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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</p> Signup and view all the answers

What is a primary purpose of marketing research?

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

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.

Purpose & Importance of Marketing Research

Identify viable options

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Description

Test your understanding of strategic and tactical marketing concepts, including the STP framework and the 8Ps of marketing. This quiz will also cover macro and microenvironment factors that influence businesses, as well as the importance of marketing research in decision making.