Answer:
1.List the three steps of the planning phase of the strategic marketing process.
The three sepecifc steps are:
- Defining target audience - in this step, a segment of the market is chosen as the target for the good or service. (for example, young people, old people, wealthy people, poor people, etc).
- Setting measurable goals - in this step, a specific sales volume goal is determined.
- Developing budget - in this step, a detailed budget is developed in order to carry out the strategy that should help the company reach its marketing goal (previous step).
2.Which demographic cohorts are also known as the Millennial and Z Generations?
Millenials: those born between 1981 and 1996. They tend to be progressive, and be interested in social media, internet culture, and technology.
Generation Z: those born between 1996 and and the early 2010s. They are much like millenials but even more so: more progressive, more interested in technology, and in social justice causes.
This information is crucial for marketers because they help complete the first step in the marketing planning process: targeting an audience. The demographic cohorts are in fact, market segments, albeit very broad ones.
3.Explain the actions and considerations that relate to the five stages of the consumer purchase decision process.
Problem or need recognition: in this stage, the customer becomes aware of a need that has not been met.
Information search: the customer looks for a product or service that can meet his needs.
Evaluation of alternatives: the customer chooses among the goods or services that could meet his needs.
Purchase: the customer completes the market transaction: the purchase of the good or service.
Post-purchase behaviour: the customer makes use of the product, or service, and decides whether his need was satisfied or not. ALso decides whether to buy the same good or service in the future or not.
