Marketing Fundamentals Quiz

The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors.

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

The set of controllable tactical marketing tools that a company uses to produce the response it wants in the target market.

The marketing philosophy that emphasizes achieving organizational goals by satisfying customer needs and wants more effectively than competitors do.

A marketing philosophy that emphasizes making continuous product improvements rather than relying on aggressive advertising.

The stages that a product goes through from introduction to decline.

A factor external to the organization that influences consumer behavior. They are part of the marketing environment.

It prioritizes maximizing production efficiency and minimizing costs.

It emphasizes selling and promoting products aggressively to push sales.

It considers the needs of customers, society, and the company's long-term sustainability.

It emphasizes building strong relationships with customers by understanding their needs and wants.

It emphasizes promoting and selling products rather than satisfying customer needs.

The process of creating a plan for achieving marketing objectives.

A tool for analyzing a company's internal strengths and weaknesses, and external opportunities and threats.

A company prioritizes maximizing profits.

A company prioritizes understanding and fulfilling customer needs and wants.

The goal is to close sales, even if it means using high-pressure tactics.

Balancing the needs of consumers, society, and the company.

A company actively supports environmental conservation initiatives.

Building strong relationships with consumers and society.

The value that a company's products or services provide to customers.

A strategic planning model that helps determine the competitive advantage of a company by aligning its strategies with its external environment.

A marketing tool used by companies to communicate with and persuade customers to buy their products.

The combination of tools used by a company to control and influence customers' buying decisions.

Focusing on increasing market share in current markets with existing products.

Dividing a market into smaller segments based on distinct characteristics to target specific customer groups.

A metric used to measure brand awareness by assessing how many people remember a brand.

An analysis of a company's internal strengths and weaknesses and external opportunities and threats.

False. While profit is important, marketing management focuses on creating value and building relationships with customers, which can lead to long-term profitability.

True. The 4Ps of marketing are commonly known as Product, Price, Promotion, and Place.

False. Successful marketing strategies vary based on specific industries, target markets, and competitive environments.

False. CRM is essential to effective marketing management as it helps build lasting customer relationships.

True. Market segmentation is key for targeting specific customer groups with customized marketing messages.

True. The marketing mix includes the four Ps: Product, Price, Place, and Promotion.

False. The customer-focused marketing approach emphasizes understanding customer needs and delivering value to meet those needs.

True. Market segmentation divides a market into smaller groups to target them with specific messages and products.

True. SWOT analysis helps assess a company's internal strengths and weaknesses, and external opportunities and threats.

True. Brand equity is the value associated with a brand, separate from its physical assets.

The selling concept.

The marketing concept.

The societal marketing concept places emphasis on:

A specific measurable goal that a marketing campaign aims to achieve within a defined timeframe. It's a clear target that drives marketing efforts and allows you to track progress.

A self-contained unit within a larger corporation with its own distinct products, markets, and strategic direction. It operates like a mini-business with its own objectives and plans, but within the overarching corporate strategy.

A key characteristic that defines an SBU. It means the unit has its own set of competitors that it directly competes against, and a manager responsible for creating and executing strategic plans for that unit.

SBUs contribute to the overall corporate success by focusing on specific market segments, tailoring strategies for those segments, and ultimately contributing to the parent company's goals.

The relationship between an SBU and its parent company is one of alignment and support. While SBUs have their own strategies, they must be driven by and contribute to the overarching goals of the parent corporation.

Establishing SBUs within a corporation allows for a more focused approach to various markets or product lines. It allows the company to tailor strategies to specific areas, leading to better resource allocation and efficiency.

True. Strategic alternatives are different courses of action a company can take to achieve its objectives. They provide multiple avenues for achieving the desired outcomes.

False. Strategic alternatives can involve multiple options for a company to pursue, allowing for flexibility and adaptability based on various factors and circumstances.

True. Strategic alternatives are typically developed during the planning process of a company. Analyzing the company's strengths, weaknesses, opportunities, and threats helps in identifying potential alternatives.

True. Strategic alternatives can help a company adapt to changes in the external environment. By having multiple options, a company can react to changes in the market, competition, or other factors.

False. Strategic alternatives are not fixed or unchangeable. They are dynamic and can be adjusted based on new information, changing market conditions, or unforeseen circumstances.

Selling existing products to new markets. This strategy focuses on expanding the customer base for existing offerings by targeting new geographic areas, demographic groups, or market segments.

Introducing new products to existing markets. This strategy focuses on creating and offering new products or services to existing customers, leveraging existing relationships and brand recognition.

Focuses on increasing sales of existing products in existing markets. This strategy aims to maximize sales within the current market by increasing brand awareness, improving customer loyalty, or offering better deals.

Taking existing products and introducing them to new markets. This strategy involves finding new customer segments or expanding geographically to reach new audiences with the existing product.

Diversification involves developing new products and introducing them to new markets. This strategy involves venturing into entirely new areas, products, and customer bases.

Companies that prioritize continuous improvement of existing products and processes to achieve operational efficiency. They focus on optimizing workflows, streamlining production, and reducing costs.

Companies that focus on incremental innovations, improving existing products to meet customer needs. They refine and enhance existing offerings, often adapting them to changing preferences.

Developing strategies to position a brand in a way that stands out from competitors.

The rate at which customers stop doing business with a company.

Finding out what competitors are doing to improve your own strategy.

Creating and sharing valuable content like blog posts, videos, etc., to attract and engage your audience.

The percentage of visitors who take the desired action, like making a purchase.

Managing all communications with customers, aiming to build strong relationships and keep them loyal.

A prompt or call to action, encouraging the user to take a specific action.

Dividing customers into smaller, unique groups based on their shared characteristics.

Using digital channels like websites, social media, and email to promote products and services.

Selling products and services online.

A marketing strategy aimed at businesses rather than individual consumers.

The percentage of visitors who leave a web page without taking any action.

The value associated with a brand in the marketplace and among its customers.

A company hired to produce advertising efforts across various channels (TV, radio, print, etc.).

A digital marketing strategy where third parties refer visitors to products or services and earn a commission for successful sales.

A method for comparing two options (such as email subject lines or website layouts) to determine which performs better.

A company with a cost competitive advantage typically has lower production costs compared to their competitors.

Lowering production costs to achieve a cost competitive advantage isn't solely about price reduction.

Continuously innovating and investing in technology to reduce costs is critical for maintaining a cost competitive advantage.

Outsourcing labor to low-cost countries is one strategy for achieving a cost competitive advantage.

Cost competitive advantage is crucial in both product and service industries.

A group of consumers who are most likely to be interested in a product or service.

When defining a target market, consumer's favorite color is usually NOT relevant.

Common segmentation variables used in target market segmentation include demographic, geographic, psychographic, and behavioral.

Clearly defining a target market is crucial for tailoring products and services to meet specific needs of consumers.

A strategic approach focused on continuously developing and testing new ideas, products, and services without immediate concern for profitability.

Expanding into new markets quickly, often through acquisitions or strategic partnerships.

A business unit within the BCG Matrix that generates substantial cash flow but operates in a slow-growing market, often seen as a stable source of income.

A business unit in the BCG Matrix characterized by low market share in a slow-growing market, often considered a candidate for divestment.

A business unit within the BCG Matrix with high market share in a high-growth market, often requiring significant investment to maintain its position.

A business unit within the BCG Matrix with low market share in a high-growth market, typically requiring significant investment to become a 'star.'

The Boston Consulting Group (BCG) Model classifies business units into four categories based on market growth rate and relative market share. The categories are Cash Cows, Dogs, Stars, and Question Marks.

A strategic plan used to identify a company's marketing goals, target audience, and strategies to achieve success in the marketplace.

Specific, Measurable, Achievable, Relevant, and Time-bound - a framework used to create effective marketing objectives.

The process of identifying target customers and their needs, desires, and preferences.

Developing a plan to evaluate the effectiveness of marketing campaigns and tactics.

An economic model used to analyze the interaction of aggregate demand and aggregate supply, determining equilibrium output and price level.