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Chapter 2 Study Questions: 1. Identify the two basic elements of a marketing strategy and define each briefly. Strategic Planning- determining an organization’s primary objectives, adopting a course of action that will achieve these objectives, and

Chapter 2 Study Questions:

1.       Identify the two basic elements of a marketing strategy and define each briefly.

Strategic Planning- determining an organization’s primary objectives, adopting a course of action that will achieve these objectives, and providing long term direction for its decision makers.

Tactical Planning- guides the implementation of strategies and addresses shorter term actions.

2. What are the four strategies in the marketing mix? Describe each.

Product- the goods and/or services offered by a company to its customers

Price- the amount of money paid by customers to purchase the product

Place (or distribution)- the activities that make the product available to consumers

Promotion- the activities that communicate the product’s features and benefits and persuade customers to purchase the product.

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