List and describe the elements of the marketing mix.

| June 14, 2018

Chapter
1 (page 35) Questions 4, 8, 10
4. What is
utility? How does marketing create different forms of utility?

8. What
does it mean for a firm to have a competitive advantage? What gives a firm a
competitive advantage?

10. List
and describe the elements of the marketing mix.

Chapter 2
(page 63) Questions 1-4, 7, 8, 10
1. What is
strategic, functional, and operational planning? How does strategic planning
differ at the corporate and the SBU levels?

2. What is
a mission statement? What is a SWOT analysis? What role do these play in the
planning process?

3. What is
a strategic business unit (SBU)? How do firms use the Boston Consulting Group
model for portfolio analysis in planning for their SBUs?

4. Describe
the four business growth strategies: market penetration, product development,
market development, and diversification.

7. What
are the elements of a formal marketing plan?

8. What is
an action plan? Why are action plans such an important part of marketing
planning? Why is it so important for marketers to break the implementation of a
marketing plan down into individual elements through action plans?

10. Give
several examples of marketing metrics. How might a marketer use each metric to
track progress of some important element of a marketing plan?
The
following are examples of marketing metrics that can be used to track progress
of a marketing plan. Typically, these metrics are tied to a specific objective
to make them accurate in their measurements.

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