UCF MAR 3023 EXAM 3 REVIEW (CH. 9 -12 STUDY GUIDE) || WITH ERROR-FREE SOLUTIONS.

UCF MAR 3023 EXAM 3 REVIEW (CH. 9 -12 STUDY GUIDE) || WITH ERROR-FREE SOLUTIONS.
Question : What are the 5 steps of STP Analysis?
Correct answer: 1. Establish Strategy or Objectives
2. Use Segmentation Methods
3. Evaluate Segment Attractiveness
4. Select Target Market
5. Identify and Develop Positioning Strategy
Question : What is Step 1 of the STP Analysis process?
Correct answer: Establish Overall Strategy or Objectives
The first step in the segmentation process is to articulate the
vision or objectives of the company's marketing strategy clearly.
The segmentation strategy must be consistent with and derived
from the firm's mission and objectives as well as its current
situation—its strengths, weaknesses, opportunities, and threats
(SWOT).
Question : What is Step 2 of the STP Analysis process?
Correct answer: Use Segmentation Methods

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