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250) What are the three steps involved in the planning phase of the strategic marketing process? A) Step 1: situation (SWOT) analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program B) Step 1: analysis; Step 2: planning; and Step 3: implementation C) Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product D) Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization E) Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it? Answer: A Explanation: The three steps involved in the planning phase of the strategic marketing process are: Step 1: situation (SWOT) analysis; Step 2: market-product focus and goal setting; and Step 3: the marketing program. See Figure 2-6. Difficulty: 2 Medium Topic: SWOT Analysis Learning Objective: 02-05 Explain the three steps of the planning phase of the strategic marketing process. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation 251) The initial step in the strategic marketing process is to begin planning by conducting a A) business portfolio analysis. B) market-product analysis and setting goals. C) marketing program. D) situation (SWOT) analysis. E) diversification analysis. Answer: D Explanation: The planning phase of the strategic marketing process has three steps. Step 1 is the situation (SWOT) analysis. Step 2 is market-product focus and goal setting. Step 3 is the marketing program. The implementation and evaluation phases follow the planning phase of the strategic marketing process. See Figure 2-6. Difficulty: 2 Medium Topic: The Strategic Marketing Process Learning Objective: 02-05 Explain the three steps of the planning phase of the strategic marketing process. Bloom's: Understand AACSB: Analytical Thinking Accessibility: Keyboard Navigation

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Test Bank for Marketing 14th Kerin  

Test Bank Marketing 14th Edition Kerin 2019 (Test Bank Download) (9781259924040) (1259924041). Instant access. All chapter are included. All...

Test Bank for Marketing 14th Kerin  

Test Bank Marketing 14th Edition Kerin 2019 (Test Bank Download) (9781259924040) (1259924041). Instant access. All chapter are included. All...