MCS*1000 Final Exam
UPDATED ACTUAL
QUESTIONS AND
CORRECT ANSWERS
, what is a marketing strategy? identifies a firm's target market, the basis upon
which the firm plans to build a sustainable
competitive advantage, uses the four P's
Sustainable Competitive Advantage something the firm can persistently do better than
its competitors that is not easily copied and can be
maintained for a long period of time
customer excellence retain loyal customers + provide outstanding
customer service
operational excellence efficient operations + strong supplier relationships +
excellent supply chain management
product excellence high perceived value + effective branding and
positioning
location excellence most important in retailing
step 1 in developing a marketing plan define the business mission and objectives
step 2 in developing a marketing Conduct a situation analysis (SWOT)
plan
step 3 in developing a marketing identify and evaluate opportunities using STP
plan (segmentation, targeting, positioning)
market segment a group of consumers who respond similarly to a
firm's marketing efforts
UPDATED ACTUAL
QUESTIONS AND
CORRECT ANSWERS
, what is a marketing strategy? identifies a firm's target market, the basis upon
which the firm plans to build a sustainable
competitive advantage, uses the four P's
Sustainable Competitive Advantage something the firm can persistently do better than
its competitors that is not easily copied and can be
maintained for a long period of time
customer excellence retain loyal customers + provide outstanding
customer service
operational excellence efficient operations + strong supplier relationships +
excellent supply chain management
product excellence high perceived value + effective branding and
positioning
location excellence most important in retailing
step 1 in developing a marketing plan define the business mission and objectives
step 2 in developing a marketing Conduct a situation analysis (SWOT)
plan
step 3 in developing a marketing identify and evaluate opportunities using STP
plan (segmentation, targeting, positioning)
market segment a group of consumers who respond similarly to a
firm's marketing efforts
