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Marketing Short Answer Questions 1. The world of business is highly competitive in nature. For the purpose of generating and deriving their own competitive advantage companies often engage in a variety of tactics. One of the most common tactics is the SWOT analysis.
On the other hand, the issues of opportunities and threats are categorized as external factors and are always analyzed with regards to the happenings and influence coming from the external environment (Pride and Ferell 33). 2. In very layman terms, marketing can be explained as an activity which comprises of the process of value generation, value communication, value distribution and value delivery to the consumers. Marketing is often represented as the activity which comprises of smooth application and integration of the 4Ps of marketing like product, place, promotion and prices (Pride and Ferell 4). Matching the 4Ps of marketing with the equation of value, it can be said that product represent value generation, place represents value distribution, promotion represents value communication and price represents value delivery and capture. It is very important for a business to implement the various variables of marketing in the right time but in a new and innovative manner so as to leverage the maximum amount of competitive advantage that can be extracted for the business. The importance of marketing can be well established by providing a well known example from the beverage sector of America. During the year 2010, through aggressive and clever marketing strategies, the Diet coke of Coca Cola overtook Pepsi to occupy the second spot in the US. ...
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