention is a self-regulatory strategy in the form of if-then-plans that can lead to better goal attainment, as well as create useful habits and modify problematic behaviors. It is subordinate to goal intentions as it specifies the when , where and how portions of goal-directed behavior.
Logit analysis assumes that an unmet need in the marketplace has already been detected, and that the product has been designed to meet that need. The purpose of logit analysis is to quantify the potential sales of that product. It takes survey data on consumers' purchase intentions and converts it into actual purchase probabilities.