Marketing Management: Consumer Markets and Branding

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What is the primary focus of marketing?

Reducing production costs

Maximizing profits

Satisfying customer needs (correct)

Increasing market share

What is the primary goal of business markets?

To make a profit

To provide a service

To help buyers make a profit (correct)

To create a strong brand image

What do companies in global markets need to decide on?

How to advertise

How to design communications for different languages

Which countries to enter and how to adapt product features (correct)

How to price products in the same country

What is the role of advertising in business markets?

A minor role compared to the sales force, price, and company reputation Signup and view all the answers

What do consumer markets focus on?

Establishing a strong brand image Signup and view all the answers

What do business marketers need to demonstrate?

How their products will help achieve higher revenue or lower costs Signup and view all the answers

What are the challenges faced by companies operating in international markets?

Cultural, language, legal, and political differences, as well as currency fluctuations Signup and view all the answers

Why do companies selling to non-profit organizations need to price carefully?

Because non-profit organizations have limited purchasing power Signup and view all the answers

What is the primary focus of government buyers in the absence of extenuating factors?

Practical solutions and the lowest bid Signup and view all the answers

What is the defining characteristic of a marketplace?

A physical location where buyers and sellers meet Signup and view all the answers

What is the primary difference between a marketplace and a marketspace?

The presence of a physical location Signup and view all the answers

What characterizes the transaction in a marketplace?

Direct negotiations between buyers and sellers Signup and view all the answers

What can be separated at the marketspace?

Content, context, and infrastructure Signup and view all the answers

What is the automobile meta market an example of?

A set of closely related markets from the customer point of view Signup and view all the answers

What is the Marketing Mix, according to Philip Kotler?

The combination of 4 elements: product, price, promotion, and place Signup and view all the answers

What is one of the challenges business organisations face today?

All of the above Signup and view all the answers

What is the 4P's of Marketing Mix?

Product, Price, Promotion, and Place Signup and view all the answers

What is the purpose of the Marketing Mix?

To produce a response in the target market Signup and view all the answers

What is the focus of the Marketing Era?

Satisfying customer needs Signup and view all the answers

What is the Societal Marketing Concept concerned with?

Satisfying customer needs and wellbeing of society Signup and view all the answers

What are the three key components of the Marketing Concept?

Customer orientation, functional integration, and long-term profitability Signup and view all the answers

What is marketed according to the text?

Goods, services, events, experiences, and more Signup and view all the answers

What is the main difference between the Production Era and the Sales Era?

Focus on production vs. focus on sales Signup and view all the answers

What is the main characteristic that differentiates services from goods?

Intangibility Signup and view all the answers

What is the primary characteristic of a tangible good?

Without any accompanying service Signup and view all the answers

Which of the following is NOT a characteristic of marketing?

Physical process Signup and view all the answers

What is the primary objective of identifying marketing opportunities?

To exploit the chances or prospects for the organization's own benefit Signup and view all the answers

What is the primary role of marketing control?

To monitor and correct the marketing process Signup and view all the answers

What is the scope of marketing in terms of consumer behavior?

Study of consumer wants and needs Signup and view all the answers

What is the dual objective of marketing?

Profit making and consumer satisfaction Signup and view all the answers