MARK 3000 Test 1 - Grantham UGA Version 2 | Latest Update | 2024/2025 | Rated A+
6 views 0 purchase
Course
MRK 3000
Institution
MRK 3000
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...
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SterlingScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.67. You're not tied to anything after your purchase.
