Pts 1 ref 24 obj 02 6 top aacsb communication tbe

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PTS: 1 REF: 24 OBJ: 02-6 TOP: AACSB Communication | TB&E Model Strategy 11. An essential part of marketing strategy is target market strategy. Selection of target market(s) drives marketing objectives and selection of the marketing mix (the four Ps). What are the three general strategies for selecting target markets? ANS: The strategies are to: appeal to the entire market with a single marketing mix concentrate on only one segment of the market appeal to multiple market segments using multiple marketing mixes PTS: 1 REF: 24 OBJ: 02-7 TOP: AACSB Communication | TB&E Model Strategy
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12. The marketing mix refers to a unique blend of marketing variables known as the four Ps. Name and briefly describe each of the 4 Ps. ANS: PRODUCT. The firm's product offerings are the heart of the marketing mix. The Product P includes product development, production assistance, packaging, warranties, servicing, branding, company im- age, and other components in addition to the physical unit. PLACE (or DISTRIBUTION). Distribution strategies make products available when and where cus- tomers want them. Products move through a channel of distribution that may include wholesalers and retailers. Physical distribution (stocking and transportation logistics) is also part of the Place P. PROMOTION. Promotion includes personal selling, advertising, sales promotion, and public relations. Promotion serves to inform, educate, persuade, and remind target markets about product benefits. PRICE. Price strategies are an important competitive weapon. Pricing is an important component of the marketing mix because it is flexible and allows revenue to be estimated and measured. PTS: 1 REF: 24-26 OBJ: 02-8 TOP: AACSB Communication | TB&E Model Strategy 13. Perhaps the broadest control device available to marketing management is the marketing audit. De- scribe this tool and its characteristics. ANS: A marketing audit is a thorough, systematic, periodic evaluation of the objectives, strategies, structure, and performance of the marketing organization. It incorporates both financial and nonfinancial report- ing, is mainly futuristic in nature, and is largely strategy-oriented. The marketing audit is designed to aid management in allocating marketing resources efficiently. The marketing audit looks to the future allocation of marketing resources. All companies should use the audit system to uncover potential weaknesses and identify cost-cutting opportunities. The marketing audit should be comprehensive, systematic, independently conducted, and run periodically. PTS: 1 REF: 26 OBJ: 02-9 TOP: AACSB Communication | TB&E Model Research 14. The Heritage Bank is unaware of all the many tools available that will let marketers examine a firm's processes and identify potential areas for improvement. This firm wants to examine all of its goals, strategies and structure, to ensure it's on the right track and doing things well. The Heritage Bank has hired you as an outside consultant to recommend a plan of action. What do you suggest and why?
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