How an organization distributes its resources across the areas in which it competes is called _____?
The _______ of a strategy specifies the range of markets in which an organization will compete.
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Answer (Detailed Solution Below)Option 4 : Scope Free Madhya Pradesh General Knowledge 1 15 Questions 15 Marks 10 Mins The correct answer is Scope. Key Points
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Latest MP Vyapam Group 2 Updates Last updated on Sep 22, 2022 The Madhya Pradesh Professional Examination Board (MPPEB) notification 2022 is to be released soon. The board has released the answer key on 21st December 2021 for the MP Vyapam Group 2 Re-Test exam that was conducted from 17th to 19th December 2021. The MPPEB also asked to raise objections against any wrong answer if found. The board will select and list the selected candidates department-wise. The candidates check their MP Vyapam Group 2 Result from here whenever it is available. The link to check the MP Vyapam Group 2 Cut-Off is also given here. Advertising - A paid form of communication and promotion involving a product and its attributes.
Agent - An intermediary who does not take title to merchandise but facilitates exchanges by bringing buyers and sellers together.
Brand - An identification (name, symbol, etc.) of a product that is unique and distinguishable from competitor’s products.
Channel of distribution - A product’s trip from producer or manufacturer to the buyer.
Coupon - A certificate that entitles a consumer to a price reduction or a cash refund. Demand - A schedule of the amount of a product that will be purchased at various prices.
Discount - A deduction from the list price in the form of cash or something else of value.
Forecasting - To predict the quantity of a product that will be sold at various times in the future.
Income - Money received in return for labor or services provided, sale of assets and return on investments.
Intermediary - An independent or corporate-owned business that helps move products from the producer to the ultimate consumer.
Label - A tag or part of a package that provides information about a product.
Market - A group of individuals with unsatisfied wants and needs who are willing and able buyers. It can be defined as narrowly as a specific place where buying and selling takes place or as broadly as the demand for a product.
Marketing research - A systematic and objective approach to developing and providing information for decision making regarding a specific marketing problem.
Marketing strategy - Marketing approach or method used to achieve a marketing goal.
Packaging - Designing and producing the container or wrapper for a product. Personal selling - Person-to-person communication in which the receiver provides immediate feedback on the source’s message. Purchasing - To obtain a product in exchange for money or its equivalent.
Price - The amount of money asked in exchange for something else (e.g. product).
Price fixing - When several firms in an industry collectively establish the price for a product.
Pricing strategies (market based) -- Approaches to setting prices based on the willingness of the buyer to purchase the product.
Pricing strategies (cost based) - Approaches to setting prices based on the cost of producing the product.
Pricing strategies (geography based) - Approaches to setting price based on the location and transportation costs associated with delivering the product to the buyer.
Product - Something produced that is sold to willing buyers.
Product distribution - The process of providing a product when and where it is desired by the consumer.
Promotion - Providing and communicating favorable information about a product to potential buyers.
Quality control - The traditional approach to quality in which problems are detected after manufacturing and an effort is made to remove sub-standard products before shipping to customers. Retailing - All activities used to sell products to ultimate consumers.
Selling - Assisting or persuading a prospective customer to buy a product.
Transaction - An exchange between two or more parties. Value proposition - How a product will provide value to its customers. Why a product will provide sufficient value to its customers to be worth its price. Wholesaling - All of the activities involved in selling products to retailers: to industrial, institutional, farm and professional businesses; or to other types of wholesaling intermediaries.
Don Hofstrand, retired extension value added agriculture specialist, What does an organization use to manage its operations across several industries and several markets simultaneously?Corporate-Level Strategy
The set of strategic alternatives that an organization chooses from as it manages its operations simultaneously across several industries and several markets.
What is the method by which processes are operationalized or executed within the organization?strategy implementation The methods by which strategies are operationalized or executed within the organization; it focuses on the processes through which strategies are achieved. deliberate strategy A plan of action that an organization chooses and implements to support its mission and goals.
What can be defined as a set of activities directed at an organization's resources with the aim of achieving organizational goals in an efficient and effective manner?Management is a set of activities (including planning and decision making, organizing, leading, and controlling) directed at an organization's resources (human, financial, physical, and information) with the aim of achieving organizational goals in an efficient and effective manner.
What is a diversification strategy in which an Organisation operates in several businesses that are somehow linked with one another?related diversification A strategy in which an organization operates in several businesses that are somehow linked with one another. resource deployment How an organization distributes its resources across the areas in which it competes.
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