Chapter

11.2. Creating a Marketing Strategy*

From IntroductionToBusiness OP 8D04gAa

Concepts

1. How does relationship marketing build long-term customer loyalty?

   "Relationship marketing is a strategy that focuses on forging long-term partnerships with customers. Companies build relationships with customers by offering value and providing customer satisfaction.

2. What are the five components of a marketing strategy?

   "Marketers use a number of different “tools” to develop the products or services that meet the needs and wants of their customers, provide excellent value for the customers, and satisfy those customer

3. How does environmental scanning guide marketing decisions?

   "Marketers utilize the tools of marketing strategy to develop new products and sell them in the marketplace. But marketers cannot create products in isolation. Marketers must understand and consider a

4. How do marketers define and select a target market?

   "Marketers develop the information about the environment to get a clear picture of the total market for the product, including environmental factors. Once the marketers understand the various environm

5. What creates a competitive advantage for a company and its products?

   "A competitive advantage, also called a differential advantage, is a set of unique features of a company and its products that are perceived by the target market(s) as significant and superior to thos