During your market analysis, you discover a significant shift in consumer preferences. How would you recommend adjusting the marketing strategy to adapt to this change?
- Conduct market research to understand the reasons behind the shift
- Expand product features to appeal to the new preferences
- Launch targeted advertising campaigns to reposition the product
- Offer promotions and discounts to incentivize purchases
Recommending adjustments to the marketing strategy requires understanding the underlying reasons for the shift in consumer preferences. Conducting market research helps in identifying the factors driving the change, such as evolving trends or competitor actions. Based on the insights gathered, adjustments can be made to the marketing strategy, such as repositioning the product through targeted advertising or expanding product features to align with the new preferences.
Loading...
Related Quiz
- What does adaptability mean in a work environment?
- How can cultural differences impact negotiation strategies, and how would you adapt your...
- Effective time management requires identifying and eliminating _________ activities that do not contribute to goals.
- What strategies can be employed to build long-term relationships with customers?
- You are tasked with designing a database for a banking system. How would you ensure data security and integrity within the database?