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stellarik [79]
3 years ago
14

Marketing Strategy Formulation

Business
1 answer:
Keith_Richards [23]3 years ago
8 0

Answer:

Marketing Strategy Formulation

Goals indicate what a business unit wants to achieve; strategy answers how to get there.

Basic generic strategies

Overall cost leadership

The business works hard to achieve the lowest costs. The problem with this strategy is that other food trucks will usually emerge with still lower costs. The real key is for Chix and Waffles to achieve the lowest costs among those competitors adopting a similar differentiation or focus strategy.

Differentiation

The business concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market(s).

Focus

The business focuses on one or more narrow market segments rather than going after a large market. The food truck gets to know the needs of these segments and pursues either cost leadership or a form of differentiation within the target segments.

Goal Formulation

Goals are listed hierarchically, from most to least important. State the objectives quantitatively with a time line and a due date. Your goal at this point of your business plan is to execute the business plan in order to achieve the budgeted profits by the end of the first quarter of re-opening.

Examples

Goal #1: Achieve budgeted profits of __________ by July 31, 2021.

Strategy #1 - How are you going to do it? Develop a statement or series of statements that tell how you are going to achieve profit. Use your cost control course or purchasing course to list a series of actions that will achieve the following costs.

Actions: Food cost: __________

Bar cost: ___________

Labor cost: _________

Strategy #2

Goal #2: Achieve budgeted sales of __________ by July 31, 2021.

Strategy #1 - How are you going to do it? Develop a statement around one of the three generic strategies listed above.

Actions: Achieve cost leadership of our direct competition through ________________ (use of publicist, advertising, promotions, TV, etc.).

Strategy #2

Goal #3: Execute cultural values to embrace market to build concept loyalty and build repeat customer trial to 12 visits per quarter by July 31, 2021.

Strategy #1 – How are you going to establish a guest list and measure repeat patronage?

Actions:

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On April 1, Otisco, Inc. paid Garcia Publishing Company $1,548 for 36-month subscriptions to several different magazines. Otisco
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Answer:

advertizing expense 387 debit

    prepaid expense       387 credit

--to record expired advertizing at year-end ---

Explanation:

1,548 is the value of 36 months

from April to December 31th 9 months has expired thus:

1,548 x 9/36 = 387 expired advertizing

we will decrease our prepaid and post the advertizing expense for the expired amount

the prepaid is considered an asset as we have the right to receive advertize of our product and brand for the term of the contract thus, to decrease it we credit

the expense as decrease our equity will be debited

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3 years ago
The government regulates financial markets for two main reasons:
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B. to improve control of monetary policy and to increase the information available to investors

C. To ensure that financial intermediaries do not earn more than the normal rate of return and to improve control of monetary policy

Hope this helped ;)

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3 years ago
When Sheri, a socialite, got some bad publicity for her recent choice of evening wear, she decided to change designers. However,
valentinak56 [21]

Answer:

The correct answer is the option C: Relational switching cost.

Explanation:

To begin with, the concept known as <em>''switching cost'' </em>in the field of business, basically refers to all the costs involved in the procedure of switching from a supplier to a new one. Moreover, this term also involves many different types, such as financial switching costs, procedural switching costs and relational switching costs.

To continue, the third one, <em>the relational switching cost</em> refers to the situation where a company has changed its supplier and a big loss of identification and emotional bonds changed as well with it. Furthermore, when relational switching costs take place the personal relationships between the people involved in the transactions of the company are lost and that generates an impact in the new relationships with the new supplier.

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On July 1, a company paid the $600 premium on a one-year insurance policy with benefits beginning on that date. What will be the
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Answer:

$300

Explanation:

When insurance is paid in advance, the entries required are

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= 6/12 * $600

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The insurance expense on the annual income statement for the first year ended December 31 is $300.

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A tax preparer's high ethical standards protect taxpayers by option A: Providing them with an accurate return, including all tax benefits to which they are entitled.

A tax preparer's high ethical standards protect the tax preparer through except option D: Eliminating the need for preparer due diligence notes Mark for follow up

The statement that  is accurate is option C: Beatrice may claim EITC based on Jordyn if her AGI was higher than Beth's and if she files first.

<h3>What are tax ethics?</h3>

Tax ethics, is known to be the term for the taxpayer's moral duty to pay taxes, is influenced by their interaction with the government as citizens. Tax evasion and tax ethics are frequently used synonymously.

When filing taxes, a tax preparer should take certain ethical considerations into account:

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Therefore, one can say that anyone who prepares a tax return may now be held accountable for errors committed in filing a return for someone else due to a change in tax regulations that took effect more than ten years ago. An IRS monetary penalty may be imposed on a tax preparer who made errors on your return.

Learn more about ethical standards from

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