Marketing Strategy 2.1: Organizing and Planning

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What is the key to a successful marketing strategy?

Focusing on vague goals

Being strategic in planning

Setting specific and measurable goals (correct)

Having conflicting goals

What is the first step in the managerial process of creating a marketing strategy?

Determining specific marketing goals and action plans (correct)

Setting conflicting goals

Implementing the plan

Evaluating the plan

What does the second step of marketing strategy implementation involve?

Utilizing specific marketing tools and tactics (correct)

Creating conflicting goals

Evaluating the plan

Setting vague marketing goals

In the context of marketing strategy, what does 'evaluating the plan' involve?

Measuring if objectives are being achieved Signup and view all the answers

What is the primary purpose of a marketing dashboard?

To monitor strategic marketing performance measures in a single display Signup and view all the answers

What is the limitation of a marketing dashboard according to the text?

It does not cover all the critical components in the marketing system Signup and view all the answers

When is a marketing audit typically used by companies?

When a more formal assessment of market performance is required Signup and view all the answers

What makes a marketing dashboard effective according to the text?

Having thresholds developed to measure ongoing activity relative to expectations Signup and view all the answers

What is the main goal of product differentiation in marketing strategy?

To set yourself apart from the competition Signup and view all the answers

What are the two things that product differentiation must achieve to be effective?

Difference from competitors and ability to offer more value to customers Signup and view all the answers

How do companies differentiate themselves based on a unique selling proposition (USP)?

By focusing on the single most important point of differentiation from competitors Signup and view all the answers

When is an advantage most profitable for a company?

When the company can sustain the advantage over time Signup and view all the answers

Marketing Strategy 2.1: Organizing and Planning

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Questions and Answers

What is the key to a successful marketing strategy?

What is the first step in the managerial process of creating a marketing strategy?

What does the second step of marketing strategy implementation involve?

In the context of marketing strategy, what does 'evaluating the plan' involve?

What is the primary purpose of a marketing dashboard?

What is the limitation of a marketing dashboard according to the text?

When is a marketing audit typically used by companies?

What makes a marketing dashboard effective according to the text?

What is the main goal of product differentiation in marketing strategy?

What are the two things that product differentiation must achieve to be effective?

How do companies differentiate themselves based on a unique selling proposition (USP)?

When is an advantage most profitable for a company?

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