CHAPTER 3 INTRODUCTION TO COMPREHENSIVE MARKETING PLAN

Question 1

According to _________, “Marketing Management is the art and science of choosing target markets and building profitable relationship with them. Marketing management is a process involving analysis, planning, implementing and control and it covers goods, services, ideas and the goal is to produce satisfaction to the parties involved.

Answer 1

Philip Kotler

Question 2

STEPS IN THE MARKETING PROCESS

Answer 2

1. ANALYZING MARKET OPPORTUNITIES
2. DEVELOPING MARKETING STRATEGIES
3. PLANNING MARKETING PROGRAMS
4. MANAGING THE MARKETING EFFORT

Question 3

• The marketer’s initial task is to identify potential long-run opportunities given the company’s market experience and core competencies.

Answer 3

ANALYZING MARKET OPPORTUNITIES

Question 4

2. • In this step, the marketer prepares a positioning strategy for each new and existing product’s progress through the life cycle, makes decisions about product lines and branding, and designs and markets its services.

Answer 4

DEVELOPING MARKETING STRATEGIES

Question 5

• To transform marketing strategy into marketing programs, marketing managers must:

Answer 5

PLANNING MARKETING PROGRAMS

Question 6

• In this step, marketers organize the firm’s marketing resources to implement and control the marketing plan.

Answer 6

MANAGING THE MARKETING EFFORT

Question 7

________ is an essential part of your overall business.

Answer 7

MARKETINGPLAN

Question 8

OUTLINE OF A MARKETINGPLAN

Answer 8

TITLE PAGE
- EXECUTIVE SUMMARY
BODY
-INDUSTRY OVERVIEW
SITUATION ANALYSIS
MARKETING OBJECTIVE
OVERALL MARKETING STRATEGY/POSITIONING STATEMENT
3-YEARS FINANCIAL PROJECTION

Question 9

• is a group of companies that are related based on their primary business activities. In modern economies, there are dozens of industry classifications, which are typically grouped into larger categories called sectors.

Answer 9

INDUSTRY

Question 10

• allows you to assess the overall industry that you’ve
  chosen for your business. An industry analysis may be a stand-alone report or
  may be included as part of a marketing plan.

Answer 10

INDUSTRY ANALYSIS

Question 11

IMPORTANCE OF AN INDUSTRY ANALYSIS

Answer 11

• An industry analysis helps business owners to develop a strategy to ensure the success of their company.
• An industry analysis helps you to understand the trends that are taking place in the industry today, as well as the historical trends that have led to that moment.

Question 12

• can be given in volume of product sold or value of products. This can therefore be calculated by adding all the different company’s sales value or volume together

Answer 12

MARKET SIZE

Question 13

• is the proportion (usually percent) of the total market held by one particular company. The company that has the biggest market share is known as the brand leader.

Answer 13

MARKET SHARE

Question 14

FACTORS WHICH EFFECT THE GROWTH OF A MARKET

Answer 14

• Increase in spending power,
• Increased population,
• Social changes,
• Changes in fashion,
• Identifying customer needs.

Question 15

• is an analysis of past and current market behavior and dominant patterns of the market and consumers.

Answer 15

MARKET TREND ANALYSIS

Question 16

_________ is a subset of the_______ Analysis—an examination of the _______,______,________,_______,_______,______.

Answer 16

TREND ANALYSIS
PESTEL
P-olitical
E-conomic
S-ocial
T-echnological
E-nvironmental
L-egal

Question 17

This analysis provides an all-round perspective of the external factors that impact the business.

Answer 17

TREND ANALYSIS

Question 18

This analysis provides an all-round perspective of the external factors that impact the business.

Answer 18

TREND ANALYSIS