Chapter 2 Study Questions:

1. Identify the two basic elements of a marketing strategy and define each briefly. Strategic Planning- determining an organizations 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 products features and benefits and...