Marketing Strategies and Research Concepts

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Questions and Answers

What is the major difference between strategic and tactical marketing?

Tactical marketing is timeless in nature.
Strategic marketing is focused on short-term goals.
Strategic marketing lacks actionable plans.
Tactical marketing is time-bound and often reactive. (correct)

Which of the following is NOT part of the macroenvironment factors in PESTEL analysis?

Environmental
Technological
Political
Buyer power (correct)

In the context of marketing research, what is one of its primary functions?

To focus solely on internal factors.
To forecast future trends with certainty.
To acquire and evaluate market information. (correct)
To eliminate competitors.

Which element is NOT considered part of the microenvironment?

<p>Economic factors (A)</p> Signup and view all the answers

What is a primary purpose of marketing research?

<p>To identify viable options for strategic decision-making. (A)</p> Signup and view all the answers

Flashcards

Strategic vs. Tactical Marketing

Strategic marketing is timeless planning, while tactical marketing is time-bound, action-oriented, and focuses on executing plans.

Marketing Research Function

Collects and analyzes market and consumer data to guide marketing decisions and strategic direction.

Macroenvironment Factors

External factors affecting a company, including political, economic, social, technological, environmental, and legal factors (PESTEL).

Microenvironment Elements

Internal elements within a company's market, including factors like the threat of new entrants, buyer power, threat of substitutes, supplier power, and competitive rivalry.

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Importance of Marketing Research

Identifies potential market options and helps businesses make informed marketing decisions.

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Study Notes

Key Concepts

Strategic = STP
Tactical = 8Ps of Marketing

Timetable

Strategic = timeless
Tactical = time-bound

Macro & Microenvironment

Macroenvironment

External factors
Influences business (PESTEL)
- Political
- Economic
- Social
- Technological
- Environmental
- Legal

Microenvironment

Internal elements
- Threat of new entrants
- Buyer power
- Threat of substitution
- Supplier power
- Competitive rivalry

Market Research

Marketing research function responsible for acquiring and evaluating market and consumer-based information for decisions making and the determination of marketing strategies.