Question

According to the marketing and promotions process model, in which of the following stages does the company decide the product or service areas and particular markets where it wants to compete?

1) Product development stage
2) Market research stage
3) Marketing strategy stage
4) Market segmentation stage

Answer 1

The company decides the product or service areas and particular markets where it wants to compete in the Marketing strategy stage.

Step-by-step explanation:

The stage in the marketing and promotions process model where the company decides the product or service areas and particular markets where it wants to compete is the Marketing strategy stage.

In this stage, the company analyzes its strengths, weaknesses, opportunities, and threats (SWOT analysis) to determine its goals and objectives. It also identifies the target market segments and develops strategies to position its product or service in the market.

For example, if a company is introducing a new line of athletic shoes, the marketing strategy stage would involve deciding which customer segments to target (e.g., professional athletes, casual runners, gym enthusiasts) and identifying the key benefits and features that will differentiate the product from competitors.