BUS 343 Introduction to marketing midterm study guide solution exam new update Simon Fraser University
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Course
BUS 343
Institution
BUS 343
BUS 343 Introduction to marketing midterm study guide solution exam new update Simon Fraser University
Strategic Planning - - the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
SWOT analysis - - st...
BUS 343 Introduction to marketing midterm
study guide solution exam new update Simon
Fraser University
,Strategic Planning - - the process of developing and maintaining a strategic fit between the
organization's goals and capabilities and its changing marketing opportunities
marketing strategy - - identifies target markets and sets marketing mix choices that focus on those
markets to build a sustainable competitive advantage (Segmentation, Targeting, Positioning)
sustainable competitive advantage - - something the firm can persistently do better than its competitors
and is not easily copied and thus can be maintained over a long period of time
Marketing Mix - - the set of tactical marketing tools - product, price, place, and promotion - that the firm
blends to produce the response it wants in the target market
Customer Marketing Mix - - Customer driven managing tools to influence demand - customer value,
customer cost, convenience, communication
Marketing Plan - - A written document composed of an analysis of the current marketing situation,
opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four
Ps, action programs, and projected or pro forma income (and other financial) statements.
Planning, implementation, and control - - The three major phases of the marketing plan.
planning phase - - Where marketing executives and other top managers define the mission and
objectives of the business, and evaluate the situation by assessing how various players, both inside and
outside the organization, affect the firm's potential for success.
implementation phase - - Where marketing managers identify and evaluate different opportunities by
engaging in a process known as segmentation, targeting, and positioning. They then develop and
implement the marketing mix by using the four Ps.
, 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
Mission Statement - - A broad description of a firm's objectives and the scope of activities it plans to
undertake; attempts to answer two main questions: What type of business is it? What does it need to do
to accomplish its goals and objectives?
Culture, demographic, social, technological, economic, and political - - CDSTEP
Market Segment - - A group of consumers who respond similarly to a firm's marketing effort
Marketing Segmentation - - The process of dividing the total market into groups whose members have
similar characteristics.
Target marketing - - the process of evaluating each market segment's attractiveness and selecting one or
more segments to enter
market positioning - - involves the process of defining the marketing mix variables so that target
customers have a clear, distinctive, desirable understanding of what the product does or represents in
comparison with competing products
1) Business Mission & Objectives
2) Situation Analysis
3) Identify Opportunities (STP)
4) Implement Marketing Mix (4 Ps)
5) Evaluate Performance by Using Marketing Metrics - - What are the steps in a marketing plan?
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