MARK 3000 Chapter 2 Cards - Grantham UGA Questions and Answers | 2024/2025 | 100% Verified
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Course
MAK 3000 Chapter 2
Institution
MAK 3000 Chapter 2
MARK 3000 Chapter 2 Cards - Grantham
UGA Questions and Answers | 2024/2025
| 100% Verified
What is a market gap?
An unmet need in the market that represents an opportunity for new products or services.
What is the significance of brand differentiation?
It helps a brand stand out from ...
MARK 3000 Chapter 2 Cards - Grantham
UGA Questions and Answers | 2024/2025
| 100% Verified
What is a market gap?
✔✔ An unmet need in the market that represents an opportunity for new products or services.
What is the significance of brand differentiation?
✔✔ It helps a brand stand out from competitors and attract a specific segment of consumers
How does market analysis influence product development?
✔✔ It helps identify consumer needs and preferences, guiding the creation of products that meet
those demands.
What is the function of a positioning statement?
✔✔ To succinctly describe how a product or brand should be perceived in the market.
What is the difference between quantitative and qualitative research?
1
, ✔✔ Quantitative research involves numerical data and statistics, while qualitative research
focuses on understanding concepts and experiences.
How does competitive analysis inform marketing strategy?
✔✔ It provides insights into competitors' strengths and weaknesses, helping to refine and
differentiate a company’s own strategies.
What are the benefits of using focus groups in market research?
✔✔ They offer in-depth insights into consumer attitudes and opinions through interactive
discussions.
What is the role of customer demographics in market analysis?
✔✔ They provide data on characteristics such as age, gender, and income, which helps in
targeting specific consumer groups.
How can businesses utilize customer journey mapping?
✔✔ By visualizing the steps customers take from awareness to purchase, businesses can improve
the customer experience.
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