Podcast
Questions and Answers
What is the purpose of conducting market research?
What is the purpose of conducting market research?
What should be established before creating a marketing plan?
What should be established before creating a marketing plan?
What is a vision statement?
What is a vision statement?
What do SMART objectives stand for?
What do SMART objectives stand for?
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How many pages should a marketing plan ideally be?
How many pages should a marketing plan ideally be?
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What can help a company extend the life cycle of a product?
What can help a company extend the life cycle of a product?
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Which of the following is a component of a SWOT analysis?
Which of the following is a component of a SWOT analysis?
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What is the primary purpose of a SWOT analysis?
What is the primary purpose of a SWOT analysis?
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Which of the following is an example of a weakness identified in a SWOT analysis?
Which of the following is an example of a weakness identified in a SWOT analysis?
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What does the 'O' in SWOT stand for?
What does the 'O' in SWOT stand for?
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What is the primary benefit of conducting a SWOT analysis?
What is the primary benefit of conducting a SWOT analysis?
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Which of the following is not a component of a SWOT analysis?
Which of the following is not a component of a SWOT analysis?
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What is the purpose of identifying opportunities in a SWOT analysis?
What is the purpose of identifying opportunities in a SWOT analysis?
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Which of the following is an example of a threat identified in a SWOT analysis?
Which of the following is an example of a threat identified in a SWOT analysis?
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Which of the following is NOT a strength identified in a SWOT analysis?
Which of the following is NOT a strength identified in a SWOT analysis?
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What is the primary purpose of conducting a SWOT analysis?
What is the primary purpose of conducting a SWOT analysis?
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Which of the following is an example of a weakness in a SWOT analysis?
Which of the following is an example of a weakness in a SWOT analysis?
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What is the purpose of identifying opportunities in a SWOT analysis?
What is the purpose of identifying opportunities in a SWOT analysis?
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What is the purpose of identifying threats in a SWOT analysis?
What is the purpose of identifying threats in a SWOT analysis?
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What is the relationship between a SWOT analysis and a company's marketing strategy?
What is the relationship between a SWOT analysis and a company's marketing strategy?
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How does a SWOT analysis help a company to make informed decisions?
How does a SWOT analysis help a company to make informed decisions?
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What is the benefit of conducting a SWOT analysis regularly?
What is the benefit of conducting a SWOT analysis regularly?
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Study Notes
Determining Product Pricing
- Metro Corporation developed an aromatherapy shampoo because it fit a gap in the market.
Marketing Strategies
- The target market for the aromatherapy shampoo is likely teenagers who prioritize fragrance.
- Marketing strategies are designed to achieve increased brand awareness, higher product sales, and greater profit margins.
Marketing Mix
- The 4Ps of the marketing mix refer to Product, Price, Promotion, and Place.
Marketing Programs
- Action plans are often based on customer feedback, the marketing mix, and SWOT analysis results.
- Social media marketing is an example of digital marketing.
SWOT Analysis
- SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
- A weakness identified in a SWOT analysis is a weak distribution network.
Marketing Mix and Promotion
- Billboard advertising falls under the category of Promotion.
- The key metric used in marketing expense-to-sales analysis is marketing expenses as a percentage of sales.
Profitability Control and Marketing
- Profitability control involves identifying the most effective marketing channels.
- Macroenvironmental factors are uncontrollable external influences.
New Product Idea Evaluation
- When evaluating a new product idea, factors to consider include availability of raw materials, technical expertise, public perception of the company, and economic conditions.
Marketing Process
- The marketing process involves identifying customer needs, designing marketing campaigns, and creating new products.
Marketing Mix and Product
- The marketing mix is a framework used for implementing marketing strategies.
- An example of a product variable in the marketing mix is the brand name.
SWOT Analysis and Strengths
- A strength identified in a SWOT analysis is a strong brand reputation, access to a large customer base, and innovative product development team.
- Dependence on a single supplier is not a strength.
Market Penetration
- Market penetration is a strategy that focuses on selling more products to existing customers.
Marketing Implementation and Control
- The primary purpose of marketing implementation is to turn a marketing plan into action.
- Marketing control involves monitoring and evaluating marketing activities.
Marketing Plan
- Ideally, a marketing plan should be fewer than 15 pages.
- Before creating a marketing plan, the target audience, completion date, responsible parties, and budget should be established.
Vision Statement and SMART Objectives
- A vision statement is a long-term goal for the business.
- SMART objectives are specific, measurable, attainable, relevant, and time-bound.
Market Research
- The purpose of conducting market research is to understand the competition, develop a brand message, identify the target market, and identify customer needs.
Product Life Cycle
- A company can potentially extend the life cycle of a product through re-packaging, discounting, re-branding, or a combination of these strategies.
Product Lines
- The total number of product lines a company offers is referred to as the product mix.
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Description
This quiz assesses your understanding of product pricing and target market identification, using the example of Metro Corporation's aromatherapy shampoo. Test your knowledge of marketing strategies and consumer behavior.
