30 Questions
What is the primary focus of the production concept?
Achieving high production efficiency and low cost
According to the marketing concept, what is the primary goal?
To find the right products for your customers
In which marketing concept does the company focus on aggressive selling and promotion?
Selling concept
What is the primary benefit of the marketing concept?
Enhanced customer satisfaction and loyalty
Which marketing concept is most useful when demand exceeds supply or production costs are high?
Production concept
What is the focus of the product concept?
Product quality and innovative features
What is the primary goal of marketing, according to the American Marketing Association?
To meet and satisfy target customers' needs and wants better than competitors
What is the definition of a market, according to Staton?
The sum of people and organizations with latent need to satisfy, money and a wish to spend it
What is the first step in the STP process?
Segmentation
What is the term for the process of identifying which customer groups to target?
Targeting
What is the process of creating, communicating, delivering, and exchanging offerings that have value for customers?
Marketing
What is the process of understanding how customers make buying decisions?
Consumer behavior
What does a sustainable brand differentiate itself by?
Eco-friendly materials and production processes
What is the goal of a positioning statement?
To align marketing efforts with a company's brand and value proposition
What are negatively correlated attributes and benefits?
Attributes that have opposite effects on a brand's image
What does tangible meaningful differentiation refer to?
The distinct and concrete features or attributes of a product or service
What is a brand's position?
The unique competitive space and/or advantage that resides in consumers' minds
What should a brand focus on to overcome negatively correlated attributes and benefits?
Developing a performing product/service on both dimensions
What does a product satisfy according to the Phycological Product theory?
A need
What is the goal of product portfolio management?
To ensure that the company's investment in products meets objectives
What is SAAS?
Software as a service
Why is it important for a company to analyze its products regularly?
To understand the products' performances and allocate resources effectively
What is a product portfolio?
The set of products that are produced and/or commercialized by a company
What is the role of an interdisciplinary team in product analysis?
To analyze products' performances
What is a product line?
A group of products that are closely related because they perform a similar function
What is the width of a product portfolio?
The number of different product lines
What is the purpose of a flanker or fighter product?
To detract from a competitor's market share
What is product line extension?
The expansion of an existing product line
What is a product mix?
All products and items that a particular seller offers for sale to buyers
What is a characteristic of a product's life cycle?
It has a limited life
This quiz covers the evolution of marketing concepts, including the production and product concepts. It explores how companies focus on production efficiency, low cost, and mass distribution to meet customer demands.
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