QUIZ 1

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Questions and Answers

What are the four components of the marketing research mix?

  • Purpose, People, Process, Presentation
  • Purpose, Population, Procedure, Publication (correct)
  • Problem, Population, Procedure, Product
  • Purpose, Procedure, People, Presentation

Which of the following is NOT true about the marketing mix?

  • It involves everything a company can control
  • It helps develop actional strategies based on research insights
  • The 4Ps include product, price, place, and promotion
  • The 4Ps follow a specific sequential process (correct)

Which of the following statements is correct?

  • Place involves both where and how a product is sold (correct)
  • Promotion is the revenue-generating element in the marketing mix
  • A product includes only the physical item being sold
  • Price only reflects the cost of production

In which stage of the product life cycle does marketing research primarily focus on competitor analysis?

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

Which pricing strategy involves setting a high initial price for a product to maximize profits from early adopters?

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

What is the decoy effect in pricing?

<p>Introducing a middle option to make another choice more appealing (D)</p> Signup and view all the answers

What primarily determines the level of a distribution channel?

<p>The number of intermediaries between the manufacturer and customers. (C)</p> Signup and view all the answers

The value of an investment in promotional activities only includes monetary returns

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

What is market segmentation?

<p>Dividing a market into smaller sub-markets. (B)</p> Signup and view all the answers

Which of the following is an example of psychographic segmentation?

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

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Study Notes

Marketing Research Mix

  • The marketing research mix consists of four components: research design, data collection, data analysis, and report writing.

Marketing Mix

  • The marketing mix is a controllable set of marketing tools that a company uses to produce the response it wants in the target market.

Product Life Cycle

  • Competitor analysis is primarily focused on in the growth stage of the product life cycle.

Pricing Strategies

  • Price skimming involves setting a high initial price for a product to maximize profits from early adopters.

Decoy Effect

  • The decoy effect is a pricing strategy that involves adding a less attractive option to a set of choices to increase the appeal of a more expensive option.

Distribution Channel Levels

  • The level of a distribution channel is primarily determined by the number of intermediaries involved in the process of getting a product from the producer to the consumer.

Promotional Activities

  • The value of an investment in promotional activities includes both monetary returns and non-monetary returns such as brand awareness, customer loyalty, and competitive advantage.

Market Segmentation

  • Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies.

Psychographic Segmentation

  • Psychographic segmentation is based on consumers' psychological attributes, such as lifestyle, personality, values, and attitudes. An example of psychographic segmentation is dividing a market into segments based on consumers' interests in sustainability and eco-friendly products.

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