Quiz 8: Foundations of Planning

Business

In the US there are plenty of other stores providing similar merchandise as of Company C but it supersedes most of them in terms of size. It's the fourth largest retail chain in the US. Incepted in the year 1983 almost two decades after the inception of WM it has come a long way to maintain its position among the top players. It is different from other retail chains due to its humble strategy and policies. There is nothing fancy about Company C. As a member only club its services are up to the mark and it serves the purpose of its existence- Cost effectiveness to the customers. Company C is famous for its narrow profit margins and hardworking staff working in a flat structure. It stands at a pedestal where the need for paid advertising is not felt. Friendly and loyal employees at Company C cater that role very effectively. Entering the store it can be sensed that it promotes conservation of resources and cost effectiveness to a great extent. Factors that influence selection of a low priced store are as follows: • Availability of a quality product at the most cost effective price: The store must provide quality products at the most reasonable prices. Reasonable means most cost effective among all the low priced stores which supplies similar quality products. • Store must be situated at a convenient location: The store must be located at a location which can be conveniently reached as well as it must be established at multiple locations. • Well stock: When a customer chooses a store to buy a product with the aim of making an economical big purchase, the expectation is to get everything under one roof. The offered products must be well stocked and available all the time. • Well defined refund policy: A company must have a convenient and well defined refund policy. It helps in saving time and money in case the customer wishes to return a product.

The mission statement should be a very brief outlook of what the company proposes to accomplish. It should not be more than a few sentences and should be used to frame the strategy, actions, goals etc. It is very important for the organization to reflect its culture through every communication taking place there. Mission statement of famous retail outlet WM is "We save people money so they can live better" This mission statement shows how the company WM show its dedication and attention towards its customers and their money. The mission statement is a short statement for company's existence. It is aimed at conveying to the audience, in least amount of words, the plan of the company and its outlook towards society and business. While framing a mission statement, a few considerations should be made: • It should be no more than a few sentences • It should be unambiguous and clear in meaning • It should be reflected in PR and communications • It should be absorbed deeply by the organization and its components. Having a clear Mission statement will help the company to state its objective and goals along with the required measures that the company will take to achieve them. Therefore having a clear mission statement with the above required consideration will help the company to reach its customers effectively.

In the case of S participants that are unpaid in the marketing affiliation, it should not be required to reveal their participation in the marketing program unless asked. The participants are not being paid or employed by the company, so therefore should only have to reveal it if they are directly asked.

There is no answer for this question