Marketing Concepts and Frameworks Quiz

The activity and processes for creating, communicating, delivering, and exchanging offerings that provide value.

Creating, Communicating, Delivering, and Exchanging are the four main components of marketing.

The traditional marketing mix consisting of Product, Price, Place, and Promotion.

An extended marketing mix including the Four Ps plus People, Process, and Physical evidence.

A statement that explains how a product solves a problem or adds value for customers.

The process of establishing a brand or product in the minds of consumers.

The process of dividing a target market into smaller, more defined categories.

The practice of creating a name, symbol, or design that identifies and differentiates a product.

Identifying your target helps ensure effective marketing strategies.

A marketing framework that includes Product, Price, Place, Promotion, People, Process, and Physical evidence.

Activities aimed at creating awareness of a product or service to drive sales.

Methods used in promotion such as web ads, TV commercials, and social media.

An item or service sold to fulfill a buyer's needs or wants.

Branded products have a unique identity, while unbranded products are generic commodities.

A unique name/image that promises specific benefits to a target segment.

Commodities without a specific brand identity or differentiation.

Individuals hired to evaluate customer service and gather competitive information.

A framework to analyze the competitive environment of an industry.

An analytical tool used to assess Political, Economic, Social, Technological, Environmental, and Legal factors.

A U.S. antitrust law that prohibits monopolistic practices.

The framework of regulations and political factors influencing businesses.

The method of delivering the product to the consumer and ensuring they can access it easily.

The actual transportation and storage of materials and products within the supply chain.

The amount a customer is willing to pay, influenced by costs, competition, and desired margins.

Activities that communicate the benefits and features of a product to the target audience.

The individuals involved in the marketing process, including customers, staff, and stakeholders.

Marketing is essential for businesses to connect with their audience and differentiate themselves.

Market structures where a single firm controls the market.

Groups of firms that collude to set prices and control supply.

Federal Trade Commission that regulates deceptive advertising.

The rise in general price levels, decreasing purchasing power.

A period of economic decline, marked by reduced trade and GDP.

Promoting environmentally safe products and services.

Changing attitudes and behaviors in society, like fitness.

Using digital tools to enhance communication and business.

A plan to achieve specific objectives or goals.

The aim is to convert target audience into customers.

Using existing information such as databases and journals.

Gathering new data directly from interviews or surveys.

A framework for evaluating strengths, weaknesses, opportunities, and threats.

Factors within a company affecting its performance.

External factors affecting a company like competition and regulations.

An edge over competitors that allows a firm to generate greater sales.

Broad external forces affecting the market like economy and demographics.

Specific factors like customers and suppliers influencing the business.

Potential areas for growth based on external analysis.

External challenges that could hinder organizational success.

Evaluating competitors to identify strengths and weaknesses.

The influence customers have on pricing and terms.

A framework for analyzing industry competitiveness developed by Michael Porter.