Progress Check Questions

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Marketing

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Feb 20, 2024

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Chapter 2 Developing Marketing Strategies and a Marketing Plan PROGRESS CHECK 1. What are the various components of a marketing strategy? A marketing strategy identifies (1) a firm’s target market(s), (2) a related marketing mix (its four Ps), and (3) the bases on which the firm plans to build a sustainable competitive advantage. 2. List the four macro strategies that can help a firm develop a sustainable competitive advantage. Customer excellence: Focuses on retaining loyal customers and excellent customer service. Operational excellence is achieved through efficient operations, supply chain, and human resource management. Product excellence is having products with high perceived value and effective branding and positioning. Locational excellence: Having a good physical location and or internet presence. PROGRESS CHECK 1. What are the five steps in creating a marketing plan? The five steps in creating a marketing plan are: (1) define the mission and vision of the business, (2) evaluate how various factors inside and outside the company affect the company’s potential for success, (3) identify and evaluate different opportunities through segmentation, targeting, and positioning (STP), (4) implement the marketing mix using the four Ps (product, price, place, promotion), and (5) evaluate the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions. 2. What tool helps a marketer conduct a situation analysis? The SWOT Analysis helps a marketer conduct a situation analysis by identifying the internal and external environment strengths and weaknesses and external environment opportunities and threats. The SWOT analysis can also be used to assess the same factors about the products and services of competitors. 3. What is STP?

STP is the acronym for Segmentation, Targeting, and Positioning. This step identifies and evaluates opportunities to increase sales and profits. With STP, the company divides the marketplace into segments, determines which segments to target, and decides how it should position its products and services to best meet the target customers' needs. 4. What do the four quadrants of the portfolio analysis represent? The four quadrants of the portfolio analysis represent the strategic position of a company’s product line. These quadrants are Stars, Cash Cows, Question Marks, and Dogs. Stars – high-growth markets and high market share Cash Cows – low market growth but high market share Question Marks – high market growth but low market share Dogs – low-growth market and low market share PROGRESS CHECK 1. What are the four growth strategies? The four growth strategies companies use to pursue various market segments are market penetration, market development, product development, and diversification. In market penetration, the aim is to employ the existing marketing mix and focus efforts on existing customers and attracting new customers. In the market development strategy, existing products or services are offered to new market segments in domestic and international markets. The product development strategy offers a new product or service to the current target market. The diversification strategy introduces new products or services to markets not served. Diversification is the riskiest strategy because of new products and services in a completely unknown market. 2. What type of strategy is growing the business from existing customers? A market penetration strategy uses the existing marketing mix and directs the company’s efforts toward existing customers to get current customers to buy more products and services. 3. Which strategy is the riskiest?

Diversification is the riskiest strategy of the four growth strategies. If the products are unrelated, the new business effort cannot capitalize on the core strengths associated with markets or the company's products.

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