MARKETING STRATEGY

Question 1

it is a process that can allow an organization to focus its limited resources on the greatest opportunities to increase sales and achieve competitive advantage.

Answer 1

marketing strategy

Question 2

it is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.

Answer 2

SWOT analysis

Question 3

refers to the distinctive capabilities, competencies, skills, or assets that provide a business, product, or service with a competitive advantage over its rivals.

Answer 3

strengths

Question 4

internal deficiencies that place the business, products, or service at a disadvantage relative to its rivals.

Answer 4

weakness

Question 5

elements in the environment that the business or project could exploit to its advantage

Answer 5

opportunities

Question 6

elements in the environment that could erode the firm’s market position

Answer 6

threats

Question 7

aims to identify opportunities and threats in the wider operating environment

Answer 7

PEST Analysis

Question 8

refers to the political interventions with the potential to disrupt or enhance trading conditions

Answer 8

Political Factors

Question 9

refers to the factors with the potential to affect the profitability and prices that can be charged.

Answer 9

economic factors

Question 10

refers to factors that can affect demand for products and services

Answer 10

social factors

Question 11

refers to innovation, technological departments that create opportunities for new products, improve production process, or new ways to transacting business.

Answer 11

technological factors

Question 12

refers to more than one country

Answer 12

supernational

Question 13

focus on national economy

Answer 13

national

Question 14

limited to the local region or area

Answer 14

local

Question 15

4 P’s of Marketing

Answer 15

• Product
• Price
• Place
• Promotion

Question 16

refers to what the business offers for sale and may include products or services.

Answer 16

product

Question 17

refers to decisions surrounding the pricing, discount pricing, special offer pricing, credit payment, or credit terms

Answer 17

price

Question 18

defines as direct or indirect channels to market geographical distribution, retail outlet, market location, and logistics

Answer 18

place

Question 19

refers to the marketing communication used to make the offer known to potential customers and persuade them to investigate it further.

Answer 19

promotion