Marketing Concepts Quiz

A situational analysis technique used to identify and analyze the strengths, weaknesses, opportunities, and threats facing a business.

Goods that are typically consumed quickly and frequently, such as food, drinks, and toiletries.

Systematic gathering of information about a target market. It can be qualitative or quantitative and can involve surveys, focus groups, or interviews.

1. To understand the needs and wants of customers (market analysis). 2. To identify opportunities and threats for business growth.

A market targeting a large, diverse group of consumers. It aims to reach as many people as possible.

A series of stages or intermediaries through which a product flows from producer to consumer. It can include retailers, wholesalers, distributors, or online platforms.

1. It helps cover the costs of producing a new product. 2. It allows for a quick and easy way to set pricing, especially for complex products or services.

External factors that can affect a business's performance, including political, economic, social, technological, legal, and environmental influences.

Political factors can influence regulations, taxes, and trade agreements, impacting OPUS's operations, costs, and market access.

Economic factors like interest rates, inflation, and consumer spending affect OPUS's pricing, profitability, and customer demand.

Social factors like demographics, trends, and consumer values influence OPUS's product design, marketing messages, and target audience.

Technological factors such as automation, innovation, and communication technologies affect OPUS's manufacturing processes, customer engagement, and product development.

Legal factors such as labor laws, consumer protection, and environmental regulations affect OPUS's operations, compliance, and sustainability practices.

Environmental factors related to climate change, resource scarcity, and environmental consciousness influence OPUS's sustainability initiatives, product sourcing, and customer perceptions.

The importance of marketing lies in its power to increase awareness, attract customers, generate leads, and ultimately drive sales and growth for a business like Bob's Celebration Cupcakes.

A business orientation that focuses on creating products and services based on customer needs and wants. It emphasizes market research and customer feedback.

A business orientation that focuses on improving production efficiency and cost optimization.

A business selling products or services to other businesses, such as bakeries selling cupcakes to cafes or restaurants.

1. Name (e.g., brand name). 2. Identity (e.g., logo, colors, values).

Branding helps Bob's Celebration Cupcakes differentiate itself from competitors, build customer loyalty, and establish a unique identity in the market.

1. Entering a fast-growing market presents significant growth opportunities, but also heightened competition.

1. It helps businesses stand out in a crowded market. 2. It attracts customers and builds brand loyalty by offering a unique value proposition.

A pricing strategy where a business sets its prices based on competitor prices. It involves comparing prices of similar products in the market.

1. Ecommerce allows Bob's Celebration Cupcakes to reach a wider customer base beyond its local area. 2. It provides 24/7 accessibility and convenience for customers to shop online.

1. Products at the introductory stage may require significant marketing and promotion to build awareness and generate demand. 2. Profit margins might be low due to high initial costs and low sales volume.

Viral marketing, while potentially effective for spreading awareness quickly, might not be the most appropriate for Bob's Celebration Cupcakes due to its target market and the nature of its products.