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MARK 3000 Test 1 - Grantham UGA Version 2 | Latest Update | 2024/2025 | Rated A+ $9.98
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MARK 3000 Test 1 - Grantham UGA Version 2 | Latest Update | 2024/2025 | Rated A+
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MARK 3000 Test 1 - Grantham UGA Version 2 | Latest Update | 2024/2025 | Rated A+ What is the significance of a unique selling proposition (USP)? A USP highlights what makes a product or service different and better than competitors’ offerings. What are the key components of a marketi...

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  • September 3, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
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MARK 3000 Test 1 - Grantham UGA
Version 2 | Latest Update | 2024/2025 |
Rated A+
What is the significance of a unique selling proposition (USP)?


✔✔ A USP highlights what makes a product or service different and better than competitors’

offerings.




What are the key components of a marketing plan?


✔✔ Objectives, target market, marketing strategies, budget, and evaluation metrics.




What is the role of digital marketing in modern business?


✔✔ Digital marketing leverages online platforms and technologies to reach and engage

customers, driving brand awareness and sales.




How does consumer behavior impact marketing strategies?


✔✔ Understanding consumer behavior helps tailor marketing efforts to meet the preferences and

needs of the target audience.




1

,What is the concept of customer lifetime value (CLV)?


✔✔ CLV is the total value a customer brings to a business over the entire duration of their

relationship.




What are the stages of the product life cycle?


✔✔ Introduction, growth, maturity, and decline.




What is a marketing mix?


✔✔ The combination of Product, Price, Place, and Promotion used to market a product

effectively.




How does competitive analysis benefit a marketing strategy?


✔✔ It provides insights into competitors' strengths and weaknesses, helping to identify

opportunities and threats.




What is the difference between push and pull marketing strategies?


✔✔ Push strategies involve promoting products directly to consumers through sales tactics,

while pull strategies aim to create demand so customers actively seek out the product.




2

, What is the purpose of a target market?


✔✔ To identify and focus marketing efforts on a specific group of consumers who are most

likely to buy the product or service.




What is the definition of marketing?


✔✔ Marketing is the process of creating, communicating, delivering, and exchanging value to

customers and managing relationships to benefit the organization and stakeholders.




What is the purpose of market segmentation?


✔✔ To divide a broad consumer or business market into sub-groups with common needs or

characteristics to tailor marketing strategies effectively.




What does the 4 P's of marketing stand for?


✔✔ Product, Price, Place, and Promotion.




What is a SWOT analysis used for in marketing?


✔✔ To evaluate an organization's Strengths, Weaknesses, Opportunities, and Threats.




3

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