Chapter 2 Study Questions.docx Chapter 2 Study Questions: 1. Â Â Â Identify the two basic elements of a marketing strategy and define each briefly. Strategic Planning- determining an organizations primary objective
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Chapter 2 Study Questions.docx Chapter 2 Study Questions: 1.    Identify the two basic elements of a marketing strategy and define each briefly. Strategic Planning- determining an organizations primary objectives, adopting a course of action that will achieve these objectives, and providing long term direction for its decision makers. Tactical Planning- guides the implementation of strategies and addresses shorter term actions. 2. What are the four strategies in the marketing mix? Describe each. Product- the goods and/or services offered by a company to its customers Price- the amount of money paid by customers to purchase the product Place (or distribution)- the activities that make the product available to consumers Promotion- the activities that communicate the products features and benefits and persuade customers to purchase the product. 3.    What are the Porters Five Forces? How might these factors affect a firms overall marketing strategy? Threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, rivalry among competitors. Stressed importance threats to the firms success including possible severity of these threats. Recommends analyzing all threats in the market. Know the competitors/potential competitors and their positions in the market. Identify ways to gain competitive advantage. 4.    What is the purpose for doing a SWOT analysis? Which parts are related to internal factors of the firm, and which parts are ext. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. .. . . . . . . . . . . . . . . . . . .. . . . .
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