Question $3$

$10$ Points

A Consumer Value Proposition

Is the first step of the marketing process, one in which prior to understanding needs$/$wants$,$ the company decides on how to best advertise their product

Is part of the strategic process done after understanding the market and customer needs$/$wants and colime other strategic tools such as objective setting, SWOT, mission statement, segmentation, targeting and brand positioning. It is defined as a set of product benefits or values the marketing department believes will best meet the consumer needs$/$wants in the marketplace.

Is one $P$ of the $4P$ Marketing Mix$/$Plan$,$ along with Product, Price and Promotion.

Is the sales or profit a company receives in return for a well marketed product or service

Is a marketing term used to measure the gap between the quality of the company's product versus that of the market leader.