Question

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Which one of the following can be termed as strategy development? a. deciding on the sources...

Which one of the following can be termed as strategy development?

a. deciding on the sources of data for market research

b. planning to recover lost market share

c. choosing the right design for market research

d. none of the above

Product and channel decisions are made during which stage of the marketing planning process?

a. Implementation

b. Situation analysis

c. Strategy development

d. Marketing program development

Expert Solution

Which one of the following can be termed as strategy development?

Answer:Option "b" is correct that says "planning to recover lost market share".

Strategic planning to recover the lost market share and brand image is the part of strategy development. Marketing strategies are made to regain the lost market share or increase the market share. When company is losing its existing customers due to competitors, it comes up with new strategies to increase its customer base and to fight with the competitors.

Product and channel decisions are made during which stage of the marketing planning process?

Answer: Option "d" is correct that says, "Marketing program development".

Marketing program development includes idea market mix for the target audience. It contains four Ps of marketing-

Product- Features, packaging, branding, quality, service, warranty

Price- MRP, discounts, offers, Perceived value, flexibility, Terms

Promotion- Advertising channel, Public relation, Sales, Publicity

Place- Distribution channel, Outlet location, Transportation

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