Developing Marketing Strategies and Plans Flashcards
What is the primary goal of a marketing strategy?
To identify and meet customer needs effectively.
True or False: A marketing plan is a detailed roadmap for implementing marketing strategies.
True
Fill in the blank: The four Ps of marketing are Product, Price, Place, and _______.
Promotion
What does SWOT stand for in marketing analysis?
Strengths, Weaknesses, Opportunities, Threats
Which component of the marketing mix focuses on the pricing of products?
Price
True or False: Market segmentation divides a broad consumer or business market into sub-groups.
True
What is a target market?
A specific group of consumers at which a company aims its products and services.
Multiple Choice: Which of the following is NOT a type of market segmentation? A) Demographic B) Geographic C) Psychological D) Financial
D) Financial
What is the purpose of conducting market research?
To gather data about consumers’ needs, preferences, and behaviors.
True or False: Positioning refers to how a product is perceived in the minds of consumers.
True
Fill in the blank: The process of developing a unique image and identity for a product in the consumer’s mind is called _______.
Branding
What is a marketing objective?
A specific, measurable goal that a marketing strategy aims to achieve.
Multiple Choice: Which of the following is an example of a promotional strategy? A) Pricing analysis B) Advertising C) Product design D) Supply chain management
B) Advertising
What does the term ‘customer lifetime value’ (CLV) refer to?
The total revenue a business can expect from a single customer account throughout the business relationship.
True or False: Digital marketing is a modern approach that includes online channels.
True
What is the difference between a marketing strategy and a marketing tactic?
A marketing strategy is a long-term plan, while marketing tactics are the specific actions taken to execute that strategy.
Fill in the blank: In the context of marketing, ROI stands for _______.
Return on Investment
What is brand equity?
The value added to a product by having a well-known brand name.
Multiple Choice: Which of the following is a qualitative research method? A) Surveys B) Focus groups C) Experiments D) Observations
B) Focus groups
What are key performance indicators (KPIs)?
Metrics used to evaluate the success of a marketing strategy.
True or False: A unique selling proposition (USP) differentiates a product from its competitors.
True
What is a marketing funnel?
A model that illustrates the customer journey from awareness to purchase.
Fill in the blank: The practice of analyzing competitors to identify strengths and weaknesses is called _______.
Competitive analysis
What role does customer feedback play in marketing strategy development?
It helps refine products and strategies based on consumer preferences.
Multiple Choice: What is the primary focus of content marketing? A) Sales B) Brand awareness C) Customer service D) Distribution
B) Brand awareness
What is the significance of an elevator pitch in marketing?
It is a brief and persuasive speech to spark interest in a product or service.
True or False: Social media marketing is an essential component of modern marketing strategies.
True
