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MKT 320F Latest Update with Verified Solutions
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MKT 320F Latest Update with Verified Solutions What is "market cannibalization"? Market cannibalization occurs when a new product or service introduced by a company eats into the sales of its existing products or services. Define "user-generated content" (UGC). User-generated conten...

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  • September 10, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mkt 320f latest update with verified solutions

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  • MKT 320F
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MKT 320F Latest Update with Verified
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What is "market cannibalization"?


✔✔ Market cannibalization occurs when a new product or service introduced by a company eats

into the sales of its existing products or services.




Define "user-generated content" (UGC).


✔✔ User-generated content (UGC) refers to any form of content, such as reviews, posts, or

images, created by consumers about a brand or product, rather than by the brand itself.




What does "brand personality" mean?


✔✔ Brand personality is the set of human traits and characteristics attributed to a brand, which

helps shape how consumers perceive and relate to it.




Explain "dynamic pricing."


✔✔ Dynamic pricing is a strategy where prices are adjusted in real-time based on demand,

competition, and other factors to maximize revenue.




1

,What is "cross-promotional marketing"?


✔✔ Cross-promotional marketing involves partnering with another brand or company to

promote each other's products or services to reach a broader audience.




Define "customer churn rate."


✔✔ Customer churn rate is the percentage of customers who stop doing business with a

company during a specific period.




What does "value-based pricing" entail?


✔✔ Value-based pricing sets the price of a product or service based on the perceived value it

provides to the customer, rather than solely on cost.




What is "social proof" in marketing?


✔✔ Social proof is the influence that the actions and opinions of others have on an individual's

decision-making, often used in marketing to build trust and credibility.




Explain "content marketing."


✔✔ Content marketing is a strategy focused on creating and distributing valuable, relevant

content to attract and engage a target audience, ultimately driving profitable customer action.

2

, What does "behavioral targeting" involve?


✔✔ Behavioral targeting involves using data on consumer behavior, such as browsing history

and purchase patterns, to deliver personalized advertisements and marketing messages.




What is "customer journey mapping"?


✔✔ Customer journey mapping is the process of creating a visual representation of a customer's

experience with a brand, from initial contact to post-purchase interactions.




Define "positioning statement."


✔✔ A positioning statement is a concise description of how a brand or product should be

perceived by the target audience in relation to competitors.




What is meant by "brand resonance"?


✔✔ Brand resonance refers to the extent to which a brand creates a strong emotional connection

with its customers, leading to brand loyalty and advocacy.




Explain "integrated marketing communications" (IMC).




3

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