2204chapter%2014%20review

2204chapter%2014%20review - CHAPTER 14 REVIEW Marketing...

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CHAPTER 14 REVIEW Marketing Concepts: Testing Your Knowledge 1. What are the key differences between a strategic plan and a marketing plan? Strategic planning (p.31)is a managerial decision process that matches an organization’s resources and capabilities to its market opportunities for long-term growth and survival. A marketing plan is a document that describes the marketing environment, outlines the marketing objectives and strategy, identifies who will be responsible for carrying out each part of the marketing strategy, and describes how the strategy will be adjusted to respond to a changing marketplace. There are two main differences between a strategic plan and a marketing plan (text p. 32): 1. Time horizon: Strategic plans have a 3 – 5 year planning horizon; marketing plans are for 1 year 2. Level of detail : the marketing plan contains details regarding the marketing mix elements (product, pricing, distribution, communication), the strategic plan does not. 3. List five reasons why firms should develop marketing
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This note was uploaded on 07/16/2009 for the course BUSI 2204 taught by Professor X during the Winter '07 term at Carleton CA.

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2204chapter%2014%20review - CHAPTER 14 REVIEW Marketing...

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