Marketing Strategies Quiz

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What does the 'Place' in the 4 Ps refer to?

How is value created?
How is value delivered? (correct)
How is value communicated?
How is value appropriated?

Customer Lifetime Value (CLV) measures the total revenue from a given customer only during their first purchase.

False (B)

What is a perceptual map used for?

To visualize consumer perception of different brands/products.

In pricing strategies, _______________ refers to allowing customers to pay any amount they choose for a product or service.

pay-what-you-want pricing Signup and view all the answers

Match the following components of Porter's 5 Forces with their descriptions:

Bargaining power of suppliers = Suppliers can influence price and terms Bargaining power of buyers = Customers can affect pricing and demand Threat of substitute products = Availability of alternative offerings Industry rivalry = Competition among existing firms Signup and view all the answers

Which of the following methods is NOT typically used to resolve channel conflicts?

Favoritism (C) Signup and view all the answers

The Decline phase of the Product Life Cycle is characterized by an increase in market customers.

False (B) Signup and view all the answers

What is the term used for the power derived from a person's hierarchical position?

Legitimate power Signup and view all the answers

In marketing, the __________ measures the percentage of visitors who complete a desired action.

Conversion Rate Signup and view all the answers

Match the global market entry strategy with its corresponding type:

Exporting = Low risk market entry Franchising = Brand replication Licensing = Intellectual property rights Joint ventures = Shared investment Signup and view all the answers

Customer Lifetime Value (CLV)

Total predicted revenue a customer will generate throughout their relationship with a company.

STP (Segmentation, Targeting, Positioning)

A marketing framework for identifying and targeting specific consumer groups to develop tailored strategies.

Perceptual Map

Graphical representation of how consumers perceive brands or products relative to competitors based on specific attributes.

Customer Engagement

Building a relationship with customers beyond a single transaction, creating value at every interaction.