Explain What Is Meant by a Marketing Strategy and Identify

question 129

Essay

Explain what is meant by a marketing strategy and identify the two tasks that need to be performed in implementing the strategy.Identify the actions that are taken to select a target market.
(1) A marketing strategy is a plan for performing two tasks: Selecting a target market; and developing a marketing mix-implementing strategies for creating, pricing, promoting, and distributing products that satisfy customers.(2) To select a target market, you would take these actions: Identify the company's overall market (consumer or industrial market); and then segment your market using these segmentation variables: demographic, geographic, behavioral, and psychographic.

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Definitions:

Inventory Valuation

A method used to calculate the cost of goods sold and the end inventory balance, involving techniques such as FIFO, LIFO, and weighted average cost.

Consignor

A person or company that sends goods to a consignee to be sold or returned, retaining ownership until sale.

Consignee

The party to whom goods are shipped and held in trust until they are sold, at which point payment is made to the consignor.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency of the company in selling its products.