Marketing Concepts and Evolution
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Questions and Answers

What is the primary focus of the production concept?

  • Aggressive selling and promotion
  • Achieving high production efficiency and low cost (correct)
  • Customer needs and preferences
  • Product quality and performance

    • According to the marketing concept, what is the primary goal?

  • To find the right customers for your products
  • To minimize production costs
  • To find the right products for your customers (correct)
  • To maximize profits and sales

    • In which marketing concept does the company focus on aggressive selling and promotion?

  • Marketing concept
  • Production concept
  • Product concept
  • Selling concept (correct)

    • What is the primary benefit of the marketing concept?

    <p>Enhanced customer satisfaction and loyalty</p> Signup and view all the answers

    Which marketing concept is most useful when demand exceeds supply or production costs are high?

    <p>Production concept</p> Signup and view all the answers

    What is the focus of the product concept?

    <p>Product quality and innovative features</p> Signup and view all the answers

    What is the primary goal of marketing, according to the American Marketing Association?

    <p>To meet and satisfy target customers' needs and wants better than competitors</p> Signup and view all the answers

    What is the definition of a market, according to Staton?

    <p>The sum of people and organizations with latent need to satisfy, money and a wish to spend it</p> Signup and view all the answers

    What is the first step in the STP process?

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

    What is the term for the process of identifying which customer groups to target?

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

    What is the process of creating, communicating, delivering, and exchanging offerings that have value for customers?

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

    What is the process of understanding how customers make buying decisions?

    <p>Consumer behavior</p> Signup and view all the answers

    What does a sustainable brand differentiate itself by?

    <p>Eco-friendly materials and production processes</p> Signup and view all the answers

    What is the goal of a positioning statement?

    <p>To align marketing efforts with a company's brand and value proposition</p> Signup and view all the answers

    What are negatively correlated attributes and benefits?

    <p>Attributes that have opposite effects on a brand's image</p> Signup and view all the answers

    What does tangible meaningful differentiation refer to?

    <p>The distinct and concrete features or attributes of a product or service</p> Signup and view all the answers

    What is a brand's position?

    <p>The unique competitive space and/or advantage that resides in consumers' minds</p> Signup and view all the answers

    What should a brand focus on to overcome negatively correlated attributes and benefits?

    <p>Developing a performing product/service on both dimensions</p> Signup and view all the answers

    What does a product satisfy according to the Phycological Product theory?

    <p>A need</p> Signup and view all the answers

    What is the goal of product portfolio management?

    <p>To ensure that the company's investment in products meets objectives</p> Signup and view all the answers

    What is SAAS?

    <p>Software as a service</p> Signup and view all the answers

    Why is it important for a company to analyze its products regularly?

    <p>To understand the products' performances and allocate resources effectively</p> Signup and view all the answers

    What is a product portfolio?

    <p>The set of products that are produced and/or commercialized by a company</p> Signup and view all the answers

    What is the role of an interdisciplinary team in product analysis?

    <p>To analyze products' performances</p> Signup and view all the answers

    What is a product line?

    <p>A group of products that are closely related because they perform a similar function</p> Signup and view all the answers

    What is the width of a product portfolio?

    <p>The number of different product lines</p> Signup and view all the answers

    What is the purpose of a flanker or fighter product?

    <p>To detract from a competitor's market share</p> Signup and view all the answers

    What is product line extension?

    <p>The expansion of an existing product line</p> Signup and view all the answers

    What is a product mix?

    <p>All products and items that a particular seller offers for sale to buyers</p> Signup and view all the answers

    What is a characteristic of a product's life cycle?

    <p>It has a limited life</p> Signup and view all the answers

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