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MKT 100 Exam Review

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MKT 100 Exam Review- December 2016 The 4 P’s of Marketing ● Product – A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. It’s impera... tive that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it. ● Price – Price determinations will impact profit margins, supply, demand and marketing strategy. ● Promotion – Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment. ● Place – It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Implementation Phase: Where marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP). They then develop and implement the marketing mix by using the four P’s. Control Phase: The part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions. Situation Analysis (SWOT): The second step in the marketing plan; Controllable- Internal: Strengths, Weaknesses, Uncontrollable- External: Opportunities, Threats Pest Analysis: (political, economic, social and technological) describes a framework of macroenvironmental factors used in the environmental scanning component of strategic management. It is part of an external analysis when conducting a strategic analysis or doing market research, and gives an overview of the different macro-environmental factors to be taken into consideration. It is a strategic tool for understanding market growth or decline, business position, potential and direction for operations. Macroenvironmental Factors: Aspects of the external environment- culture, demographics, social trends, technological advances, economic situation, and political environment- that affect companies. Customer Excellence: Involves a focus on retaining loyal customers and excellent customer service. Locational Excellence: Involves a focus on a good physical location and internet presence. Product Excellence: Involves a focus on achieving high-quality products and effective branding and positioning. Operational Excellence: Involves a focus on efficient operations and excellent supply chain management. Diversification Strategy: A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve. Product Development Strategy: A growth development strategy that offers a new product or service to a firm’s current target market. Market Penetration Strategy: A growth strategy that employs the existing marketing mix and focuses the firm’s efforts on existing customers. Market Development Strategy: A growth strategy that employs the existing marketing offering to reach new markets segments, whether domestic or international or segments not currently served by the firm. Marketing Strategy: Identifies a firm’s target markets, a related marketing mix-the four P’s, and the bases upon which the firm plans to build a sustainable competitive advantage. [Show More]

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