Marketing Strategy Planning

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary purpose of market strategy planning?

To select a target market
To identify attractive market opportunities and develop profitable marketing strategies (correct)
To measure the size of the target market area
To develop a marketing mix

What is the output of market strategy planning?

A target market
The firm's marketing strategy (correct)
A marketing mix
A market analysis

What is target marketing?

The process of measuring the size of the target market area
The process of selecting a market segment to serve
The activity of selecting well-defined groups of potential customers and tailoring a marketing mix to their needs and preferences (correct)
The process of developing a marketing mix

What is the first step in target marketing?

Identification of the target market (D) Signup and view all the answers

What is a target market?

The particular market segment the firm wishes to serve (C) Signup and view all the answers

What is a mass market company?

A company that sells to a broad spectrum of buyers (A) Signup and view all the answers

What is the purpose of identifying the target market?

To select a market segment to serve (C) Signup and view all the answers

What is the third step in target marketing?

Measurement of the size of the target market area (D) Signup and view all the answers

Which of the following questions is NOT part of the marketing concept guide for small businesses?

How do I compete with big firms? (D) Signup and view all the answers

What is the primary objective of marketing in small businesses?

To satisfy the firm's objectives (B) Signup and view all the answers

What is a critical aspect of devising a marketing strategy in small businesses?

Conducting market research (D) Signup and view all the answers

What is NOT a type of business location?

Factory (C) Signup and view all the answers

What is an advantage of locating a business in a Central Business District?

Higher foot traffic (D) Signup and view all the answers

What is a disadvantage of locating a business in a Shopping Center?

Higher rental costs (D) Signup and view all the answers

What is an advantage of being a Free-standing Retailer?

Lower rental costs (A) Signup and view all the answers

What is a critical aspect of marketing research in small businesses?

Conducting customer surveys (A) Signup and view all the answers

What is the primary purpose of the marketing mix?

To influence the customer's purchasing decision (D) Signup and view all the answers

What is one of the controllable variables in the marketing mix?

Price (C) Signup and view all the answers

What is included in the product offering?

The tangible commodity or intangible service, including warranties and other conditions (C) Signup and view all the answers

What is the goal of the small business operator in blending the marketing mix variables?

To lead the customer to make a purchasing decision favorable to the company (C) Signup and view all the answers

What can affect the discretion of the firm in allocating resources to the marketing mix variables?

Industry practices and budget limitations (A) Signup and view all the answers

What is the role of promotion in the marketing mix?

To advertise and promote the product (B) Signup and view all the answers

What can the small business firm manipulate to attain its sales revenue target?

Any or all of the marketing mix variables (D) Signup and view all the answers

What can be changed in the marketing mix over time?

The intensities applied to the variables (B) Signup and view all the answers

Flashcards are hidden until you start studying

Study Notes

Devising a Marketing Strategy

A marketing strategy is a guide for achieving a firm's marketing goals, involving a plan to get products and services to customers in a timely, cost-effective, and appropriate manner.

Market Strategy Planning

Market strategy planning is a systematic process to identify attractive opportunities and develop profitable marketing strategies.
It involves recognizing a firm's strengths and weaknesses, analyzing the external environment, and identifying market opportunities.
The output of market strategy planning is the firm's marketing strategy, which includes the target market, marketing mix, and size of the market area.

Target Marketing

Target marketing involves selecting well-defined groups of potential customers and tailoring a marketing mix to their needs and preferences.
Steps in target marketing include identifying the target market, identifying its characteristics, and measuring the size of the target market area.

Identification of the Target Market

A target market is a specific market segment that a firm chooses to serve.
Before selecting a target market, the firm must decide on the number of segments it wishes to serve.

Marketing Mix

The marketing mix consists of four controllable variables: product offering, price, promotion, and place (distribution).
The marketing mix is intended to influence the customer's purchasing decision.
The firm must blend the marketing mix variables to lead the customer to make a purchasing decision favorable to the company.

Product Offering

A product is the tangible commodity or intangible service offered for sale to prospective customers.
It includes warranties and other conditions attached to the product.

Marketing and Promoting the Small Business

Marketing is a functional area of management concerned with planning and implementing the conception, pricing, promotion, and distribution of products or services to satisfy a firm's objectives.
The marketing concept guides small businesses to match their product or service offerings with the needs of their intended customers.