Marketing Fundamentals Quiz

Primary research involves original data collection through methods such as observations and experiments, whereas secondary research involves analyzing existing data from internal sources like annual reports and external sources like commercial and government publications.

SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound, which helps to set clear, actionable, and achievable goals.

The marketing mix consists of product, price, promotion, and place, which work together to create a cohesive marketing strategy that meets customer needs and achieves business objectives.

<p>Implementation involves putting the marketing plan into action, monitoring involves tracking actual results against planned results, and control involves making adjustments to stay on track.</p> Signup and view all the answers

<p>The three key aspects are sales analysis, market share analysis, and marketing profitability analysis, which provide insights into marketing performance and help identify areas for improvement.</p> Signup and view all the answers

<p>Alternative marketing strategies involve forecasting costs and revenues, estimating costs and revenues, and predicting outcomes, which help marketers anticipate and respond to changing market conditions.</p> Signup and view all the answers

<p>The primary goal of market segmentation is to identify and target a specific group of customers. The four types of market segmentation are demographic, geographic, psychological, and behavioral.</p> Signup and view all the answers

<p>Product/service differentiation is making minor changes or adding value to a product to differentiate it from competitors. This can be achieved through unique features, quality, or service.</p> Signup and view all the answers

<p>Positioning is creating an identity for a product to separate it from competitors. This is achieved by creating a unique image, reputation, or perception of the product in the customer's mind.</p> Signup and view all the answers

<p>Cost-based pricing determines the cost of a product and adds a markup to cover additional costs. Market-based pricing sets the price based on supply and demand, while competition-based pricing sets the price to match or beat competitors.</p> Signup and view all the answers

<p>Price skimming is setting the highest possible price for a product. The benefits include high profit margins, while the drawbacks include limited market share and attracting competitors.</p> Signup and view all the answers

<p>Personal selling is building and maintaining long-term, high-level customer satisfaction through personalized communication. It differs from advertising, which conveys a message to a large audience, and sales promotion, which aims to generate interest and awareness.</p> Signup and view all the answers

<p>Opinion leaders are highly respected individuals who influence consumer behavior through their opinions and experiences. They have a significant impact on word-of-mouth marketing and can shape consumer attitudes and perceptions.</p> Signup and view all the answers

<p>Intensive distribution aims to saturate the market, selective distribution targets a limited number of outlets, and exclusive distribution involves a single outlet. Each channel has different implications for product availability, marketing efforts, and customer reach.</p> Signup and view all the answers

<p>To be the lowest cost manufacturer.</p> Signup and view all the answers

<p>Legal compliance refers to adhering to the law, while ethical responsibility involves taking actions that are morally and ethically correct, even if they go beyond what is legally required.</p> Signup and view all the answers

<p>The four V's affect the transformation process by determining the quantity, type, and timing of production, as well as the level of customer involvement and visibility.</p> Signup and view all the answers

<p>The primary purpose of critical path analysis is to identify the shortest path for completing a series of tasks, enabling the efficient allocation of resources and time.</p> Signup and view all the answers

<p>Technology advances products and enables innovations, task design improves efficiency through continuous improvement, and process layout arranges activities to add value.</p> Signup and view all the answers

<p>The primary goal is to collect information about performance, compare it to planned outcomes, and determine what can be changed to improve quality, speed, dependability, flexibility, customisation, and costs.</p> Signup and view all the answers

<p>The key performance objectives are quality, speed, dependability, flexibility, customisation, and cost.</p> Signup and view all the answers

<p>The primary purpose is to manage distribution, transportation, models, materials handling, and storage, as well as warehousing and distribution centres, to ensure efficient and effective delivery of products and services.</p> Signup and view all the answers

<p>New products or services must be designed to ensure competitive advantage, be upgradeable, lengthy and expensive, and meet customer needs, not all are successful.</p> Signup and view all the answers

<p>The advantages of outsourcing include reducing costs, gaining access to specialist expertise, better access to technology, and improving speed and quality. These advantages contribute to the success of a business by enabling it to focus on its core competencies, improving efficiency, and reducing costs.</p> Signup and view all the answers

<p>Leading edge technology refers to newly developed innovations, whereas established technology is tried, proven, and widely used. Leading edge technology can bring significant benefits, but also poses higher risks, while established technology is more reliable, but may not offer the same level of innovation.</p> Signup and view all the answers

<p>The advantages of holding stock include easy access, reduced bulk costs, and the advantage of seasonal buying. The disadvantages include the need for space, insurance, and other costs. Holding stock can impact inventory management by enabling businesses to respond to changes in demand, but also poses the risk of inventory becoming obsolete or going to waste.</p> Signup and view all the answers

<p>Quality control involves checking at all intervals, whereas quality assurance involves proactive processes to ensure fitness for purpose and right first time. Both quality control and assurance are essential components of total quality management, which aims to achieve continuous improvement and excellence.</p> Signup and view all the answers

<p>The financial costs associated with overcoming resistance to change include investment in new equipment, redundancy payments, retraining, and reorganising plant layout. These costs can be mitigated by careful planning, phasing in changes, and providing support to employees.</p> Signup and view all the answers

<p>JIT (Just-In-Time) inventory management involves holding minimal stock and receiving supplies as needed. This approach differs from other inventory management approaches, such as holding stock, LIFO, and FIFO, as it aims to reduce inventory holding costs and improve responsiveness to demand.</p> Signup and view all the answers

<p>Global sourcing involves purchasing without location constraints, expanding beyond national boundaries. This approach differs from traditional sourcing approaches, which are often limited to local or national suppliers, and can provide access to a wider range of suppliers and better prices.</p> Signup and view all the answers

<p>E-commerce enables business-to-business sourcing by providing a platform for businesses to source goods and services from other businesses online. This approach can impact supply chain management by increasing efficiency, reducing costs, and improving responsiveness to demand.</p> Signup and view all the answers