Jennifer Is in Charge of Developing a Promotional Strategy for a New

question 221

Multiple Choice

Jennifer is in charge of developing a promotional strategy for a new product her company will soon introduce. She thinks word-of-mouth promotion is likely to be very effective and wants to keep the cost of the campaign relatively low. What is likely to be a key component of her campaign?

• A) magazine advertisements
• B) buzz marketing
• C) television advertisements
• D) sponsorships of major sporting events

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Definitions:

Markets for Goods

Platforms or venues where goods and services are exchanged between buyers and sellers, determining the prices through the laws of supply and demand.

Households

Units consisting of one or more people living in the same dwelling and sharing meals or living accommodation; they can also be considered as basic units in society for consumption, production, and decision-making.

Firms

Business organizations, such as corporations or partnerships, engaged in commercial, industrial, or professional activities.

Markets for Goods

Platforms or mediums where goods and services are exchanged between buyers and sellers.