Marketing Strategies Quiz

A strategy focusing on increasing the overall demand for a product category, benefiting all market players.

A strategy aimed at defending a company's existing market share by preventing competitors from taking market share.

A strategy focused on aggressively gaining market share by attracting new customers and converting competitors' customers.

A strategy used by companies challenging industry leaders and aiming to gain market share, often through aggressive tactics like lower prices or innovative products.

A strategy employed by companies that follow the market leader, often by imitating successful strategies, without the same risk or investment.

A strategy that focuses on serving a specific niche market with specialized products or services.

The set of tangible and intangible attributes of a product that satisfy customer needs.

The different characteristics and aspects of a product that influence its value and appeal to customers.

Products are things offered in the market to meet needs or wants. They can be physical goods or intangible services.

Services are intangible, meaning you can't touch or hold them before buying. Examples are dining in a restaurant or taking a cruise.

The service is provided by a specific person or organization. You can't separate the service from the provider.

Services are perishable; they can't be saved for later use.

The quality of a service can vary depending on the provider, time, location, and situation.

Exchange is the act of giving something of value to receive something else of value.

An agreement between two parties to complete an exchange, involving the transfer of value.

Relationship marketing focuses on building long-term connections with customers, suppliers, and businesses.

A business strategy focused on understanding and meeting customer needs to achieve complete satisfaction.

A communication model that allows customers to interact with a company across multiple channels, like websites, apps, social media, and physical stores.

A direct channel involves selling products directly from producers to consumers, while an indirect channel includes intermediaries like retailers or distributors.

Marketing aims to facilitate the exchange of goods and services between producers and buyers, ensuring a smooth interaction between supply and demand.

The flow of information from the company to consumers about products and their features, often through advertising and promotions.

The flow of information collected from the market, or consumers, back to the company to understand their needs and preferences. It's often gathered through market research.

The commercial function of marketing focuses on building and strengthening the commercial system, which includes all the variables and elements involved in the business operations.

Commercial management primarily involves the efficient implementation of a marketing plan that aligns with the overall commercial goals.

The study of why and how consumers make decisions to purchase and use goods and services.

The stage where a consumer recognizes a need or desire, starting the purchase journey.

During purchase, the consumer actively considers options, compares products, and makes the final purchase decision.

The post-purchase stage where the consumer evaluates their experience, assesses satisfaction, and forms opinions for future purchases.

Goods or services that are purchased for personal use and consumption.

Products that are purchased infrequently and require significant deliberation and investment.

Products that are purchased frequently and with less thought as they are familiar and routine.

The factors that influence consumer behavior, including what, who, why, where, when, and how much.

A marketing strategy that involves creating one product for everyone, regardless of their individual needs or preferences.

A marketing strategy that involves dividing the market into groups of consumers with similar needs and preferences, and then developing products and marketing messages tailored to each group.

A marketing strategy that involves focusing on a specific, smaller group of consumers with very specific needs and preferences, often within a larger segment.

A marketing strategy that involves developing brand strategies and promotions tailored to the needs of specific local groups, like cities or neighborhoods.

A marketing strategy that involves creating products and marketing messages customized for individual customers.

Characteristics used to identify and categorize consumers into distinct groups based on their needs and preferences.

Factors like age, gender, marital status, and type of household that can be used to segment a market.

Factors like location, region, climate, and even habits that can be used to segment a market.

The person who first identifies a need or desire for a product. They may initiate the purchase for themselves or for another person.

The person who provides opinions and recommendations about the product, influencing the decision-making process.

The person who physically makes the purchase, deciding where, when, and how to buy the product.

The person who ultimately uses the product. Their feedback and experience are crucial for product development and improvement.

An economic theory where consumers make rational decisions, maximizing their satisfaction (utility) by choosing goods and services that provide the most benefit compared to their cost.

The theoretical concept of a consumer who makes decisions based on pure logic and self-interest, aiming for maximum satisfaction or utility in their purchases.

The idea that consumers' needs and wants are unlimited, leading them to seek products and services that provide the highest level of satisfaction.

The satisfaction or benefit derived from using a product or service. It decreases as more units of the same product are consumed.