Page 263

346) List the three steps of the planning phase of the strategic marketing process. Briefly describe what goes on during each of the three steps. Answer: The planning phase of the strategic marketing process includes three steps. Step 1 is the situation (SWOT) analysis. During the SWOT analysis, a company will identify industry trends, analyze competitors, assess its own company, and research customers. Step 2 is marketproduct focus and goal setting. During Step 2, the company will set market and product goals, select target markets, find points of difference, and position the product. Step 3 is the marketing program. During this step, the company will develop the program's marketing mix and the budget, by estimating revenues, expenses, and profits. See Figure 2-6. Difficulty: 2 Medium Topic: Strategic Marketing Planning 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 347) Identify and describe the three phases of the strategic marketing process. Answer: The three phases of the strategic marketing process are: planning, implementation, and evaluation. (1) The planning phase includes (a) situation (SWOT) analysis to identify industry trends, analyze competitors, assess own company, and research customer; (b) market-product focus and goal setting, which involves setting market and product goals, selecting target markets, finding points of difference, and positioning the product; and (c) marketing program development, which involves developing the marketing mix and the budget by estimating revenues, expenses, and profits. (2) The implementation phase involves (a) obtaining resources; (b) designing the marketing organization; (c) defining precise tasks, responsibilities, and deadlines; and (d) executing the marketing program. (3) The evaluation phase involves (a) comparing the results of the marketing program plans to the results achieved to identify deviations and (b) exploiting positive deviations or correcting negative ones. See Figure 2-6. Difficulty: 2 Medium Topic: Strategic Marketing Planning 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

185 Copyright 2019 Š McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Profile for mansour.m83m

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...