Marketing Strategies and Concepts Quiz
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Questions and Answers

What is the primary focus of selling compared to marketing?

  • Specifically; generally
  • Internally; externally (correct)
  • Equally; both
  • Externally; internally

Which of the following is NOT considered a type of value equity?

  • Price
  • Convenience
  • Quality
  • Loyalty (correct)

Which marketing strategy involves selling an existing product to an existing market?

  • Diversification
  • Product Development
  • Market Penetration (correct)
  • Market Development

What is the main characteristic of the freemium pricing model?

<p>Free initial access with paid upgrades (D)</p> Signup and view all the answers

What is the term for the rate at which customers stop using a product or service?

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

Which of the following industries is an example of a low MDI industry?

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

What does the acronym STP stand for in marketing?

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

Which era of marketing focuses primarily on the needs and wants of customers?

<p>Marketing/Customer Orientation (D)</p> Signup and view all the answers

What is one way companies utilize segmentation maps to positively impact marketing?

<p>Finding untapped markets (D)</p> Signup and view all the answers

Why is the needs/benefits approach considered the best method of segmentation?

<p>It addresses consumer preferences directly (A)</p> Signup and view all the answers

Which of the following is NOT a contemporary approach to customer segmentation?

<p>Historical sales forecasting (D)</p> Signup and view all the answers

What key characteristic should good segmentation bases reflect?

<p>Benefits sought by customers (A)</p> Signup and view all the answers

Which is a type of positioning change in target segmentation?

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

Which of the following is NOT a criterion for assessing target segments according to the STP process?

<p>Historical sales data from unrelated markets (D)</p> Signup and view all the answers

What are the two IMC components crucial for building long-term brand equity?

<p>Advertising and Public Relations (A)</p> Signup and view all the answers

What is another reason manufacturers offer trade promotions besides offloading inventory?

<p>To persuade retailers to pass promotions to consumers (A)</p> Signup and view all the answers

Flashcards

First step of marketing and selling

Understanding human needs.

Marketing

Identifying customer needs and developing products or services to fulfill those needs.

Marketing vs. Selling

Selling is internally focused, while marketing is externally focused.

Marketing Myths

Marketing is selling, an expense center, soft, and common sense (all are incorrect).

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Customer Lifetime Value (CLV)

The cumulative discounted profit from a single customer.

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Market Penetration

Selling an existing product in an existing market.

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Market Growth Strategy

Different approaches like market penetration, market expansion, product development, and diversification.

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Micro-marketing

Marketing strategies targeting segments, niches, local areas, or individuals.

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Segmentation, Targeting, Positioning (STP)

A marketing framework for understanding, identifying, and targeting customer groups to create the most effective products and marketing strategies.

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Needs/Benefits Segmentation

Customer segmentation based on the needs and benefits customers seek.

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Segmentation Bases

Criteria used to divide a broader market into smaller, distinct groups, who share similar characteristics. Reflects customer needs and benefits.

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Positioning Changes

Methods to alter how customers see a product. Includes strengthening position or creating a new position

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IMC Components

Individual elements that make up an integrated marketing communications strategy (e.g. advertising, direct mail).

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Customer Value Proposition (CVP)

The value a company promises to deliver to its target customers in exchange for their business

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Buyer Readiness Stages

Steps consumers go through from first learning about a product to purchasing it

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Informative Advertising

Advertising focused on providing factual information and details about a product or service

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