BUSINESS STRATEGY

1 a.
Business strategy -: it states map plane of a business and how a business is
expected to be carried out to achieve the desired goals. Without a strategy
management has no road map for directions.
b.
Business policy -: these are basic policies by which a business is been
operated. You can also say a business policy is a set or group of basic associated
guidelines and principles made by the business group, business association or the
governing body of an organization to direct and limit its actions.
c.
Strategic Analysis -: One of the important basic factors of strategic analysis is
having a better understanding of the issue and challenges involving the breaking of
complex phenomena into their component / element parts. Strategic analysis is two
different terms which comes together. Analyzing the strategy before
implementation will help in proper understanding of the business strategic
guidelines, roadmaps, principles and policies for making their goals clear and
understanding.
d.
strategic planning : The strategic planning of an organization will show you
how far and how successful a business will be in the next few years.
Definition of strategic Management : this happens to be one of the important hard
skills in business management. An organization is said to have a competitive
advantage of its profitability is higher than the average profitability for all
companies in its industry. It can be said to be the actions or decisions taken by the
manager of a business to discover the result or performance. This can only be
effective when the manager has the knowledge of the business and its related
environment.
i)

ii)
iii)
iv)

v)

vi)

vii)

Leadership : As individuals differs so is their leadership also different. If

the manager has less or no information about the business and its affairs
then the employees will as well be under informed therefore producing
wrong result.
Planning : Strategic planning of an organization can lead to a destined
failure of the organization. Wrong planning leads to wrong result.
Limited scope : Lack of proper or full information leads to predestined
failure.
Buy in : A strategic plan which members of staffrefuses to give into or
accept, it will definitely lead to business failure because the employee
never believed in it.
Interpersonal relationship : The manager and his employees are expected
to have mutual understanding and relationship, in so doing the business
goal can be easily achieved.
Language barriers : Language can also stand as an obstacle between the
staffs or the manager. This can also prevent failure in strategic
management.
Over Ambitious : Some young managers like to be over ambitious
therefore setting goals too high for them to meet up. With this reason the
organization is at risk and can lead to a strategic failure.

3a. Core competencies and their importance

When core competencies are matched with the market opportunities, it brings
about the creation of new business. C.K. Prahaled and Gary Hamel for the Harvard
Business Review in 1990 came up with an important article titled The core
competences of the cooperation. This particular article also describes core that
core competency has the collective learning and coordination skills behind the firms
product lines. The core competences helps in bringing the business groups or entity
together to achieve a specific goal.
3b. Strategic Leadership : in other to complete an organizational goal and
objectives, a good strategic leadership is very vital. The fact of the organization is
its strategic leader. A strategic leader has the potential to influence organizational
members and to execute the business or company changes, he also has the duty to
allocate resources, express strategic vision and creation of organizational
structures. The manager has to be bold and also buy in good advice for the success
of the organization.

MARKETTING MANAGEMENT
1a. Definition of consumer behavior : This specifically points out how consumers
behave at the market place. It tells you about the actions and motives towards how
they use, buy, dispose various ideas and service. The consumers can be an
organization, group or individuals.
1b. Personal determinants:- This has two important factors which influence an
individual as a consumer, they are as follows:
i.

ii.

Consumer psychographics : These are different behavior, such as

lifestyles, attitudes, values, status, prestige and self-image. This different
factors do have negative or positive impact on individuals but the
psychographic profiles help in influencing their choice of buying decisions.
Consumer demographics: These are important factors such as income
group, education level, economic capacity, age etc. This also contributes
toward the consumers choice of buying decisions and behaviors. This set
of people buy products according to their various economic group or
income, the price determines the type of product, for the low class the
value does not count but price.

1c. Socio Cultural determinants : Socio cultural happens to be one of the

important factors which determines a buyers behavior, they are as follows :
ii.

iii.

Social factors : Every man needs each other in the society as they say
no man knows it all. The three types of social groups area as follows,
intimate groups (Family, friends, peers, etc) secondary groups (groups
based on occupation, residence, professional bodies, etc)and the society
happens to be the largest group which makes an individual a typical
member. The different environment and class also influence their choice of
needs and wants.
Cultural factors : when we talk about culture we mean rules, believes,
conducts and norms of a particular are, group or society which have been
impacted on an individual right from childhood. That cultural influence
can influence him on his choice of wants and needs at the marketplace.

1d. Psychological determinants : We have different factors of psychological

factors but will mention only four of them:

i.

ii.
iii.

iv.

Perception: The assimilation of various information from different source is

known as perception. A product is perceived differently by different
individuals. Perception helps the buyer to make his decision of what
product he should purchase.
Learning : This helps the individual to evaluate and compare new ideas
and beliefs as they say knowledge is power.
Memory : The buyers will only have a product in his heart always if the
particularly product is always relevant, stable and constant in reinforcing
through the market communication. To be able to achieve this success
advertising remains a key factor.
Motivation : A buyer is always pushed, forced or motivated before he will
convinced about a particular product before purchases can be made. He
has to believe in the product by having a proper understanding of what
the product is all about and its effects.
Describe the methods of environmental analysis SWOT, PEST

2a. i.
Strength: in this case strength refers to the large number of consumers
who patronize the product or service of an organization, it encourages them to put
more effort.
ii.
iii.
iv.

Weakness: this kills the motivations of the employees, making the feel
they dont offer the best services or product to the long market.
Opportunities: Every environment has its chances of making profits, such
chances are known as opportunities.
Threats: Some organizations appear to be threats to smaller ones as
there are more chances for the bigger business organizations or
companies to make more profit.

2b
i.
Political environment: A good marketer is expected to study the
marketing implications of those status which are regulating the appointment of
selling agency, licence for industries, use of patents, supply and distribution of food
products, brand name, consumers protections, etc all these are business legislations
enacted in the country. These laws and policies are related to various areas and
should be abided on. Meanwhile this law can stand as a disadvantage or advantage
which a company make use of for the success of the company.
ii.

iii.

Economic : every country has its minimum wage and prices are also
expected to fall between an average expenditure. Some countries also go
as for as fixing its own price rules and other rules such as environmental
protection laws, union laws, minimum wage, municipal licenses, anti
monopoly laws, laws that favor businesses investment and copyright and
patent laws, all these laws helps in protecting the economic and legal
environment of a nation and every organization within is expected to
respect and abide by it.
Technological environment : Every organization now use technology at one
point or the other. We now have internet advertising, online shopping with
credit cards and phone communications etc. it has also changed the
companys ways of distribution as well as the consumers choice of goods

iv.

and services because the world is now a global village. Technology makes
jobs anad marketing looks so simple as it delivers within a short period.
Social : the world is now a socialized place where we meet different kinds
of people each day of our lifes. An organization will succeed with nice
socialized environment where people feel free to purchase what they want
at their own will without government or tradition imposing a particular
choice of an individual. Goods and services can also be introduced or
advertised though the Social Medias or networks. It also helps a product to
gain its recognition and stands.

3a.
Definition of brand : A brand is a distinguished unique design, trademark or a
distinctive name which is given by an organization for the identification of a
particular product or service.
3b. Steps involved in brand development
i.

ii.

iii.

iv.

v.

vi.

vii.

Selection of brand name : The first step is choosing a nice brand name
which will be very simple to pronounce by all class of the society. A good
brand name always sticks to memory of any individual. Example ADIDAS.
Selection of logo : A logo is a symbol of a particular brand. It serves in a
picture form. The logo also portrays the image of what the product stands
for.
Legal rights : it is very important that every brand name and logo of a
product or service must be registered legally by the laws of the land for a
free unveilings and operation.
Characteristics of the brand : Being different is what distinguish a
particular product from another. You have to b careful in the selection of a
brand name and logo to stay distinguished and totally different from the
other products. Avoid common names and logos which are already known
or used by another.
Permanence : the brand name should be always stable and permanent
which will be known on its own from generation to generation like coca
cola, Guinness etc.
Positioning : Afetr the production of a product and its necessary
permissions and registrations, then the next is positioning the products for
consumers to have access of the product and also check if what said
about the product is actually true.
Brand portfolio : Maintaining the product quality, checking the product
marketing performance and always monitoring the product distributions
are very vital points the organization should take very seriously.

4a. Definition of product mix : This are a group of different goods or services
provided or produced by the same company.
4b. Factors that determine the decisions of the production mix :

The following are important factors which are taken into consideration before
carrying out a product mix.
i.

ii.
iii.
iv.

v.

Product with hybrid offers, which is a combination of product and services

(product and services in any order) eg. Banking the product is money at
the same time a good and service is need as well.
Products which are purely tangible (only product) eg. Body cream and
powder.
Products which are tangible accompanied by service (product followed by
service.) eg. Production of shoes as well selling of the shoes.
Production which provides and focus on service rather than production.
Eg. Long distance means of transportation like buses and airlines. The
service is more important than the production yet they provide both. They
provide refreshment whiles youre on your way to your destination, just for
their customers to be more comfortable.
Products which are plainly service. Eg. Counseling agencies and law firms,
they only offer service without product.

5a. Definition of green marketing : The term green marketing is in other words
known as Ecological or Environmental marketing. Green marketing enables
consumers to purchase products and services based on environmental values.

5b. Reasons for which companies adopt green marketing -:

i.

Co-operate Social Responsibilities (CRS) -: Every company or organization

needs an environment or society to carry out its operations. The company
is also required to give back some benefits to its environment or society
as a sign of appreciation to strengthen the relationship between the two.
Governmental pressure -: The general Laws enacted to help in the
regulation of business affairs with the country and society at large
happens to stand as a pressure to must organization as to meet up with
their various goals.

ii.

6a. Characteristics of services (any three)

The following are only three characteristics of services.
i.

ii.

iii.

Pricing -: No services sector gives a special warranty for its service,

meaning no service is stable. Every organization has its own different
price because they all operate differently.
No transfer of ownership: - A service is not a physical property or product
that ownership will be transferred from person or group to another. The
consumer only enquires it as a value of experience.
Perishability -: The term called service only comes to existence only when
the consumer or purchaser comes or demands for it. After demanding for

the service the value starts counting almost immediately. Like I said
service has no physical nature.

6b. Strategies for marketing of services -: We have different ways or forms to

ensure the success of service marketing, they are as follows.
i.

ii.

iii.

iv.

Social relationship -: For an organization to be successful in service

marketing, the employees of then organization have to establish a good
lasting inter-relationship between them and the customers because the
customer will always come back for more.
Structural bonding -: One of the tools for an organization to win customers
or consumers loyalty is creating a long lasting emotional bond between
the organization and the consumer. Making the consumers understand the
processes and goals of the organization. Helping the consumers outside
the organizational body is plus to the relationship. Eg. Giving loans and
personal counseling.
Customization -: Personalizing a service to an organizational choice spoils
the reputation of an organization. The service has to be regulated based
on choice of the customers and not the other way round.
Deepening of customer relationship - : A customer has more relationship
with a service provider, the concentration of services by the service
provider will fetch him more loyalty from the customers. Under deepening
of customers relationship you find membership relation or reward
program .This happens to be a program where the loyal customer of an
organization is been rewarded as a mark of appreciation. This special
appreciation, which can be known as an award or reward always
motivates the customer to always patronize the firm.