The first step in the STP process is to
A. produce a list of strengths and weaknesses of the firm's past marketing strategies.
B. develop a marketing mix, so that an appropriate segment can later be identified.
C. identify the segmentation methods to be used.
D. select target markets.
E. establish the overall strategy or objectives.
Answer: E
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Decisions made in each of the 4 Ps influence the other elements of the marketing mix
Indicate whether the statement is true or false
Which of the following is not true with respect to the impact of unions on terms and conditions of employment?
A. Unionized workers earn more, on average, than nonunionized workers B. Unionized workers are more satisfied, on average, than nonunionized workers C. Unionized workers are more likely to have health benefits than nonunionized workers D. Unionized workers are less likely to be denied unemployment and workers' compensation
Troy establishes the following goal: "I am going to be a great success in my job next year." The biggest flaw in his goal is that it
A) is not specific enough. B) will not stretch him. C) is too negative. D) is set for different time periods.
Louisiana Specialty Foods can produce its famous meat pies at a rate of 1650 cases of 48 pies each per day. The firm distributes the pies to regional stores and restaurants at a steady rate of 250 cases per day
The cost of setup, cleanup, idle time in transition from other products to pies, etc., is $320. Annual holding costs are $11.50 per case. Assume 250 days per year. (a) Determine the optimum production run (batch size). (b) Determine the number of production runs per year. (c) Determine maximum inventory. (d) Determine total inventory-related (setup and carrying) costs per year (rounded to the nearest dollar).