About This Chapter
MTTC: Marketing Strategy - Chapter Summary
Use the lessons in this chapter as a review for the MTTC: Business, Management, Marketing and Technology test. These short engaging lesson videos are taught by professional instructors who will explain different marketing strategies, as well as topics like types of competitive advantages and marketing technology. After this chapter you should be prepared to answer test questions about:
- Applications of marketing
- The marketing mix
- Differences between market orientation and sales orientation
- Importance and types of competitive advantages
- Target marketing
- International marketing strategies and the international marketing mix
- Identifying strategic alternatives
- Impact of technology on marketing
Watch these videos at any time or place on your mobile devices, then test your understanding of them with the quizzes. Use the results from these assessments to determine what topics you may need to further review before test day. Re-review these topics by using the video tags that allow you to skip right to the topics you need to further study.
MTTC: Marketing Strategy Chapter Objectives
The Michigan Test for Teacher Certification (MTTC): Business, Management, Marketing and Technology is used in the state of Michigan to test future educators' understanding of business, management, marketing and technology. This certification exam includes 100 multiple-choice questions. One-quarter of the questions on this exam will test your understanding of marketing topics, which may included marketing strategies. Use this chapter to improve your understanding the elements of marketing strategy.
1. Introduction to Marketing: Definition and Applications
In this introductory video lesson on marketing, you'll learn what marketing is, how it's used to reach consumers and why it's important to businesses. You'll also see how exchange is related to marketing.
2. The Marketing Mix: Product, Place, Price & Promotion
A marketing plan is the central part of the overall marketing strategy. A marketing plan's main focus is the marketing mix, which consists of product, place, promotion and price decisions. All four elements are very flexible and have many options. The main purpose of the marketing mix is to effectively communicate with the target market.
3. Market Orientation and Sales Orientation: Definition and Differences
You will learn the different ways an organization can focus their internal strengths. You will understand the five main differences between a sales and market orientation.
4. Competitive Advantage: The Importance of Strategic Marketing
Companies have many options when it comes to gaining market share and increasing profits. Learn about strategic marketing and the tools companies use to their advantage.
5. Types of Competitive Advantage: Cost, Product, Niche & Sustainable Advantages
Companies need that special something to draw in new customers and keep them coming back. Learn about competitive advantage and the different ways a company can have it.
6. Target Market Strategies for Successful Business
If you've ever felt persuaded to buy an item by an ad, you've likely been defined as part of a target market. Though you may not know it, advertisements are created specifically for people similar to you. In this lesson, you'll learn how marketing firms identify a target market, create basic target market strategies and use a marketing mix for a product or service.
7. Breaking Into Foreign Markets: International Marketing Strategies
Companies look to international markets to increase their sales and profits. Market managers must decide on the mode of entry into a foreign market. The options, ranging from least to most risky, are exporting, licensing, franchising, contract manufacturing, joint ventures and direct investments.
8. International Marketing Mix and the 4 Ps of Marketing
In this lesson, we will discuss how to adjust the marketing mix when pursuing an international market. Additionally, the Internet's impact on the marketing mix will be discussed.
9. How to Identify Strategic Alternatives in Marketing
Marketing managers must decide the type of strategic alternative that will be undertaken for their marketing plan. Managers can choose from four options to increase sales and profits.
10. Marketing Environment: External Influences on Marketing Strategy
What influences how a business sells its products - and itself? In this lesson, you will learn more about external influences that affect the marketing strategy of a business.
11. Technology's Impact on Marketing and Marketers
How does technology impact marketing and marketers? In this lesson, you will gain a better understanding of technology, marketing and marketers and of how each one impacts the other.
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Other chapters within the MTTC Business, Management, Marketing & Technology (098): Practice & Study Guide course
- MTTC: Accounting
- MTTC: Account Types
- MTTC: Financial Statements
- MTTC: Financial Planning & Markets
- MTTC: Taxation & Liability
- MTTC: Business Math
- MTTC: Business Communication Strategies
- MTTC: Types of Business Communication
- MTTC: Regulation in Business
- MTTC: Business Law
- MTTC: Business Ethics
- MTTC: Management & Leadership
- MTTC: Human Resource Management
- MTTC: Human Resource Processes
- MTTC: Labor Relations
- MTTC: Macroeconomics
- MTTC: Microeconomics
- MTTC: Personal Finance
- MTTC: Managing Debt & Risk
- MTTC: Consumer Marketing
- MTTC: Marketing Channels & Distribution
- MTTC: Marketing Economics
- MTTC: Entrepreneurship
- MTTC: International Trade & Marketing
- MTTC: Information Technology in Business
- MTTC: Information Systems
- MTTC: Hardware & Software
- MTTC: Security & Privacy
- MTTC: Career Management
- MTTC Business, Management, Marketing & Technology Flashcards