Definition and Scope of Marketing
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Questions and Answers

Which stage of the product life cycle (PLC) is characterized by the need to establish awareness and enhance demand for the product?

  • Growth stage
  • Maturity stage
  • Introduction stage (correct)
  • Decline stage

    • Which marketing objective is associated with the maturity stage of the PLC?

  • Decrease spending if withdrawal and advertise replacement
  • Develop intention to prescribe/buy and inform trade
  • Maintain loyalty and encourage switching (correct)
  • Tease and prepare the market

    • What is the key focus of marketing activities during the decline stage of the PLC?

  • Develop intention to prescribe/buy and inform trade
  • Promote new uses and strengths (correct)
  • Maintain loyalty and encourage switching
  • Establish awareness and enhance demand

    • Which of the following is a characteristic of the 'question marks' quadrant in the Boston matrix?

    <p>High market growth and low market share</p> Signup and view all the answers

    Which of the following best describes the 'remind' stage in the product life cycle?

    <p>Maintain loyalty and encourage switching to the product</p> Signup and view all the answers

    In the context of the product life cycle, which stage is associated with the need to $5(7 + 3)$ promotional tactics to fight competition?

    <p>Growth</p> Signup and view all the answers

    What is the definition of unit market share in terms of sales volume?

    <p>Unit sales divided by total market unit sales</p> Signup and view all the answers

    What is the formula for calculating market capacity?

    <p>C = P + I - E + Cs</p> Signup and view all the answers

    Which of the following is not a characteristic of a CASH COW product?

    <p>High market share and high market growth</p> Signup and view all the answers

    What is the definition of relative market share?

    <p>Company's market share divided by the leader's market share</p> Signup and view all the answers

    What is the main purpose of a concentrated marketing strategy?

    <p>To target a very specific segment of the market</p> Signup and view all the answers

    Which of the following is not a component of the market capacity formula?

    <p>Profit margin</p> Signup and view all the answers

    What is the definition of a STAR product?

    <p>High market share and high market growth</p> Signup and view all the answers

    Which of the following is a key characteristic of niche marketing?

    <p>Targeting a very specific segment with few or no competitors</p> Signup and view all the answers

    What is the purpose of market positioning?

    <p>To influence consumer perception of a brand or product relative to competitors</p> Signup and view all the answers

    Which of the following is a key element of the STP (Segmentation, Targeting, Positioning) framework?

    <p>All of the above</p> Signup and view all the answers

    What is the key difference between a differentiated marketing strategy and a concentrated marketing strategy?

    <p>A differentiated strategy creates campaigns for multiple segments, while a concentrated strategy targets a single segment</p> Signup and view all the answers

    What is the main goal of a mass marketing strategy?

    <p>To appeal to the entire market with one offering or strategy</p> Signup and view all the answers

    What type of pricing strategy is effective for businesses that sell unique goods?

    <p>Premium pricing</p> Signup and view all the answers

    Which pricing strategy aims to minimize marketing and production costs to keep product prices down?

    <p>Economy pricing</p> Signup and view all the answers

    In the early days of a product's life cycle, which pricing strategy is often most effective?

    <p>Premium pricing</p> Signup and view all the answers

    What is the main aim of penetration pricing strategies?

    <p>Attract buyers with lower prices</p> Signup and view all the answers

    Which type of businesses typically use economy pricing?

    <p>Discount retailers</p> Signup and view all the answers

    What can be a potential risk for small businesses using economy pricing?

    <p>Dangerous financial implications</p> Signup and view all the answers

    Which of the following is NOT a key difference between pharmaceutical marketing and regular consumer marketing?

    <p>Pharmaceutical marketing has lower product brand loyalty</p> Signup and view all the answers

    Which of the following is a core concept of marketing according to the text?

    <p>All of the above</p> Signup and view all the answers

    What does the '7Ps' model in the text refer to?

    <p>The 7 key components of the marketing mix</p> Signup and view all the answers

    Which of the following is a key difference between transactional and relationship marketing?

    <p>Transactional marketing focuses on individual sales, while relationship marketing focuses on building long-term customer relationships</p> Signup and view all the answers

    What does the text suggest is a key difference between pharmaceutical and regular consumer marketing in terms of R&D?

    <p>Pharmaceutical marketing has higher R&amp;D costs</p> Signup and view all the answers

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