Marketing Strategy

Question 1

VALUE DELIVERY PROCESS

Answer 1

Strategic Marketing:
1. Choose the Value

Tactical Marketing:

2. Provide the Value
3. Communicate the Value

Question 2

STRATEGIC MARKETING

Answer 2

Addresses high-level considerations such as:

1. Customer segmentation
2. Market selection/focus
3. Value positioning

Question 3

TACTICAL MARKETING

Answer 3

Ongoing process of activity, evaluation, and optimization that will help a business achieve its predefined goals.

Question 4

SEGMENTATION

Answer 4

An act of identifying variables that will maximize the differences between segments while simultaneously minimizing the differences within each segment.

Question 5

SEGMENTATION VARIABLES

Answer 5

1. Geographic
2. Demographic
3. Psychographic
4. Behavioral

Question 6

POSITIONING

Answer 6

Critical process in strategic marketing that involves creating an identity/image of the brand or product within the target customers’ mind.

Question 7

CREATING VALUE

POSITIONING STATEMENT

Answer 7

1. Target Market (customers)
2. Frame of Reference (competitors)
3. Point of Difference (offerings that others don’t have)
4. Reason why (explain benefit)

Question 8

BRAND REPOSITIONING

Answer 8

When a company changes a brand’s status in the marketplace. Done to keep up with consumer wants and needs.