29 Questions
Which stage of the product life cycle (PLC) is characterized by the need to establish awareness and enhance demand for the product?
Introduction stage
Which marketing objective is associated with the maturity stage of the PLC?
Maintain loyalty and encourage switching
What is the key focus of marketing activities during the decline stage of the PLC?
Promote new uses and strengths
Which of the following is a characteristic of the 'question marks' quadrant in the Boston matrix?
High market growth and low market share
Which of the following best describes the 'remind' stage in the product life cycle?
Maintain loyalty and encourage switching to the product
In the context of the product life cycle, which stage is associated with the need to $5(7 + 3)$ promotional tactics to fight competition?
Growth
What is the definition of unit market share in terms of sales volume?
Unit sales divided by total market unit sales
What is the formula for calculating market capacity?
C = P + I - E + Cs
Which of the following is not a characteristic of a CASH COW product?
High market share and high market growth
What is the definition of relative market share?
Company's market share divided by the leader's market share
What is the main purpose of a concentrated marketing strategy?
To target a very specific segment of the market
Which of the following is not a component of the market capacity formula?
Profit margin
What is the definition of a STAR product?
High market share and high market growth
Which of the following is a key characteristic of niche marketing?
Targeting a very specific segment with few or no competitors
What is the purpose of market positioning?
To influence consumer perception of a brand or product relative to competitors
Which of the following is a key element of the STP (Segmentation, Targeting, Positioning) framework?
All of the above
What is the key difference between a differentiated marketing strategy and a concentrated marketing strategy?
A differentiated strategy creates campaigns for multiple segments, while a concentrated strategy targets a single segment
What is the main goal of a mass marketing strategy?
To appeal to the entire market with one offering or strategy
What type of pricing strategy is effective for businesses that sell unique goods?
Premium pricing
Which pricing strategy aims to minimize marketing and production costs to keep product prices down?
Economy pricing
In the early days of a product's life cycle, which pricing strategy is often most effective?
Premium pricing
What is the main aim of penetration pricing strategies?
Attract buyers with lower prices
Which type of businesses typically use economy pricing?
Discount retailers
What can be a potential risk for small businesses using economy pricing?
Dangerous financial implications
Which of the following is NOT a key difference between pharmaceutical marketing and regular consumer marketing?
Pharmaceutical marketing has lower product brand loyalty
Which of the following is a core concept of marketing according to the text?
All of the above
What does the '7Ps' model in the text refer to?
The 7 key components of the marketing mix
Which of the following is a key difference between transactional and relationship marketing?
Transactional marketing focuses on individual sales, while relationship marketing focuses on building long-term customer relationships
What does the text suggest is a key difference between pharmaceutical and regular consumer marketing in terms of R&D?
Pharmaceutical marketing has higher R&D costs
Learn about the definition and scope of marketing according to different sources such as the Oxford English Dictionary and the Chartered Institute of Marketing. Explore how marketing involves managing customer requirements profitably and maintaining relationships with stakeholders.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
