What Are the Three Steps Involved in the Planning Phase

question 79

Multiple Choice

What are the three steps involved in the planning phase of the strategic marketing process?

• A) Step 1: situation (SWOT) analysis; Step 2: market-product focus, customer value proposition, and goals; and Step 3: the marketing program
• B) Step 1: analysis; Step 2: planning; and Step 3: implementation
• C) Step 1: set market and product goals; Step 2: select target markets and find points of difference; and Step 3: position the product
• D) Step 1: identify industry trends; Step 2: analyze competitors; and Step 3: assess own organization
• E) Step 1: Why do we exist?; Step 2: What will we do?; and Step 3: How will we do it?

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Definitions:

Test Statistic

A value calculated from sample data and used in a hypothesis test to decide whether to reject the null hypothesis.

Random Sample

A random sample from an infinite population is a sample selected such that the following conditions are satisfied: (1) Each element selected comes from the same population; (2) each element is selected independently.

Level Of Significance

The probability of rejecting the null hypothesis in a statistical test when it is actually true, used as a threshold for statistical significance.

Population Proportion

The measure of a particular characteristic's frequency in a defined population.