Elements of a Marketing Strategy
Marketing Mix Alternatives
Consumer Purchase Classification
Marketing Planning
Develop a Marketing Plan
100
Define marketing strategy?
Specifies the way marketing activities are planned and coordinated to achieve an organizations goals.
100
What stage does the sales of the product peak and profits begin to decline?
Maturity
100
what are impulse goods?
Items purchased on the spur of the moment without advance planning
100
What is a marketing plan?
A clear written description of a marketing strategy of a business and the way the business will operate to accomplish each strategy.
100
What is a market analysis?
A market analysis identifies a business's strengths and weaknesses and the opportunities and threats it faces.
200
What is a target market?
A clearly identified segment of the market to which the company wants to appeal.
200
What is the marketing mix?
The four p's
*Product
*Price
*Promotion
*Place or Distribution
200
What are the four major purchase classifications?
*convenience goods
*shopping goods
*specialty goods
*unsought goods
200
True or False: As long as a company communicates marketing plans to everyone involved, the plan does not have to be in writing.
False
200
What is a positioning statement?
A specific description of the unique qualities of the marketing mix that make it different from the competition and satisfying to the target market.
300
Factors used to segment a market...
*Needs and wants
*Demographics
*Psychographics/lifestyle
*Behavioral
300
How many product mix elements are there?
Seven
300
Is gas an emergency good and why?
Yes, because when your gas tank is empty you most likely will not be picky about the gas station you chose.
300
Which of the following types of information is usually part of marketing planning?
a. performance of the company
b. performance of competitors
c. information outside the company's control
d. all of the above
d. all of the above
300
True or False: Even if evaluation shows problems, a business should not take corrective action until the end of the time period identified in the marketing plan.
False.
400
What are the three marketing steps?
*Market
*Recognize differences and similarities
*Segmenting factors
400
Name the four stages of the Product Life Cycle.
*Introduction
*Growth
*Maturity
*Decline
400
Which are better?
Staple Goods or Impulse Goods?
Staple Goods
400
Most of the information a company needs to develop a marketing plan should be obtained from
a. specific marketing research studies
b. information available from government agencies and universities
c. information purchased from private research companies
d. information maintained in the company's MkIS.
d. information maintained in the company's MkIS.
400
A statement that identifies the nature of the business or the reasons the business exists is the company's
a. positioning statement
b. marketing strategy
c. mission statement
d. goals
c. mission statement
500
List all six demographic factors. (no notes)
*Age
*Gender
*Education
*Occupation
*Income
*Geographic Location
500
Draw the Product Life Cycle.
500
Draw an example of a staple good.
500
What does MkIS stand for?
Marketing Information System
500
True or False: The final section of a marketing plan includes a description of marketing activities and evaluation procedures.
True