Marketing for EntrepreneursAssessment

Marketing for EntrepreneursAssessment - Marketing for...

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33:382:202 Name: Section: Assessment: 100 points total-each question is 20 points and partial credit is available. If you are not sure, guess at the answer anyway. The following questions cover the first 4 chapters of your textbook-and the Entrepreneurial Marketing” construct article I assigned in the first class; there are 5 critical thinking questions to be answered, each worth 20 points. I will post the slides from our most recent class later today, but the basic information you need to answer these questions can be found in the readings assigned to date. Your answers do not need to be more than a paragraph or two-so assume about 250 words per answer. Please double space your answers to make it easier for me to read. It will be helpful if you cite the source of your answer, and I will give you partial credit. I am not fussy about the citation format you use, but please do not try to present someone else’s work as your own. All academic integrity policies are in effect for this exam. To complete this assessment, I’d suggest downloading this word document, adding your name and section, saving it as a word document under the title “studentnamemktgassessment” so that I have your name and the assignment in the document title. You can type your answers in the space under the question, then resave your answers. When you are done, you must submit this assessment via the dropbox in blackboard. 1. Identify and describe the three phases of the strategic marketing process The strategic marketing process can be looked at from three different actions: planning, implementation, and evaluation. All the steps are valuable when developing an effecting marketing program. The planning phase can be further broken down into three steps. The first step is the situation analysis otherwise known as the SWOT analysis. The SWOT analysis allows a firm to gauge where their marketing efforts need to be focused. SWOT is an acronym which looks at a firm's “internal Strengths and Weakness and its external Opportunities and Threats. (64)” It is important for the firm to evaluate internally while examining the market for different windows of opportunity and possible threats that can be encountered in a competitive industry. Understanding the needs of the customers are essential in order to determine which products should be targeted to certain groups of customers. This decision can be based on market segmentation, which involves figuring out which groups will respond the best to any type of marketing actions. To measure the success of such endeavors it is important for the firm to set attainable
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goals. Marketing objectives are important for the direction of a firm and to lay out the required actions to reach these goals. In the third step, the marketing program goes further into the marketing mix activities. The program allows the firm to figure out what type of product is being launched. The price that the firm wants to offer the product in
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Marketing for EntrepreneursAssessment - Marketing for...

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