Marketing Principles and Concepts Quiz

A marketing philosophy focused on continuously improving products rather than solely relying on aggressive advertising.

A marketing philosophy emphasizing understanding and satisfying customer needs and wants while also considering societal well-being.

The combination of controllable marketing variables (product, price, place, and promotion) that a company uses to influence customers' buying decisions.

A strategic tool for assessing the external environment of a company, including political, economic, social, and technological factors.

A framework for analyzing the competitive landscape of a company, identifying five key forces: threat of new entrants, bargaining power of buyers, bargaining power of suppliers, threat of substitute products, and rivalry among existing competitors.

A tool for analyzing a company's portfolio of products or business units, classifying them based on market share and market growth rate.

A strategy for increasing market share in existing markets with existing products.

A promotional tool that involves communicating with and persuading customers to buy products.

This strategy involves introducing new products to existing markets.

This strategy involves selling existing products to new markets.

This strategy involves entering new markets with new products.

In this quadrant of the Innovation Matrix, companies focus on incremental innovation and improving existing products to meet customer needs.

This quadrant of the Innovation Matrix focuses on companies that seek to expand into new markets rapidly.

In this quadrant of the Innovation Matrix, companies prioritize building strong relationships with customers, providing personalized solutions, and creating a tailored experience for each client.

In this quadrant of the Innovation Matrix, companies focus on disruptive innovations that change the industry landscape.

A marketing approach that focuses on meeting the needs of both customers and society.

A marketing approach that prioritizes selling existing products rather than understanding customer needs.

A marketing approach that centers on understanding and fulfilling customer needs and wants.

This orientation emphasizes understanding and fulfilling customer needs, often by researching changing preferences.

This orientation aims to close deals and maximize profit.

Strategic planning involves setting long-term goals and creating a roadmap to achieve them.

Societal marketing orientation helps build trust with customers and society, leading to long-term profitability.

This principle focuses on balancing the needs of customers, society, and the company.

The total number of potential customers for a specific product or service in a market.

The segment of customers who are most likely to be interested in a product or service based on their specific characteristics.

A framework used to analyze a company's internal strengths and weaknesses, as well as external opportunities and threats within its market.

Identifying specific groups of consumers based on different characteristics like demographics, psychographics, behaviors, or geography.

An advertising model where advertisers pay for each time their advertisement is displayed to a user online.

This process involves setting strategic goals for the company, creating a plan to achieve those goals, and then implementing and monitoring the plan.

A method for testing different versions of a webpage or advertisement to see which performs better.

Objectives that are Specific, Measurable, Achievable, Relevant, and Time-bound. They provide clear targets and direction for marketing planning and evaluation.

The percentage of users who interact with a social media post, such as liking, commenting, or sharing.

Clearly defining your target market is crucial for effective marketing because it helps to focus your efforts and resources on the right audience.

The process of evaluating the effectiveness of marketing strategies, identifying areas for improvement, and making adjustments to optimize performance.

A model where advertisers pay for each click on their advertisement.

To identify areas for improvement, assess the effectiveness of strategies, and ensure alignment with overall marketing objectives.

A fictional representation of a brand's target audience based on research, including demographics, interests, and behaviors.

The percentage of lost customers over a specific period.

A detailed description of an ideal customer, encompassing demographics, needs, motivations, and goals.

Managing customer interactions to build relationships and improve retention.

The point when a consumer researches a product before purchasing, often influenced by online reviews and comparisons.

Creating content that spreads rapidly through social sharing, often with a viral effect.

Creating and distributing valuable content to attract and engage a target audience, building brand awareness.

An authoritative report or guide on a specific topic, often used for lead generation and thought leadership.