Chapter 2 Developing Marketing Strategies and a Marketing Plan

What tool helps a marketer conduct a situation analysis?

A SWOT analysis helps a marketer conduct a situation analysis.

Which strategy is the riskiest?

The diversification strategy is the riskiest, because unrelated diversifications do not capitalize on either core strengths associated with markets or with products.

What are the five steps in creating a marketing plan?

The five steps in creating a marketing plan are defining a business mission and objectives, evaluating a situation analysis, identifying opportunities, implementing a marketing mix, and evaluating performance using marketing matrix.

What are the various components of a marketing strategy?

A marketing strategy includes a firm's target market(s), a related marketing mix, and the bases upon which the firm plans to build a sustainable competitive advantage.

What is STP?

STP is Segmentation, Targeting, and Positioning.

What do the four quadrants of the portfolio analysis represent?

Stars, Cash Cows, Question Marks, Dogs.

List the four macro strategies that can help a firm develop a sustainable competitive advantage.

The four microstrategies that can help a firm develop a sustainable competitive advantage include customer excellence, operational excellence, product excellence, and locational excellence.

What type of strategy is growing the business from existing customers?

The type of strategy that grows a business from existing customers is market penetration strategy.

What are the four growth strategies?

They are market penetration strategy, market development strategy, product development strategy, and diversification strategy.