Indicate the differences and similarities between the following terms: marketing plan, strategic marketing plan, and tactical marketing plan
What will be an ideal response?
The marketing plan is the central instrument for directing and coordinating the marketing effort. It operates at two levels: strategic and tactical. The strategic marketing plan lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities. The tactical marketing plan specifies the marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service.
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Cake Lady Bakery is famous for its pound cakes. The main ingredient of the cakes is flour, which Cake Lady purchases by the pound. In addition, the production requires a certain amount of direct labor. Cake Lady uses a standard cost system, and at the end of the first quarter, there was an unfavorable direct labor cost variance. Which of the following is a logical explanation for that variance?
A) The cost of workers' medical insurance plans jumped up dramatically during the quarter. B) The factory lost two experienced workers at the beginning of the quarter, and their replacements wasted a large amount of direct materials during their training period. C) The purchasing manager was able to secure a volume discount on flour, purchasing the flour for less than the amount set by standard. D) The production staff changed the work flow process so that production required fewer direct labor hours.
Which of the following is NOT part of the AIDA model?
A. action B. interest C. attention D. attitude E. desire
Minor changes in demand that are caused by unknown factors and cannot be foreseen are called ______.
a. cyclic variations b. random variations c. predictable variations d. seasonal variations
In the context of motivation research, ________ are efforts designed to gain insights into consumers' values, motives, attitudes, or needs that are difficult to express or identify by having them project these internal states upon some external object.
A. subliminal tests B. association tests C. focus interviews D. assimilation techniques E. projective techniques