Marketing Principles Quiz

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary goal of marketing?

  • To create and deliver value to customers. (correct)
  • To understand and anticipate customer needs.
  • To maximize profits for the company.
  • To sell as many products as possible.

What is the difference between a customer and a consumer?

  • Customers buy products, while consumers use them. (correct)
  • There is no difference between a customer and a consumer.
  • Customers use products, while consumers buy them.
  • Customers are always individuals, while consumers can be businesses.

Which of the following is NOT a key element of the marketing process?

  • Producing the product or service. (correct)
  • Anticipating buyer needs.
  • Understanding the buyer.
  • Communicating the offer to buyers.

What is the “total offering” in the context of a marketing transaction?

<p>The entire package of value exchanged, including the product, price, and any additional benefits. (C)</p> Signup and view all the answers

Why is it important for businesses to focus on creating value for their customers?

<p>To build long-term customer relationships. (A)</p> Signup and view all the answers

How has marketing changed in the 20th and 21st centuries?

<p>Marketing has become increasingly digital and customer-centric. (C)</p> Signup and view all the answers

What is the significance of the acronym 'UCCD' in the context of marketing?

<p>It represents the four key stages of the marketing process. (B)</p> Signup and view all the answers

What is the main difference between selling and marketing?

<p>Selling focuses on short-term sales, while marketing focuses on long-term customer relationships. (B)</p> Signup and view all the answers

What is the primary goal of analyzing the marketing mix of a competitor within the micro-environment?

<p>Understand competitors' strategic positioning (A)</p> Signup and view all the answers

Which of the following is NOT considered a component of the internal environment of a company?

<p>Government regulations (B)</p> Signup and view all the answers

Which of the following is NOT a characteristic of the macro-environment?

<p>Companies have no influence on the macro-environment (B)</p> Signup and view all the answers

What is the main purpose of PESTLE analysis?

<p>To identify and understand the macro-environmental factors (C)</p> Signup and view all the answers

Which of the following is NOT considered an example of an upstream partner?

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

How does understanding a partner's cost structure benefit a company?

<p>It enables the company to price its offerings appropriately (A)</p> Signup and view all the answers

What is the primary benefit of having a strong company culture?

<p>It helps the company attract and retain top talent (B)</p> Signup and view all the answers

What is the term 'organization structure' typically used to reference in the context of market analysis?

<p>Hierarchy and arrangement of roles within the company (D)</p> Signup and view all the answers

What does the term 'process' typically encompass in a company?

<p>Framework of how tasks are done within an organization (D)</p> Signup and view all the answers

What is a key characteristic of the micro-environment?

<p>It involves the customers, clients, partners, and competitors of the company's industry (C)</p> Signup and view all the answers

What is the term used to describe the study of factors influencing personal consumption buying behavior?

<p>Consumer Behavior (B)</p> Signup and view all the answers

What is an example of a situational factor that can influence consumer behavior?

<p>A consumer's mood at the time of purchase (D)</p> Signup and view all the answers

A company conducting a SWOT analysis will examine which of the following?

<p>Both internal and external factors (C)</p> Signup and view all the answers

Which of the following is NOT a key element of a marketing plan?

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

What type of consumer decision-making involves a high level of involvement and a deliberate, detailed purchase process?

<p>Extended decision making (B)</p> Signup and view all the answers

A consumer buying a product based solely on an influencer's recommendation exemplifies which type of social influence?

<p>Reference groups (B)</p> Signup and view all the answers

Which of the following is NOT a characteristic of a SMART marketing objective?

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

Which of the following best describes the process of a marketing plan?

<p>All of the above (D)</p> Signup and view all the answers

What type of decision-making is involved in buying a new car?

<p>Extended decision making (A)</p> Signup and view all the answers

Which of the following is NOT an element of the marketing mix?

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

Which of the following is an example of a micro-environmental factor?

<p>Competition from a rival company (C)</p> Signup and view all the answers

The decision-making process for buying a new pair of shoes, after considering various styles and prices, is an example of which type of consumer behavior?

<p>Limited decision making (B)</p> Signup and view all the answers

What is the difference between a micro-environmental analysis and a macro-environmental analysis?

<p>Micro-environmental analysis focuses on industry-specific factors, while macro-environmental analysis focuses on broader external factors. (B)</p> Signup and view all the answers

Which of the following is NOT a factor that can influence consumer behavior?

<p>Marketing factors (B)</p> Signup and view all the answers

What is the correct order of consumer decision-making types from shortest to longest decision-making time?

<p>Impulse buying, Habitual buying, Dissonance reducing buying, Complex buying (C)</p> Signup and view all the answers

Which of the following is an example of a marketing metric?

<p>All of the above (D)</p> Signup and view all the answers

Which of the following is NOT a key variable used in market segmentation?

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

When evaluating the potential of a market segment, what factor assesses the likelihood of new competitors entering the market?

<p>Entry barrier (D)</p> Signup and view all the answers

Which step in the marketing process involves establishing the desired position of a brand in the minds of consumers?

<p>Positioning (B)</p> Signup and view all the answers

What does 'positioning' aim to achieve in the context of a brand?

<p>Creating a distinct and memorable brand image (B)</p> Signup and view all the answers

Which of the following is a key consideration when developing a marketing mix for a specific target market segment?

<p>Ensuring consistency with the desired positioning (A)</p> Signup and view all the answers

What is the primary purpose of positioning a brand within a less-crowded quadrant of a perceptual map?

<p>Achieving differentiation from competitors (A)</p> Signup and view all the answers

A brand that emphasizes high-quality products but also caters to customer enjoyment and indulgence would likely be positioned in which quadrant of the perceptual map?

<p>High Functionality, High Indulgence (A)</p> Signup and view all the answers

Developing a sustainable marketing mix for a brand implies:

<p>Creating a consistent brand experience across all touchpoints (D)</p> Signup and view all the answers

Which of the following is NOT a characteristic of a successful marketing mix?

<p>Focus on maximizing profits (D)</p> Signup and view all the answers

Which of the following is NOT a characteristic of business markets?

<p>Strong emphasis on product differentiation and brand loyalty (C)</p> Signup and view all the answers

What is the term for the situation where a small change in consumer demand can significantly impact the demand for products throughout a supply chain?

<p>Fluctuating demand (C)</p> Signup and view all the answers

Which of the following is NOT a psychological characteristic relevant to consumer behavior?

<p>Demographics (B)</p> Signup and view all the answers

In the context of consumer decision-making, what is the primary role of perception?

<p>It determines the perceived value of products. (B)</p> Signup and view all the answers

Which of the following is an example of a business market where products are used in the production of other products?

<p>A manufacturer of computer chips supplying components to smartphone manufacturers (B)</p> Signup and view all the answers

What is the key difference between primary demand and derived demand in the context of business markets?

<p>Primary demand is driven by consumer needs, while derived demand is driven by business needs. (C)</p> Signup and view all the answers

Which of the following is a characteristic of inelastic demand in the context of business markets?

<p>Demand remains relatively stable even when prices fluctuate. (B)</p> Signup and view all the answers

What is the main reason for the high value and volume of purchases in business markets?

<p>The products are often essential components in the production of other goods. (C)</p> Signup and view all the answers

Which of the following stages of the consumer decision-making process is MOST directly influenced by a consumer's perceived value of a product?

<p>Evaluation of alternatives (A)</p> Signup and view all the answers

What is the term for a statement of minimum performance levels that buyers and sellers agree on in long-standing purchasing arrangements?

<p>Service level agreement (SLA) (A)</p> Signup and view all the answers

Which of the following represents an example of a marketing effort aimed at influencing the evaluation of alternatives stage in the consumer decision-making process?

<p>Providing online product reviews and comparisons on a company website (C)</p> Signup and view all the answers

Which of the following statements BEST describes the concept of "joint demand" in business markets?

<p>Demand for a product is directly tied to the demand for another related product. (B)</p> Signup and view all the answers

What is the underlying reason for the existence of "derived demand" in business markets?

<p>Businesses need to purchase products to use in the production of other goods or services. (B)</p> Signup and view all the answers

Which of the following is NOT a factor that contributes to inelastic demand in business markets?

<p>Large number of suppliers offering similar products (A)</p> Signup and view all the answers

Which of these is NOT a potential example of a business buying behavior scenario?

<p>A software developer selling their product to individual users (B)</p> Signup and view all the answers

What does "CLV" stand for in terms of consumer behavior?

<p>Customer Lifetime Value (D)</p> Signup and view all the answers

What is the main impact of upstream price competition on the buying process?

<p>It drives the need for more detailed information gathering and evaluation of alternatives. (E)</p> Signup and view all the answers

Which of the following is NOT a factor that influences business purchasing decisions within the organization?

<p>Marketing efforts of the supplier. (A)</p> Signup and view all the answers

What is a "modified rebuy" in the context of business buying behavior?

<p>A purchase where the buyer is looking for a new solution with different features or specifications. (C)</p> Signup and view all the answers

Which of the following is NOT a potential factor in the external environment that could influence business purchasing decisions?

<p>The organization's corporate culture and values. (D)</p> Signup and view all the answers

Which of the following is a key element of the 'STP' framework?

<p>Dividing the market into distinct groups based on shared characteristics. (C)</p> Signup and view all the answers

Why is it impractical for a company to try to target all consumers or all businesses?

<p>All of the above. (E)</p> Signup and view all the answers

Which of the following is NOT a key assumption underlying the 'STP' framework?

<p>Companies should focus on meeting the needs of all customers equally. (B)</p> Signup and view all the answers

What is the main goal of 'positioning' in the 'STP' framework?

<p>Creating a clear and distinct image of the product in the minds of the target customers. (C)</p> Signup and view all the answers

How does 'target marketing' relate to a company's overall marketing strategy?

<p>Target marketing is a specific tactic used to implement the broader marketing strategy. (B)</p> Signup and view all the answers

What is the primary advantage of using market segmentation for companies?

<p>It reduces marketing costs by avoiding wasted efforts on non-target customers. (C)</p> Signup and view all the answers

Which of the following is NOT a typical characteristic of a company that achieves a market leadership position?

<p>A willingness to compromise on product quality to attract a wider range of customers. (E)</p> Signup and view all the answers

What does 'product specialization' refer to in the context of target marketing?

<p>Offering a range of products targeted at multiple customer segments. (D)</p> Signup and view all the answers

What is the main difference between 'product specialization' and 'market specialization'?

<p>Product specialization focuses on a single product, while market specialization focuses on a specific customer segment. (E)</p> Signup and view all the answers

Why is it important for companies to consider their internal resources (strengths and weaknesses) when making decisions about market segmentation?

<p>To ensure that the company has the resources to effectively target the chosen segments. (E)</p> Signup and view all the answers

What is the main benefit of developing a tailored marketing mix for each market segment?

<p>It increases the effectiveness of marketing efforts by addressing the specific needs of each segment. (D)</p> Signup and view all the answers

Which of the following terms is most closely associated with the exchange of goods or services between a business and its customers?

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

What key difference distinguishes 'Corporate Social Responsibility (CSR)' from 'Sustainability Practices'?

<p>CSR is a broader concept encompassing social, environmental, and economic aspects, while sustainability practices primarily focus on environmental stewardship. (D)</p> Signup and view all the answers

Which of the following is NOT considered an example of a sustainable practice?

<p>Nestle supporting fair trade practices in cocoa and coffee sourcing. (C)</p> Signup and view all the answers

What is the primary objective of the 'Triple Bottom Line (TBL)' framework?

<p>To evaluate a business's social impact, environmental impact, and financial performance. (A)</p> Signup and view all the answers

What is 'Greenwashing' as it relates to marketing practices?

<p>Marketing efforts that focus on sustainability to mislead customers about a product's true environmental impact. (B)</p> Signup and view all the answers

Which of the following is NOT a key element of the marketing mix, commonly known as the 7 Ps?

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

Which element of the marketing mix focuses on the communication methods used to reach customers?

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

What is the significance of the 'Target Market' in the context of the marketing mix?

<p>A group of customers with similar needs and wants that a business aims to serve. (D)</p> Signup and view all the answers

Why might a business choose to serve multiple target markets?

<p>To increase profits by reaching a broader customer base with diverse needs. (B)</p> Signup and view all the answers

What is the most likely implication of the statement 'Marketers cannot act with complete freedom in determining their marketing mix?'

<p>Marketers are subject to external factors like competition, economic conditions, and customer preferences. (D)</p> Signup and view all the answers

Which of the following is an example of an upstream partner in a typical marketing value chain?

<p>A manufacturer who produces the raw materials for the product. (B)</p> Signup and view all the answers

What is the significance of Ethical considerations in marketing decisions?

<p>Ethics play a crucial role in building trust with customers and maintaining a positive reputation. (A)</p> Signup and view all the answers

Which of the following is NOT a common example of a CSR practice?

<p>Offering discounts on products to customers who are members of a specific loyalty program. (A)</p> Signup and view all the answers

What is the likely consequence of businesses implementing CSR and sustainability practices?

<p>Enhanced brand reputation and a more positive public image. (B)</p> Signup and view all the answers

Which of the following elements is NOT typically included in the 7Ps of marketing mix?

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

What is the main idea of the marketing mix?

<p>A framework that guides marketers in creating and delivering value offerings for exchange (C)</p> Signup and view all the answers

Flashcards

Marketing

Activity and process of creating, communicating, and delivering value to meet target market needs.

Market

A place where exchanges of offers between buyers and sellers occur.

Target Market

A specific group of consumers aimed at by marketing efforts.

Value Exchange

The mutual benefit received by parties participating in a transaction.

Signup and view all the flashcards

Marketing Process

Sequence: Understand buyer -> Anticipate needs -> Communicate offer -> Create value.

Signup and view all the flashcards

Customers vs. Consumers

Customers buy products but may not use them; consumers use the products.

Signup and view all the flashcards

Selling vs. Marketing

Selling is part of marketing; marketing encompasses broader activities including understanding needs.

Signup and view all the flashcards

Institutions in Marketing

Organizations and processes involved in creating and exchanging offerings with value.

Signup and view all the flashcards

Physical Evidence

Tangible elements supporting products/services and shaping customer perceptions.

Signup and view all the flashcards

Internal Environment

Factors directly controlled by the organization, such as structure and culture.

Signup and view all the flashcards

Organization Structure

Hierarchy and arrangement of roles within a company.

Signup and view all the flashcards

Management Controls

Systems that allow managers to direct and utilize resources effectively.

Signup and view all the flashcards

Company Culture

Shared values, goals, attitudes, and practices within an organization.

Signup and view all the flashcards

Micro-Environment

Factors like customers, partners, and competitors affecting a company directly.

Signup and view all the flashcards

Customer Needs

Understanding current and future wants of the target market.

Signup and view all the flashcards

Macro-Environment

External factors impacting an organization’s survival, often outside direct control.

Signup and view all the flashcards

PESTLE Analysis

Framework to analyze macro-environmental factors: Political, Economic, Social, Technological, Legal, Environmental.

Signup and view all the flashcards

Competitor Analysis

Evaluation of competitors’ strategies, marketing mix, and market position.

Signup and view all the flashcards

Ethics in Marketing

A set of moral principles guiding marketing behavior and decisions.

Signup and view all the flashcards

Corporate Social Responsibility (CSR)

A business model committing to ethical behavior and social good.

Signup and view all the flashcards

Sustainable Marketing Practices

Marketing efforts that prioritize environmental sustainability.

Signup and view all the flashcards

Triple Bottom Line (TBL)

Framework to evaluate business performance: people, planet, profit.

Signup and view all the flashcards

7 Ps of Marketing Mix

Elements that marketers control to create product offerings.

Signup and view all the flashcards

Market Segmentation

Dividing a market into distinct groups with common needs.

Signup and view all the flashcards

Upstream Partners

Suppliers of raw materials or resources in the distribution chain.

Signup and view all the flashcards

Downstream Partners

Entities involved in delivering the final product to customers.

Signup and view all the flashcards

Customers vs. Clients

Customers purchase for use; clients receive professional services.

Signup and view all the flashcards

Product Considerations

Key principles include reducing, reusing, and recycling.

Signup and view all the flashcards

Social Norms in Marketing

The accepted behaviors within a society influencing marketing strategies.

Signup and view all the flashcards

Greenwashing

Misleading consumers about environmental practices for marketing gain.

Signup and view all the flashcards

Renewable Energy in CSR

Utilizing sustainable energy sources as part of CSR efforts.

Signup and view all the flashcards

Biodynamic Farming

Farming method emphasizing ecological harmony and sustainability.

Signup and view all the flashcards

Influencer Marketing

Leveraging individuals with influence to promote products.

Signup and view all the flashcards

SWOT Analysis

A framework to assess Strengths, Weaknesses, Opportunities, and Threats in business.

Signup and view all the flashcards

Macro-environmental Analysis

Analysis of external factors that impact all industries.

Signup and view all the flashcards

Micro-environmental Analysis

Industry-specific analysis involving customers, partners, and competitors.

Signup and view all the flashcards

Internal Analysis

Evaluation of a company's Strengths and Weaknesses, fully controllable by the company.

Signup and view all the flashcards

Marketing Metrics

Measures used to assess the performance of marketing strategies.

Signup and view all the flashcards

SMART Objectives

Criteria for effective objectives: Specific, Measurable, Actionable, Relevant, Time-bound.

Signup and view all the flashcards

Consumer Behavior

Study of factors influencing purchasing decisions for personal consumption.

Signup and view all the flashcards

Impulse Purchases

Unplanned buying decisions often made on the spot.

Signup and view all the flashcards

Habitual Decision Making

Low-involvement purchases usually made out of routine.

Signup and view all the flashcards

Extended Decision Making

High-involvement buying decisions that require careful consideration.

Signup and view all the flashcards

Group Factors

Influences on consumer behavior from groups that individuals interact with.

Signup and view all the flashcards

Situational Factors

External circumstances affecting purchasing decisions.

Signup and view all the flashcards

Cultural Influences

Consumer behavior shaped by societal norms and values.

Signup and view all the flashcards

Reference Groups

Groups that individuals look to for guidance in their purchase decisions.

Signup and view all the flashcards

Marketing Plan Components

Key sections include executive summary, objectives, target market, and evaluation.

Signup and view all the flashcards

Segment Variables

Criteria used to segment markets: geographical, demographic, psychographic, and behavioral.

Signup and view all the flashcards

Evaluating Segment Potential

Assessing market size, competition, entry barriers, and supplier/customer power.

Signup and view all the flashcards

Positioning

Creating a clear image of a brand in the minds of consumers.

Signup and view all the flashcards

Marketing Mix

Combination of Product, Price, Place, and Promotion to meet target market needs.

Signup and view all the flashcards

Product Category

Classification of products based on similarities in function or features.

Signup and view all the flashcards

Positioning Strategy

Plan to present a brand's unique attributes to targeted segments.

Signup and view all the flashcards

Consistency in Marketing Mix

Ensuring all elements of the mix align and support each other.

Signup and view all the flashcards

Sustainability of Marketing Mix

Ensuring the marketing mix remains effective long-term.

Signup and view all the flashcards

Target Market Segment

Specific group of consumers an organization aims to reach.

Signup and view all the flashcards

Price Competition

The rivalry among sellers to attract buyers by lowering prices.

Signup and view all the flashcards

Formal Assessment of Purchase Alternatives

A thorough evaluation conducted by business customers on purchasing options.

Signup and view all the flashcards

Buying Center

Groups and structures that make business buying decisions within an organization.

Signup and view all the flashcards

Straight Rebuy

Replenishing existing supplies by purchasing the same product.

Signup and view all the flashcards

Modified Rebuy

Involves requesting changes or upgrades from suppliers for a previously purchased product.

Signup and view all the flashcards

New Task Purchase

When a business needs to find a new solution and requests proposals or quotes.

Signup and view all the flashcards

RFQ

Request for Quotation; a document asking suppliers for price quotes on products.

Signup and view all the flashcards

RFP

Request for Proposal; a document requesting detailed responses from suppliers.

Signup and view all the flashcards

Marketing Strategy

An overall plan to reach and convert prospective customers.

Signup and view all the flashcards

Customer Loyalty

The likelihood of customers to continue buying from a specific brand.

Signup and view all the flashcards

Family Life Cycle

Stages families go through affecting consumer behavior.

Signup and view all the flashcards

Customer Lifetime Value (CLV)

The total worth of a customer throughout their relationship with a business.

Signup and view all the flashcards

Opinion Leader

An individual influential in shaping others' attitudes or behaviors.

Signup and view all the flashcards

Psychological Characteristics

Internal expectations and behaviors of individuals.

Signup and view all the flashcards

Motivation

The inner drive that leads to action; often explained by Maslow's hierarchy.

Signup and view all the flashcards

Perception

The process of interpreting information, which influences buyer behavior.

Signup and view all the flashcards

Beliefs and Attitudes

Personal convictions that influence behavior and choices.

Signup and view all the flashcards

Learning

The change in behavior resulting from past experiences.

Signup and view all the flashcards

Consumer Decision-Making Process

Five distinct stages in every consumer buying decision.

Signup and view all the flashcards

Business Buying Behavior

The purchasing behavior of organizations rather than individual consumers.

Signup and view all the flashcards

Derived Demand

Demand for business products driven by consumer demand.

Signup and view all the flashcards

Joint Demand

Demand for products used together in business markets.

Signup and view all the flashcards

Inelastic Demand

Demand that does not change significantly with price changes.

Signup and view all the flashcards

Fluctuating Demand

Small changes in consumer demand affecting the business supply chain.

Signup and view all the flashcards

Supplier-Customer Relationship

The dynamic between suppliers and their business customers.

Signup and view all the flashcards

Study Notes

Introduction to Marketing

  • Market: Derived from Latin "Mercatus," signifying trade, merchandise, or a place for transactions. Implies an exchange of offers.
  • Marketing: The activity and process of crafting, delivering, and exchanging value to satisfy target market needs profitably.

Marketing Definition

  • Marketing is an essential business function encompassing:
    • Segmenting buyers into groups.
    • Anticipating and developing offerings to meet target needs,
    • Communicating those offerings to buyers, and
    • Generating value for the organization (profit).
  • The process: Understanding buyers -> anticipating needs -> communicating the offer -> creating value.

Formal Definition of Marketing

  • Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings of value for customers, clients, partners, and society as a whole.
    • Customers purchase; consumers use.
    • Partners are involved in creating, communicating, and delivering.
    • Society's needs and norms matter.

Value Exchange

  • The goal of marketing exchanges is mutual benefit.
  • Successful exchanges require:
    • Two or more parties with something of value desired by the other.
    • Mutual benefit for all parties.
    • Expectations met by both parties.

Common Terms

  • Market: Groups of customers with diverse needs and wants, categorized geographically, by product, or demographics.
  • Customers: Purchase for personal or others' use. Consumers use purchased items.
  • Client: Typically refers to customers of not-for-profit or social organizations.
  • Partner: Organizations or individuals involved in creating, communicating, and delivering value, categorized as upstream (e.g., suppliers) and downstream (e.g., retailers).
  • Society: Individuals within communities; marketers must consider societal norms.

CSR & Sustainability

  • CSR prioritizes social and ethical responsibility.
  • Sustainability focuses on environmental stewardship.
  • Overlap exists, often with sustainability included as part of CSR.
  • Triple Bottom Line (TBL): Framework evaluating performance based on People-Planet-Profit.

Marketing Mix (7Ps)

  • The controllable set of variables for creating value for the target market.
  • 7Ps:
    • Product
    • Price
    • Place
    • Promotion
    • People
    • Process
    • Physical Evidence

Consumer Behavior (B2C)

  • Factors influencing purchasing decisions:
    • External (situational, group, cultural).
    • Internal (personal, psychological).
  • Types of Decision Making:
    • Impulse (minimal effort).
    • Habitual (little involvement).
    • Limited (moderate involvement).
    • Extended (high involvement).

Consumer Decision Making Stages

  • Need recognition.
  • Information search.
  • Evaluation of alternatives.
  • Purchase decision.
  • Post-purchase behavior.

Business Buying Behavior (B2B)

  • Characteristics:
    • Fewer, larger buyers.
    • Derived demand (demand for business goods linked to consumer goods).
    • Joint demand (multiple components needed for a product).
    • Inelastic demand (insensitivity to price changes for some products).
    • Fluctuating demand.
    • Price negotiation.

Business Buying Process

  • Straight rebuy.
  • Modified rebuy.
  • New task purchase.

Segmentation, Targeting, and Positioning (STP)

  • Segmentation: Dividing the market into distinct groups.
  • Targeting: Selecting the best customer groups to focus on.
  • Positioning: Creating a unique market perception for the product.
  • Variables for segmentation: geographical, demographic, psychographic, behavioral.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

More Like This

Principles of Marketing - Chapters 1-14
22 questions

Principles of Marketing - Chapters 1-14

EnrapturedFern avatar
EnrapturedFern
Marketing Chapter 1: Customer Value Creation
29 questions

Marketing Chapter 1: Customer Value Creation

TroubleFreeCherryTree avatar
TroubleFreeCherryTree
Marketing Principles Quiz
48 questions

Marketing Principles Quiz

JoyousRhenium8269 avatar
JoyousRhenium8269
Marketing Principles Overview
43 questions

Marketing Principles Overview

EuphoricAlgorithm avatar
EuphoricAlgorithm
Use Quizgecko on...
Browser
Open
Browser
Browser