Marketing Principles Quiz

<p>Understanding customer needs (B)</p> Signup and view all the answers

<p>Setting an appropriate price (A)</p> Signup and view all the answers

<p>To communicate with customers (B)</p> Signup and view all the answers

<p>Understanding customer value perception (B)</p> Signup and view all the answers

<p>Forming a positive mental image in customers' minds (C)</p> Signup and view all the answers

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

<p>Wants shaped by buying power (A)</p> Signup and view all the answers

<p>Consistently deliver superior customer value (D)</p> Signup and view all the answers

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

<p>Understanding and meeting customer needs (A)</p> Signup and view all the answers

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

<p>Exchanges involve mutual offering and receiving (C)</p> Signup and view all the answers

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

<p>It can lead to long-term customer dissatisfaction. (B)</p> Signup and view all the answers

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

<p>The distribution channels for reaching consumers. (D)</p> Signup and view all the answers

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

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

<p>By increasing the perceived customer value. (C)</p> Signup and view all the answers

<p>To promote the product through various media. (C)</p> Signup and view all the answers

<p>It helps in adapting strategies to changing consumer needs. (A)</p> Signup and view all the answers

<p>Immediate market domination (B)</p> Signup and view all the answers

<p>Specific benefits the product offers and differentiation from competitors (C)</p> Signup and view all the answers

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

<p>Continuous product improvements and quality (A)</p> Signup and view all the answers

<p>Choosing specific segments to serve based on their characteristics (A)</p> Signup and view all the answers

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

<p>It assumes consumers prioritize availability over quality (D)</p> Signup and view all the answers

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

<p>To build strong and sustainable relationships with customers (B)</p> Signup and view all the answers

<p>Increased operational costs (B)</p> Signup and view all the answers

<p>Through upselling and cross-selling (D)</p> Signup and view all the answers

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

<p>The systems through which the service is provided (C)</p> Signup and view all the answers

<p>By understanding and meeting customer needs (C)</p> Signup and view all the answers

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

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The process of creating value for customers by understanding their needs and developing products or services that meet those needs, then presenting them in a way that motivates customers to buy. It's about building strong customer relationships and capturing value in return.

A process that helps businesses discover what customers need, develop products or services to satisfy those needs, and then attract those customers. It's like a map that guides a company to create and capture value from customers.

The core aims of marketing, designed to achieve organizational goals. These goals could be profit-driven or focused on building strong customer relationships.

Understanding who your customers are, their specific needs, and the value they're looking for. It's knowing your audience deeply.

Creating a positive mental image of your products or services in the minds of customers. It's making your brand memorable and attractive.

Seeking the highest possible sales by attracting new customers and keeping existing ones happy. It's about growth and customer loyalty.

Achieving a good return on investment (ROI) on the money spent on marketing efforts. It's about getting a good payoff from your marketing investments.

Delivering more value to customers than competitors, making sure your products or services stand out. It's about staying ahead of the competition.

Basic requirements for survival, including food, clothing, warmth, and safety.

The desire to feel connected and accepted by others, to have loving relationships and a sense of belonging.

The need for personal growth, knowledge acquisition, and self-expression.

Needs shaped by culture and individual personalities, representing things people want and desire.

Wants backed by the ability to purchase, creating a demand for specific products or services.

A combination of products, services, information, or experiences offered to satisfy customer needs or wants.

The perceived benefits a customer receives from using a product or service.

The level of satisfaction a customer experiences after using a product or service.

Dividing the market into groups of customers with similar needs, wants, or characteristics.

Choosing which market segments to target with marketing efforts.

The set of benefits or values a company promises to deliver to customers to satisfy their needs.

A marketing orientation that focuses on producing goods efficiently and making them readily available to consumers. The assumption is that consumers value low prices and widespread availability.

A marketing orientation that focuses on creating high-quality products with advanced features and performance. The assumption is that consumers value quality and will pay for it.

A marketing orientation that focuses on selling and promoting products aggressively to convince consumers to buy them. The assumption is that consumers need to be persuaded to purchase.

A philosophy that emphasizes understanding and meeting customer needs and wants better than competitors to achieve organizational goals.

The 4 Ps of marketing – Product, Price, Place, and Promotion – combined to create a successful marketing strategy for any product or service.

The tangible features and characteristics of a product, including its design, quality, and unique features.

The product's identity and personality in the mind of the consumer, built through a logo, name, and brand messaging.

The cost of producing and distributing a product, taking into account factors such as materials, labor, and transportation.

The value a customer perceives a product holds compared to similar offerings in the market.

The channels through which a product reaches the consumer, including retail stores, online platforms, and direct sales.

The process of communicating the value of a product to potential customers using various media and strategies.

The company's employees who directly interact with customers and play a crucial role in delivering the service experience.

The procedures, systems, and processes through which the service is delivered to the customer. This includes all the steps involved, from initial contact to final delivery.

Any tangible aspects related to a service that customers can interact with. This could include physical elements like the company's website, brochures, or even the building itself.

A strategic approach to building long-lasting and profitable customer relationships by understanding their needs and expectations.

CRM helps increase customer loyalty by making them feel valued and appreciated, leading to repeated purchases.

By understanding customer needs and exceeding expectations, CRM helps businesses build a strong reputation and positive customer experiences.

CRM helps businesses identify and address customer needs, leading to increased sales through cross-selling and upselling.

CRM streamlines processes and automates tasks, freeing up employees to focus on building relationships and improving overall efficiency.