Marketing Fundamentals Quiz
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Questions and Answers

What is the term used to describe wants that are backed with buying power?

  • Demands (correct)
  • Necessities
  • Desires
  • Requirements
  • In 5C's analysis, which of the following is NOT one of the 'C's?

  • Collaborators
  • Company
  • Cost (correct)
  • Context
  • What does 'Segmentation' involve in the process of understanding the customers?

  • Selecting the segment to enter
  • Total market analysis
  • Market differentiation
  • Target market identification (correct)
  • Which type of organization is involved in buying goods and services for further processing?

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

    What is the term used to describe individuals who purchase goods and services?

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

    What does 'Segmentation' involve in the process of understanding the customers?

    <p>Dividing the total market into smaller segments</p> Signup and view all the answers

    What is the term used to describe wants that are backed with buying power?

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

    What is the term used to describe the reason of existence of an organization?

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

    What does 'Differentiation' involve in creating value for the customer?

    <p>Differentiating the market for creating value</p> Signup and view all the answers

    What does 'Positioning' involve in the process of creating value for the customer?

    <p>Positioning the market offering in the minds of the target</p> Signup and view all the answers

    What is the term used to describe the organizations that buy goods and services for further processing?

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

    What does 'Targeting' involve in the process of understanding the customers?

    <p>Selecting the segment to enter</p> Signup and view all the answers

    What does 'Values' represent in the context of an organization?

    <p>Organizational beliefs and expected behaviors</p> Signup and view all the answers

    What is the term used to describe the aspirations of what an organization hopes to achieve or become?

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

    What does 'Wants' represent in the context of understanding the customers?

    <p>How they are shaped by culture and personality</p> Signup and view all the answers

    What does 'Reseller' represent in the context of understanding the customers?

    <p>Buys goods and services to resell</p> Signup and view all the answers

    Which concept states that consumers will buy products with quality, performance, and innovation?

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

    What is the evaluation of customers about the difference between benefits and costs of competitors called?

    <p>Customer perceived value</p> Signup and view all the answers

    What does customer engagement marketing aim to achieve?

    <p>Making the brand part of the consumers by involving them in communities, conversations, and experiences</p> Signup and view all the answers

    What is the ideal way of engaging customers anytime, according to the text?

    <p>Mobile marketing</p> Signup and view all the answers

    What is the portion of the customer´s purchasing that a brand gets in its product categories called?

    <p>Share of customer</p> Signup and view all the answers

    What is the term used to describe consumer-driven brand exchanges shaping personal and collective experiences?

    <p>Consumer-generated marketing</p> Signup and view all the answers

    What is the process of building and maintaining relationships by delivering superior customer value and satisfaction called?

    <p>Customer relationship management</p> Signup and view all the answers

    What type of customers are characterized by high profitability and high loyalty?

    <p>Real Friends</p> Signup and view all the answers

    What does the marketing concept state?

    <p>Goals depend on the needs of consumers and are better than competitors</p> Signup and view all the answers

    What does the term 'market offerings' refer to?

    <p>Combination of things offered to a market to satisfy a need or like</p> Signup and view all the answers

    What is the term used to describe actions by which satisfied consumers initiate favorable interactions with others about the brand?

    <p>Customer brand advocacy</p> Signup and view all the answers

    What does the societal marketing concept consider?

    <p>Wants and consumers/society's long-term interests</p> Signup and view all the answers

    What are the four key elements of the marketing mix?

    <p>Product, price, place, promotion</p> Signup and view all the answers

    What is the term used to describe the total combined customer lifetime value of all current and potential customers?

    <p>Customer equity</p> Signup and view all the answers

    Which type of customer is characterized by low profitability and low loyalty?

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

    What concept emphasizes that consumers will buy products with quality, performance, and innovation?

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

    What does customer engagement marketing aim to achieve?

    <p>Making the brand part of the consumers by involving them in communities, conversations, and experiences</p> Signup and view all the answers

    What does the societal marketing concept consider?

    <p>Wants and consumers/society's long-term interests</p> Signup and view all the answers

    What is the fastest-growing digital platform for engaging customers anytime?

    <p>Mobile marketing</p> Signup and view all the answers

    What does big data marketing aim to achieve?

    <p>Gain deep customer insights and personalize customer engagements</p> Signup and view all the answers

    What is the process of building and maintaining relationships by delivering superior customer value and satisfaction called?

    <p>Customer relationship management</p> Signup and view all the answers

    What is the term used to describe consumer-driven brand exchanges shaping personal and collective experiences?

    <p>Consumer-generated marketing</p> Signup and view all the answers

    What does the marketing mix consist of?

    <p>Product, price, place, promotion</p> Signup and view all the answers

    What is the term used to describe the evaluation of customers about the difference between benefits and costs of competitors?

    <p>Customer perceived value</p> Signup and view all the answers

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