Session 1-Marketing Strategy, the Marketing Mix, STP, and the Triple Bottom Line

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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


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