MARK 3000 Test 1 - Grantham UGA Version 2 | Latest Update | 2024/2025 | Rated A+
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Course
MRK 3000
Institution
MRK 3000
MARK 3000 Test 1 - Grantham UGA
Version 2 | Latest Update | 2024/2025 |
Rated A+
What is the significance of a unique selling proposition (USP)?
A USP highlights what makes a product or service different and better than competitors’
offerings.
What are the key components of a marketi...
MARK 3000 Test 1 - Grantham UGA
Version 2 | Latest Update | 2024/2025 |
Rated A+
What is the significance of a unique selling proposition (USP)?
✔✔ A USP highlights what makes a product or service different and better than competitors’
offerings.
What are the key components of a marketing plan?
✔✔ Objectives, target market, marketing strategies, budget, and evaluation metrics.
What is the role of digital marketing in modern business?
✔✔ Digital marketing leverages online platforms and technologies to reach and engage
customers, driving brand awareness and sales.
How does consumer behavior impact marketing strategies?
✔✔ Understanding consumer behavior helps tailor marketing efforts to meet the preferences and
needs of the target audience.
1
,What is the concept of customer lifetime value (CLV)?
✔✔ CLV is the total value a customer brings to a business over the entire duration of their
relationship.
What are the stages of the product life cycle?
✔✔ Introduction, growth, maturity, and decline.
What is a marketing mix?
✔✔ The combination of Product, Price, Place, and Promotion used to market a product
effectively.
How does competitive analysis benefit a marketing strategy?
✔✔ It provides insights into competitors' strengths and weaknesses, helping to identify
opportunities and threats.
What is the difference between push and pull marketing strategies?
✔✔ Push strategies involve promoting products directly to consumers through sales tactics,
while pull strategies aim to create demand so customers actively seek out the product.
2
, What is the purpose of a target market?
✔✔ To identify and focus marketing efforts on a specific group of consumers who are most
likely to buy the product or service.
What is the definition of marketing?
✔✔ Marketing is the process of creating, communicating, delivering, and exchanging value to
customers and managing relationships to benefit the organization and stakeholders.
What is the purpose of market segmentation?
✔✔ To divide a broad consumer or business market into sub-groups with common needs or
characteristics to tailor marketing strategies effectively.
What does the 4 P's of marketing stand for?
✔✔ Product, Price, Place, and Promotion.
What is a SWOT analysis used for in marketing?
✔✔ To evaluate an organization's Strengths, Weaknesses, Opportunities, and Threats.
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