product exists, market exists Show The firm may try to strengthen its relationship with customers to increase their rate of use or repeat purchases, or try to attract competitors' customers or current nonusers ex: Coleman got a 50% increase in sales of its outdoor equipment by reaching its target market with special promotional displays at outdoor events such as concerts, fishing tournaments, and NASCAR races ex: make it easy for customers by letting them purchase on internet, or add more stores near them ex: build closer relationship by being on facebook The first component is the executive summary, which provides an overview of the entire plan so that readers can quickly identify the key issues and their roles in the planning and implementation process. The next component of the marketing plan is the environmental analysis, which supplies information about the company's current situation with respect to the marketing environment, the target market and the firms current objectives and performance. The next component of the marketing plan is the SWOT analysis (strengths, weaknesses, opportunities and threats) which utilizes the information gathered in environmental analysis. The marketing objectives section of the marketing plan states what a company wants to accomplish through marketing activities, using the SWOT analysis as a guide of where the firm stands in the market. The marketing strategies component outlines how the firm plans to achieve its marketing objectives and discusses the company's target market selection(s) and marketing mix. The marketing implementation component of the plan outlines how marketing strategies will be executed. The performance evaluation establishes the standards for how results will be measured and evaluated, and what actions the company should take to reduce the differences between the planned and actual performance.
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Terms in this set (6)The marketing mix Advertising is a part of overall marketing strategy and must be coordinated with other marketing activities The 4 P's of the marketing mix: The concept of global marketing 1. People everywhere want goods of the best quality and reliability at the lowest price 2. The world is becoming increasingly homogenized 3. Differences in cultural preferences, tastes, and standards are vestiges of the past Standardization vs. Localization Elements of the marketing mix could be... Standardization (globalization) Localization (adaptation, specialization) Product Three classifications: Explore the needs and wants of consumers in different markets to determine how they can be satisfied by the product Product Standardization Product category: Target market Global village products Product Adaptation and New Product Development Mandatory product adaptation: Discretionary product adaptation Sets with similar termsMarketing CHapter 10 Global Product Strategies20 terms shoot4thefarpost Marketing - Product/Service55 terms visciousneed Marketing Exam 269 terms haley_kruger Marketing Exam 342 terms Mike_B12 Sets found in the same folderCh.1 class notes9 terms Dennice22 Intro to adv 3343 terms Dennice22 Growth of international Adv supplement2 terms Dennice22 Marketing mix part 26 terms Dennice22 Other sets by this creatorUnit 1- Statistics15 terms Dennice22 Gestures2 terms Dennice22 Effects of attractiveness10 terms Dennice22 Nonverbal comm exam 26 terms Dennice22 Verified questions
QUESTION Who are some of the basic users of financial statements, and how do they use them? Verified answer
QUESTION Kim Inc. must install a new air conditioning unit in its main plant. Kim must install one or the other of the units; otherwise, the highly profitable plantwould have to shut down. Two units are available,HCC and LCC (for high and low capital costs, respectively). HCC has a high capital cost but relatively low operating costs, while LCC has a low capital cost but higher operating costs because it uses more electricity. The costs of the units are shown here. Kim’sWACC is 7%. $$ \begin{matrix} \text{ } & \text{0} & \text{1} & \text{2} & \text{3} & \text{4} & \text{5}\\ \text{HCC} & \text{- \$ 600.000} & \text{- \$ 50.000} & \text{- \$ 50.000} & \text{- \$ 50.000} & \text{- \$ 50.000} & \text{- \$ 50.000}\\ \text{LCC} & \text{- \$ 100.000} & \text{- \$ 175.000} & \text{- \$ 175.000} & \text{- \$ 175.000} & \text{- \$ 175.000} & \text{- \$ 175.000}\\ \end{matrix} $$ a. Which unit would you recommend? Explain. b. If Kim’s controller wanted to know the IRRs of the two projects, what would you tell him? c. If the WACC rose to 15% would this affect your recommendation? Explain your answer and the reason this result occurred. Verified answer
QUESTION Electronics World Inc. paid out $22.4 million in total common dividends and reported$144.7 million of retained earnings at year-end. The prior year’s retained earnings were $95.5 million. What was the net income? Assume that all dividends declared were actually paid. Verified answer QUESTION Assume that the real risk-free rate is 2% and that the maturity risk premium is zero. If a 1-year Treasury bond yield is 5% and a 2-year Treasury bond yields 7%, what is the 1-year interest rate that is expected for Year 2? Calculate this yield using a geometric average. What inflation rate is expected during Year 2? Comment on why the average interest rate during the 2-year period differs from the 1-year interest rate expected for Year 2. Verified answer Other Quizlet sets433 exam 312 terms JadenElder A215 Exam 148 terms AmandaEllison2 Wall - CM - Urinary Tract Infections46 terms dantoniOo HAC testing18 terms jordihawksworth7 Related questionsQUESTION cultural influences are also quite apparent in food prep and consumption patterns and habits. domino's pizza, the world's largest pizza-delivery company, pulled out of Italy because: 2 answers QUESTION The organization's purpose,what it wants to accomplish in the larger environment. 15 answers QUESTION A majority of coupons are distributed through freestanding inserts (FSIs). What are FSIs? 4 answers QUESTION If a company has as its objective to stimulate market growth and capture market share by deliberately offering products at low prices, it will most likely use a pricing strategy called: 2 answers What is the importance of marketing mix in the development of marketing strategy?The mix helps in determining which marketing strategy is right for your organization. It is the first step before you even create your business or marketing plan. The reason is that your marketing mix decisions also have an impact on your positioning, targeting, and segmentation decisions.
What is the purpose of marketing strategy section of a marketing plan quizlet?The strategy section details the tactics the organization will use to develop, market, and sell the offering. When readers complete the strategy section, they should conclude that the proposed strategy is the best one available.
What is the overall goal of marketing strategy quizlet?Terms in this set (46) the performance of marketing activities and strategies, both effectiveness and efficiency. The overall goal of strategic marketing management is to facilitate desirable customer relationships and reduce costs.
What is the purpose of a marketing strategy?A marketing strategy helps an organization to concentrate it's scarce resouces on the best possible opportunities so as to increase the sales. A marketing strategy is designed by: Choosing the target market: By target market we mean to whom the organization wants to sell its products.
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What is the purpose of the marketing mix as part of the overall marketing strategy quizlet?
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