Describe the two major components of marketing strategy. What should marketing managers consider when developing marketing strategy?

What will be an ideal response?


A marketing strategy is the selection of a target market and the creation of a marketing mix that will satisfy the needs of target market members. A marketing strategy articulates the best use of the company's resources to achieve its marketing objectives. A target market is a specific group of customers on whom an organization focuses its marketing efforts. When exploring possible target markets, marketing managers try to evaluate how entering them would affect the firm's sales, costs, and profits. In addition, they should determine if satisfying those needs is consistent with the firm's overall mission and objectives. Once a target market is selected, it is used as the basis for creating a marketing mix to satisfy the needs of that market. The marketing mix is composed of four marketing activities-product, pricing, distribution, and promotion-that a firm can control to meet the needs of customers within its target market. All marketing mix decisions should be consistent with the business-unit and corporate strategies. Also, marketing mix decisions should be flexible and permit the firm to alter the marketing mix in response to changes in market conditions, competition, and customer needs. At the marketing mix level, a firm can detail how it will achieve a competitive advantage. To gain an advantage a firm must do something better than its competitors. Ultimately, it is important for the firm to achieve a sustainable competitive advantage, one that the competition cannot copy in the foreseeable future.

Business

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The way in which the performance of a cost center is evaluated is similar to

A) job order costing. B) standard costing. C) process costing. D) marginal costing.

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________________ is the process by which an organization determines where it is going in the future, how it will get there, and how it will assess whether and to what extent it has achieved its goals.

Fill in the blank(s) with the appropriate word(s).

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One of the components to active listening, _____________ means paying attention to the signals sent from the speaker.

a. Sensing b. Responding c. Reasoning d. Processing

Business