MKT 320F Unit 3 Latest Update
Graded A+
What is the purpose of a "marketing plan"?
A marketing plan outlines the strategies and actions a company will take to achieve its
marketing objectives, including target markets, tactics, and budget.
How does "consumer decision-making process" imp...
✔✔ A marketing plan outlines the strategies and actions a company will take to achieve its
marketing objectives, including target markets, tactics, and budget.
How does "consumer decision-making process" impact marketing strategies?
✔✔ The consumer decision-making process impacts marketing strategies by providing insights
into how customers make purchasing decisions, allowing marketers to tailor their approaches to
each stage.
What is "market research" and how is it conducted?
✔✔ Market research involves gathering and analyzing data about consumer needs and
preferences, and it is conducted through methods such as surveys, interviews, and focus groups.
What is the "marketing mix" and how does it influence product strategy?
✔✔ The marketing mix includes the 4 Ps (Product, Price, Place, Promotion) and influences
product strategy by ensuring that all aspects of marketing align to meet consumer needs and
business goals.
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, How can "customer segmentation" improve marketing effectiveness?
✔✔ Customer segmentation allows marketers to target specific groups with tailored messages
and offers, increasing the relevance of marketing efforts and improving overall effectiveness.
What is "brand loyalty" and why is it valuable?
✔✔ Brand loyalty refers to consumers’ commitment to repurchase or continue using a brand,
and it is valuable because it leads to repeat business and can drive word-of-mouth referrals.
Describe the role of "market analysis" in developing a marketing strategy.
✔✔ Market analysis involves assessing market conditions, trends, and competition to inform the
development of a marketing strategy that effectively targets and serves the market.
What is "demand forecasting" and how does it benefit marketing?
✔✔ Demand forecasting predicts future customer demand for a product or service, helping
businesses plan production, inventory, and marketing efforts to meet anticipated needs.
How does "product life cycle" influence marketing decisions?
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