Podcast
Questions and Answers
Reasons for the low success rate of strategy implementation: Failing to ______
Reasons for the low success rate of strategy implementation: Failing to ______
segment markets appropriately
The Nature of Strategy Implementation Ways to ______:
The Nature of Strategy Implementation Ways to ______:
successful Strategy Implementation
Marketing decisions requiring policies: Whether to use ______
Marketing decisions requiring policies: Whether to use ______
exclusive dealerships – multiple channels of distribution
Whether to use ______
Whether to use ______
Whether to ______
Whether to ______
Flashcards
Market Segmentation (In Strategy Implementation)
Market Segmentation (In Strategy Implementation)
Failing to divide the overall market into distinct groups with common needs and characteristics.
Successful Strategy Implementation
Successful Strategy Implementation
Action-oriented tasks that shape how a firm competes; key to converting strategic plans into tangible results.
Exclusive Dealerships
Exclusive Dealerships
Choosing to distribute products through only one retailer in a specific area versus using multiple outlets.
Advertising Intensity
Advertising Intensity
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Sales Force Incentives
Sales Force Incentives
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Study Notes
Nature of Strategy Implementation
- Strategy implementation is crucial for success in tourism and hospitality management.
- Low success rates in implementation often arise from several key issues.
Reasons for Low Success Rate
- Inadequate market segmentation leads to ineffective targeting of customers.
- Overpaying for acquisitions can strain finances and reduce profit margins.
- Insufficient investment in research and development hampers innovation and competitive edge.
- Failure to leverage computer technology restricts efficiency in managing information systems.
Successful Strategies for Implementation
- Effective marketing of goods and services is essential for growth and visibility.
- Securing adequate working capital is critical for operational stability and expansion.
- Products must be technologically sound to meet customer expectations and industry standards.
- Establishing robust information systems enhances decision-making and operational efficiency.
Marketing Issues
- Key marketing decisions include:
- Choosing between exclusive dealerships or multiple distribution channels.
- Determining the approach to television advertising, balancing heavy, light, or no advertising.
- Developing reward systems for sales personnel to incentivize performance.
- Deciding on pricing strategy: being a price leader or follower to position brand competitively.
- Evaluating the need for online advertising and its potential impact on reach and engagement.
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