MARK 3000 Grantham UGA Test 2 Questions and Answers | Latest Version | 2024/2025 | Rated A+
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Module
MRK 3000 Grantham UGA
Institution
MRK 3000 Grantham UGA
MARK 3000 Grantham UGA Test 2
Questions and Answers | Latest Version
| 2024/2025 | Rated A+
What is the purpose of a product portfolio?
To manage and assess the range of products offered by a company.
How does cross-promotional marketing work?
By promoting related products or services...
MARK 3000 Grantham UGA Test 2
Questions and Answers | Latest Version
| 2024/2025 | Rated A+
What is the purpose of a product portfolio?
✔✔ To manage and assess the range of products offered by a company.
How does cross-promotional marketing work?
✔✔ By promoting related products or services to existing customers to increase sales.
What is the function of a marketing channel?
✔✔ To deliver products or services from the producer to the consumer.
What does customer churn rate indicate?
✔✔ The percentage of customers who stop using a product or service over a given period.
How can a business use trend analysis in marketing?
✔✔ To identify and predict changes in consumer behavior and market conditions over time.
1
,What is a marketing strategy?
✔✔ A plan that outlines how a business will achieve its marketing goals and objectives.
What does a market penetration strategy involve?
✔✔ Increasing market share by attracting new customers or encouraging existing customers to
buy more.
What is the role of experiential marketing?
✔✔ To create memorable experiences for customers that enhance brand connection and loyalty.
What is the significance of a product’s brand name?
✔✔ It helps in identifying, differentiating, and building recognition for the product.
How does behavioral segmentation differ from psychographic segmentation?
✔✔ Behavioral segmentation is based on consumer actions and purchasing behavior, while
psychographic segmentation focuses on lifestyle and values.
What is the purpose of a market segmentation strategy?
2
, ✔✔ To divide the market into groups with similar needs or characteristics.
How does a company benefit from understanding consumer behavior?
✔✔ It helps tailor products and marketing efforts to meet customer needs.
What is the role of a brand ambassador?
✔✔ To represent and promote a brand positively to the target audience.
What is market positioning?
✔✔ How a product is perceived in relation to competitors in the minds of consumers.
What is the difference between a product and a service?
✔✔ A product is a physical item, while a service is an intangible offering.
What is the importance of competitive benchmarking?
✔✔ It helps compare performance against competitors to identify strengths and weaknesses.
How can a business use customer loyalty programs effectively?
3
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