Marketing Strategy: Product Pricing and Target Market
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Questions and Answers

What is the purpose of conducting market research?

  • To develop a brand message
  • To understand the competition
  • To identify the target market
  • All of the above (correct)

    • What should be established before creating a marketing plan?

  • Vision statement
  • Completion date, responsible parties, and budget (correct)
  • SWOT analysis
  • Target audience

    • What is a vision statement?

  • A deadline for completing the marketing plan
  • A detailed breakdown of marketing tactics
  • A long-term goal for the business (correct)
  • A way to segment the market

    • What do SMART objectives stand for?

    <p>Specific, Measurable, Attainable, Relevant, and Time-bound</p> Signup and view all the answers

    How many pages should a marketing plan ideally be?

    <p>Fewer than 15</p> Signup and view all the answers

    What can help a company extend the life cycle of a product?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is a component of a SWOT analysis?

    <p>Threats</p> Signup and view all the answers

    What is the primary purpose of a SWOT analysis?

    <p>To evaluate the strengths and weaknesses of an organization</p> Signup and view all the answers

    Which of the following is an example of a weakness identified in a SWOT analysis?

    <p>Weak distribution network</p> Signup and view all the answers

    What does the 'O' in SWOT stand for?

    <p>Opportunities</p> Signup and view all the answers

    What is the primary benefit of conducting a SWOT analysis?

    <p>To inform strategic decision-making</p> Signup and view all the answers

    Which of the following is not a component of a SWOT analysis?

    <p>Objectives</p> Signup and view all the answers

    What is the purpose of identifying opportunities in a SWOT analysis?

    <p>To capitalize on favorable market trends</p> Signup and view all the answers

    Which of the following is an example of a threat identified in a SWOT analysis?

    <p>Intense competition</p> Signup and view all the answers

    Which of the following is NOT a strength identified in a SWOT analysis?

    <p>Dependence on a single supplier</p> Signup and view all the answers

    What is the primary purpose of conducting a SWOT analysis?

    <p>To identify strengths, weaknesses, opportunities, and threats</p> Signup and view all the answers

    Which of the following is an example of a weakness in a SWOT analysis?

    <p>Dependence on a single supplier</p> Signup and view all the answers

    What is the purpose of identifying opportunities in a SWOT analysis?

    <p>To capitalize on external factors that can benefit the company</p> Signup and view all the answers

    What is the purpose of identifying threats in a SWOT analysis?

    <p>To prepare for external factors that can negatively affect the company</p> Signup and view all the answers

    What is the relationship between a SWOT analysis and a company's marketing strategy?

    <p>A SWOT analysis is used to develop a marketing strategy</p> Signup and view all the answers

    How does a SWOT analysis help a company to make informed decisions?

    <p>By providing a comprehensive understanding of the company's internal and external factors</p> Signup and view all the answers

    What is the benefit of conducting a SWOT analysis regularly?

    <p>It helps to stay up-to-date with changing internal and external factors</p> Signup and view all the answers

    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.

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