Mark 3000/3001 Grantham Exam 1 – UGA Questions and Answers | Latest Update | 2024/2025 | Already Passed
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Course
Mk 3000/3001 Grantham
Institution
Mk 3000/3001 Grantham
Mark 3000/3001 Grantham Exam 1 – UGA
Questions and Answers | Latest Update |
2024/2025 | Already Passed
What is the purpose of a product life cycle?
To track the stages a product goes through from introduction to decline and adjust marketing
strategies accordingly.
How does a penetra...
Mark 3000/3001 Grantham Exam 1 – UGA
Questions and Answers | Latest Update |
2024/2025 | Already Passed
What is the purpose of a product life cycle?
✔✔ To track the stages a product goes through from introduction to decline and adjust marketing
strategies accordingly.
How does a penetration pricing strategy work?
✔✔ Penetration pricing involves setting a low initial price to attract customers and gain market
share quickly.
What is the difference between primary and secondary research?
✔✔ Primary research involves collecting new data directly from sources, while secondary
research uses existing data that has already been collected and analyzed.
What is market positioning?
✔✔ Market positioning is how a product or brand is perceived relative to competitors in the
minds of consumers.
1
, What is the role of a distribution channel in marketing?
✔✔ A distribution channel facilitates the movement of products from the manufacturer to the
end consumer.
How does a customer loyalty program benefit a business?
✔✔ A customer loyalty program encourages repeat business and increases customer retention by
rewarding frequent purchases.
What is the purpose of a promotional mix?
✔✔ The promotional mix combines various marketing tools such as advertising, sales
promotions, and public relations to achieve marketing objectives.
How does market research influence product development?
✔✔ Market research provides insights into customer needs and preferences, guiding the
development of products that meet market demands.
What is the significance of a competitive analysis in marketing?
2
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