Review the Terminal Course Objectives, accessed by clicking on the “Course Infor

Question

Review the Terminal Course Objectives, accessed by clicking on the “Course Information” tab at the top of your screen, scrolling down to the “Course Objectives” and then selecting View class objectives. How will accomplishing these objectives support your success in management? What risks or challenges might a manager encounter if they have not mastered these objectives? Explain.

Below are the course objectives:

Recognize situations that present potential legal and ethical issues and develop solutions for those issues.

Discuss the opportunities provided by technology for businesses.

Apply critical thinking skills to analyze business situations.

Construct a strategic marketing plan.

Interpret the challenges a company faces in developing new products in today's global economy.

Analyze the appropriate marketing strategies to apply at each stage of the product life cycle.

Assess the major influences in current consumer and organizational buying decisions.

Describe the key factors, such as demographic, economic, natural, technological, political, and cultural developments, that affect marketing strategies.

Analyze marketing decision support systems and their impact upon marketing management systems

Explanation / Answer

Business is always dynamic and manager always in decision making and problem solving to ensure fulfillment of objectives. Managers has to adopt strategic decision at top level which is long run.it includes new project, new product, technical advancement etc.
The challenges in management are :
Changing competition
Changes in customer requirements
Technological changes
Global factors
Government policies
Political reforms
The legal and ethical issues :
Law and ethics play a major role in business. It includes :

Fair agreement with competitors to avoid unfair practices
Avoid socially undesirable products
Avoid red lining between rich and poor
Unwanted targeting of vulnerable groups
Unfair !market research and forcefully selling
Puffery advertising
Unfair accounts
Discrimination of work force
Biased performance appraisal

Technological factors:
They are changing the pattern of business with sofisticated methods .
They are reducing manufacturing cost and cycle time
High quality of goods

Challenges in new product development are:
Existing competitors
Available work force
Plant layout flexibility
Material requirement planning
Inventory management
Strategic marketing plan includes :
Identify appropriate market segment
Target customers
Position the poduct
Marketing mix
Sales and advertising
Product life cycle includes :±
Introduction:
The product is new to market . Cost of manufacturing is high.price should be minimal.more advertising and promotion of product
Growth
It's. Stage where product awareness is created.the advertised expenses can be reduced .more demand of consumers should be created.
Maturity
This stage reached a maximum level in sales.more profits.high brand images.
Decline:
This stage is influenced by many competitive firms.sales fall down.high expenses to influence demand.
Demographic factors include type of population.they influence the product demand
Economic factors include exchange rates , import and export etc
Natural disasters will influence business suddenly.
Technological factors will greatly create a customer requirements with new model.

Decision support system is a software developer to support various marketing strategies

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