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Marketing Planning Process

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Questions and Answers

What is the primary focus when it comes to marketing during turbulent times?

Discount the best brands to attract more customers

Maintain marketing budget at the same level

Drop programs quickly that are not working

Emphasize safety and core values (correct)

What message does discounting your best brands send to the market?

The company is innovative

The products are of higher quality

The products won't be worth the price in the future (correct)

Prices were too low before

What does 'Save the strong; lose the weak' imply in the context of the text?

Discount all products equally

Strengthen your strongest brands further (correct)

Focus on increasing your marketing budget

Maintain all existing programs

Why is it important to research customers more during turbulent times?

Their needs and wants are changing Signup and view all the answers

Why should companies avoid discounting their best brands according to the text?

To emphasize safety and value Signup and view all the answers

What is the suggested approach for appealing to more frugal customers while maintaining premium brands?

Create a new brand with lower prices Signup and view all the answers

What are the steps involved in the marketing process?

Analyzing market opportunities, selecting target markets, designing marketing strategies, developing marketing programs, and managing the marketing effort Signup and view all the answers

What characterizes an 'Age of Turbulence,' according to Philip Kotler?

Chaos, risks, and uncertainty in industries, markets, and companies Signup and view all the answers

What does market share represent?

The percentage of total sales in an industry earned by a specific company over a period Signup and view all the answers

What is emphasized for marketers in an 'Age of Turbulence'?

Activating automatic responses and staying innovative in turbulent times Signup and view all the answers

Why is marketing planning described as more fluid in practice?

Due to the continuously changing competitive market environment Signup and view all the answers

What factor should companies focus on to secure their market share according to the text?

Core customer segments Signup and view all the answers