Marketing Key Concepts Quiz

<p>Consumers compare them carefully on various criteria. (B)</p> Signup and view all the answers

<p>They have a low price sensitivity. (A)</p> Signup and view all the answers

<p>Packaging design (D)</p> Signup and view all the answers

<p>Customer retention (A)</p> Signup and view all the answers

<p>Shopping products (C)</p> Signup and view all the answers

<p>Reduce customer feedback (C)</p> Signup and view all the answers

<p>Available in many locations for easy access (C)</p> Signup and view all the answers

<p>Consumer preference and loyalty (C)</p> Signup and view all the answers

<p>The total financial worth of a brand (D)</p> Signup and view all the answers

<p>Higher quality service delivery (C)</p> Signup and view all the answers

<p>Increased brand awareness and loyalty (D)</p> Signup and view all the answers

<p>Strong brands outlast specific products. (B)</p> Signup and view all the answers

<p>Defense against price competition (D)</p> Signup and view all the answers

<p>Competitors may focus on narrower strategies. (B)</p> Signup and view all the answers

<p>Same for less (C)</p> Signup and view all the answers

<p>It is based on perceptions and feelings of consumers. (C)</p> Signup and view all the answers

<p>Target segment, brand, concept, and point of difference. (B)</p> Signup and view all the answers

<p>Previous experiences and perceptions. (D)</p> Signup and view all the answers

<p>Less for much less (D)</p> Signup and view all the answers

<p>A clear and unique value proposition in the market. (D)</p> Signup and view all the answers

<p>Perceived decrease in product quality. (A)</p> Signup and view all the answers

<p>It may spread resources too thin. (A)</p> Signup and view all the answers

<p>Weeding out underperforming brands to concentrate resources. (A)</p> Signup and view all the answers

<p>They can help in influencing investor decisions. (B)</p> Signup and view all the answers

<p>When they produce negative feelings about the product. (D)</p> Signup and view all the answers

<p>They can enhance perceived brand authenticity. (A)</p> Signup and view all the answers

<p>Focusing marketing on fewer strong brands can yield better results. (C)</p> Signup and view all the answers

<p>The meanings conveyed by the colors and shapes used. (A)</p> Signup and view all the answers

<p>To align with consumer preferences in that category. (D)</p> Signup and view all the answers

<p>To better understand and empathize with the target audience. (A)</p> Signup and view all the answers

<p>Potentially more profitability despite smaller size. (A)</p> Signup and view all the answers

<p>Company's annual revenue. (B)</p> Signup and view all the answers

<p>Evaluate the fit with company objectives and resources. (D)</p> Signup and view all the answers

<p>Developing a product that satisfies all consumers can be difficult. (C)</p> Signup and view all the answers

<p>Undifferentiated marketing. (A)</p> Signup and view all the answers

<p>A set of buyers sharing common characteristics that a company decides to serve. (C)</p> Signup and view all the answers

<p>The company lacks necessary skills and resources. (A)</p> Signup and view all the answers

<p>Consumer knowledge and attitudes (C)</p> Signup and view all the answers

<p>Frequent users (D)</p> Signup and view all the answers

<p>Measurable (A)</p> Signup and view all the answers

<p>A detailed and fictional representation of an ideal customer (D)</p> Signup and view all the answers

<p>Basic Sportswear (C)</p> Signup and view all the answers

<p>By serving both regular and former users (D)</p> Signup and view all the answers

<p>It must be profitable enough to serve (B)</p> Signup and view all the answers

<p>To design effective programs tailored for segments (A)</p> Signup and view all the answers

Traits related to personality, values, interests, and lifestyle of a demographic group.

Divides a market based on knowledge, attitudes, uses, or responses to a product.

Segments markets based on specific events leading to product use.

Classifying products based on the advantages consumers expect from them.

Groups buyers into current, former, potential, or first-time users.

Segmentation based on consumer loyalty or non-loyalty to a brand.

Criteria include measurability, differentiability, substantiality, and actionability of segments.

A semi-fictional representation of an ideal customer based on research and assumptions.

A tool that captures customer goals, challenges, behaviors, and preferences.

The process of dividing a market into distinct groups with common needs.

A group of potential customers that a company finds appealing to serve.

Factors affecting the long-term appeal of a market segment, like competition.

Goals set by a company that may influence market segment choices.

A strategy where a company targets the broadest audience with one product.

A specific group of consumers a company aims to serve based on shared characteristics.

The percentage of Lexus buyers who return to purchase another Lexus, which is 60%.

Offering better service, selection, and prices, though hard to maintain long-term.

Selling the same brands at deeper discounts through higher buying power.

Providing lower quality products at significantly reduced prices.

The process of distinguishing a product from competitors in consumers' minds.

How consumers perceive a product in relation to competitors based on attributes and experiences.

A visual representation showing consumer perceptions of brands versus competitors on key factors.

A concise summary of brand positioning targeting a specific segment and highlighting uniqueness.

The primary advantage or value that a product provides to the consumer.

The tangible product that includes features, design, and quality; derived from the core benefit.

The complete offering that includes additional services or benefits beyond the actual product.

Goods and services purchased by final consumers for personal use.

Low involvement consumer products that are purchased frequently and with minimal effort.

Products that are purchased less frequently and involve comparison among competing products.

Unique products with brand loyalty, requiring significant purchase effort; usually higher priced.

The measure of how well a service meets or exceeds customer expectations.

The ability of a service firm to keep its customers over time.

The need for service firms to increase efficiency and output.

Decisions companies make in building and managing their brands.

The differential effect of knowing a brand name on customer response.

The process of estimating the total financial value of a brand.

Signifies high consumer awareness, loyalty, and competitive advantages.

Offering various brands to appeal to different customer segments and increase market share.

Spreading resources too thin may result in low profitability for individual brands.

Companies might create new brands when current names lose power or enter new product categories.

Focusing on top-performing brands by eliminating weaker ones to enhance marketing efforts.

Logos that convey what the brand is about and enhance authenticity and purchase willingness.

They may improve brand evaluations and boost sales, but effectiveness declines with familiarity.

These logos can generate negative feelings if they describe products poorly or if unrelated to the brand.

Well-designed logos can facilitate brand recognition and influence consumer decisions and investor trust.