Session 1-Marketing Strategy, the Marketing Mix, STP, and the Triple Bottom Line
Identify and Evaluate Opportunities
third step in the marketing planning process
misguided geographic segmentation.
When Derek's Hardware, a New Jersey-based discount hardware chain, sent snow blowers to its Augusta, Georgia, store in April, it was engaged in
Both ethically and socially responsible
Which of the following descriptions embodies conscious marketing principles?
Market Penetration
Which of the following is one of the four major growth strategies marketers typically utilize?
They assist in comparing results among SBUs.
Which of the following statements about marketing metrics is true?
Market Development
A ________ growth strategy employs the existing marketing offering to reach new market segments.
Economic, Social, and Environmental
According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The triple bottom line includes ________ performance.
Target Marketing
After identifying various market segments that her company could pursue, Shannon evaluated each segment's attractiveness based on size, income, and accessibility. Shannon was involved in
Market Penetration
Andy decides to add new sales representatives and increase advertising to increase sales in her existing market for her current line of security systems. Andy is pursuing a ________ growth strategy.
strengths and weaknesses
As part of her company's SWOT analysis, Selima is assessing the company's internal environment, including
Demographic
Beer marketers know that high-school-educated, working-class males from the ages of 25 to 40 make an attractive market for their products. This is a ________ segment of the beer market.
be more socially responsible.
Compared to the average company, firms with strong ethical climates tend to
Identify and Evaluate Opportunities
During which step of the marketing planning process does a firm engage in segmentation, targeting, and positioning
threat
Ford Motor Company may be thinking of announcing that it will severely cut back its automobile production. For parts companies supplying Ford its parts, this cut back in production represents a(n)
Evaluate Performance
Giorgio sees that his company's quarterly sales and profits are significantly above projections and says, "That's great. Let's keep doing what we've been doing." Giorgio is ignoring the ________ step of the marketing planning process
Employees
Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the
Promotion
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including product, place, price, and
Market Segmentation
The process of dividing the market into groups of customers with different needs, wants, or characteristics
Marketing Ethical Issues
The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of
Positoning
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.
Mission Statement
is a broad description of a firm's objectives and the scope of activities it plans to undertake.
Promotion
is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.
Place
represents all the activities necessary to get the product to the right customer when that customer wants it.
Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
