Marketing Chapter 2 Questions

Marketing Chapter 2 Questions - 4. What tool helps a...

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1. What are the various components of a marketing strategy? a. Identifies a firms target markets, a related marking mix, and the bases upon which the firm plans to build a sustainable competitive advantage 2. List the four macro strategies that can help a firm develop a sustainable competitive advantage. a. Customer excellence, operational excellence, product excellence, locational excellence 3. What are the five steps in creating a marketing plan? a. Define mission and/or vision of the business, evaluate the situation by assessing how various players affect the firm’s potential for success, identify and evaluate different opportunities by engaging in STP, implementing the marking mix using the four Ps, evaluating the performance of the marketing strategy using marking metrics and taking any necessary corrective actions
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Unformatted text preview: 4. What tool helps a marketer conduct situational analysis a. Scenario planningintegrates information obtained as part of the situation and opportunity analysis steps of the marketing plan to better understand the potential performance outcomes associated with different marketing mix applications 5. What is STP a. Segmentation, targeting, positioning 6. Identify the steps of the scenario planning process a. Step 1: Asses strengths and weaknesses b. Step 2 : Asses opportunities and strengths c. Step 3 : Indentify different scenarios d. Step 4 : Apply the marketing mix to the different scenarios e. Step 5 : Asses the profitability of each scenario 7. How is scenario planning used in a firm a. Enables a firm to predict, monitor, and adapt to the ever-changing future...
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This note was uploaded on 09/18/2011 for the course MKT 201 taught by Professor Weinstock during the Spring '11 term at University of Miami.

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