Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships
1. We segment markets to find distinct groups of buyers with different needs, behavior, or characteristics who might require separate products or marketing programs.
2. Correct Fit Clothiers evaluates each market segment’s attractiveness and selects one or more segments to enter when considering adding new lines of clothing. Correct Fit is engaged in selective marketing.
3. Market positioning is a strong strategy to develop. The company first identifies possible competitive advantages upon which to build the position.
4. Through research, you find that your company dominates the markets in which you work. You are most likely using a market leader strategy.
5. In the future, Blue Ridge Tours plans to seek out markets that major competitors have overlooked and ignored. Blue Ridge plans to use a market nicher strategy.
6. The marketing mix consists of product, price, positioning, and promotion.
7. Service firms actually offer service products.
8. In customer terms, promotion equates to communication, product to customer solution, price to customer cost, and place to convenience.
9. A marketing analysis includes evaluating the company’s situation, markets, environment, strengths and weaknesses, and current and possible marketing actions to determine which opportunities it can best pursue.
10. A firm that organizes by specialist departments is called a divisional organization.
11. A marketing audit is actually a thorough examination of a company’s performance, problem areas, and opportunities.