Strand 2: Marketing Planning - Part 1 of 2

Which of the following best defines a marketing plan?

• A document for managing employee performance

• A strategic roadmap for achieving promotional and financial goals

• A tool used to manage inventory and logistics

• A summary of customer feedback and preferences

What does market share measure?

• A company’s revenue compared to competitors

• The total number of customers in a market

• The percentage of industry sales achieved by a company

• The profit margins of a specific product

How does niche marketing differ from mass marketing?

• It targets the widest possible audience

• It focuses on a highly specific customer segment

• It involves using only digital advertisements

• It avoids product customization

What is the primary purpose of situational analysis (SWOT)?

• To track the company's financial expenditures

• To evaluate a business's strengths, weaknesses, opportunities, and threats

• To compare a company’s pricing with competitors

• To determine the effectiveness of an advertising campaign

Which of the following is a characteristic of demographic segmentation?

• Grouping customers by attitudes and values

• Categorizing customers by gender and income levels

• Dividing customers based on usage rates

• Segmenting customers by geographic location

When would psychographic segmentation be most useful?

• When targeting customers based on their spending habits

• When creating products for specific age groups

• When marketing to people with shared values and lifestyles

• When categorizing customers by climate and location

Which example represents behavioral segmentation?

• Advertising premium services to high-income earners

• Grouping consumers based on their shopping habits and benefits sought

• Marketing products to urban customers

• Targeting customers with similar personalities

What is a key advantage of niche marketing?

• It reduces production costs

• It eliminates competition entirely

• It allows companies to meet specific customer needs

• It relies on mass appeal

A company analyzes competitor pricing and customer convenience. This process is an example of:

• Marketing segmentation

• Situational analysis

• Marketing share evaluation

• Product differentiation

Why might a business choose mass marketing over niche marketing?

• To reduce advertising expenses

• To appeal to a broad audience and maximize potential sales

• To create highly personalized customer experiences

• To lower the cost of product customization