MARK101 Principles of Marketing Week 1

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What is the primary focus of the Production concept?

Providing superior customer service

Maximizing production efficiency (correct)

Building strong customer relationships

Creating innovative marketing campaigns

In the context of the 5 C's of Marketing Analysis, what does 'Company' refer to?

Competitors' strategies

Market position and capabilities of the company itself (correct)

Customer needs

Value delivered by the product

Which Marketing Management Orientation focuses on aggressive sales techniques and high promotional efforts?

Societal Marketing concept

Product concept

Selling concept (correct)

Production concept

What is the main emphasis of the Marketing concept?

Meeting customer needs and wants Signup and view all the answers

What is a key element of 'Brand equity' in the marketing mix?

Marketing communications Signup and view all the answers

How does 'Place & channels to market' contribute to value creation in the marketing mix?

By ensuring products are available where customers want them Signup and view all the answers

'SWOT' analysis in marketing refers to an evaluation of:

Strengths, Weaknesses, Opportunities, Threats Signup and view all the answers

'Customer acquisition & retention' primarily focuses on:

Attracting new customers and retaining existing ones Signup and view all the answers

What are opportunities in the context of a company's external environment?

Favorable factors or trends that the company can exploit Signup and view all the answers

Which aspect of a brand's value proposition focuses on explaining how the product solves customers' problems?

Relevancy Signup and view all the answers

What is the purpose of a value proposition for a brand?

To clearly communicate benefits and differentiate from competitors Signup and view all the answers

How does a value proposition differ from a slogan?

A slogan lacks clarity while a value proposition clearly communicates benefits Signup and view all the answers

What does 'brand equity' primarily focus on in the marketing context?

Enhancing the brand's reputation and value Signup and view all the answers

In the context of creating market offerings, what does the 'value chain' involve?

Carrying out activities to design, produce, market, and support products/services Signup and view all the answers

In the context of marketing, what is the primary purpose of Market Segmentation?

Tailoring marketing strategies to specific groups of customers Signup and view all the answers

When a company selects a specific group of customers as the target for its marketing efforts, what aspect of marketing is being emphasized?

Customer acquisition & retention Signup and view all the answers

What is the main goal of Product & Service Positioning in marketing?

Creating a unique and distinctive image in consumer's minds Signup and view all the answers

Which factor contributes significantly to building strong Brand Equity?

Providing excellent customer service experience Signup and view all the answers

What makes Brand Equity a valuable intangible asset for companies?

Customer loyalty and higher perceived value of products/services Signup and view all the answers

How does effective Product & Service Positioning benefit a company's brand equity?

By creating a strong and differentiated brand perception Signup and view all the answers

What is the purpose of developing and maintaining a strategic fit in company-wide strategic planning?

Aligning organization's goals and capabilities with marketing opportunities Signup and view all the answers

How does a mission statement relate to marketing strategies?

It guides the development of marketing strategies supporting the organization's purpose Signup and view all the answers

What is a business portfolio in strategic planning?

The collection of businesses and products that constitute a company Signup and view all the answers

Why is portfolio analysis important in strategic planning?

To evaluate the products and businesses that make up the company Signup and view all the answers

Which statement best describes the importance of brand equity in marketing?

It reflects the value consumers assign to a brand beyond its functional benefits Signup and view all the answers

How does Johnson & Johnson illustrate the concept of a complex business portfolio?

By having revenue primarily derived from pharmaceuticals and medical devices despite popular consumer brands Signup and view all the answers