30 Questions
Which type of communication involves engaging customers through websites, emails, and social media platforms?
Online and Social Media Communication
What type of communication is characterized by company-sponsored activities to create brand-related interactions with consumers?
Communication Media Formats Events and Experiences
What type of communication involves passing information orally from person to person?
Word of Mouth
Which type of communication is focused on convincing a buyer to purchase a product or service through face-to-face communication?
Personal Selling
What is an example of 'owned media'?
Websites
What type of communication is focused on creating effective communication at the point of purchase through product styling, package design, and company branding?
Packaging
What is a key factor retailers must consider when setting prices?
All of the above
Why is developing a product-differentiation strategy crucial for retailers?
To define the store's product assortment
What is the primary goal of retailers when creating a store atmosphere?
To match shoppers' motivations
What is a common strategy used by retailers to make their offerings more attractive?
Incentives such as price discounts and coupons
Why have traditional brick-and-mortar retailers been forced to enhance the shopping experience?
Due to the rise of e-commerce
What is an increasingly popular tool among brick-and-mortar retailers?
Mobile promotions and geofencing
What is the primary goal of market penetration as a product-market growth strategy?
Increasing sales of existing products in existing markets
Which of the following is an example of growth through innovation?
Developing a new product or technology
What is a key requirement for successful growth through mergers and acquisitions?
Strategic fit, potential synergies, and cultural alignment
Which product-market growth strategy involves creating new products for existing markets?
Product development
What is the primary goal of market development as a product-market growth strategy?
Entering new markets with existing products
Which of the following is an example of growth through imitation?
Replicating existing products or strategies
What may occur when a firm initiates a price cut?
Competitors match or undercut prices
Why might a firm initiate a price increase?
Due to cost inflation, high demand, or anticipatory pricing
What can be a result of sales promotions?
Post-promotion sales dips
What is a trend in sales promotions?
Shift towards digital coupons and discounts
What should a firm do when initiating a price increase?
Give advance notice and explain reasons for the price increase clearly
Why might competitors react to a price change?
When market competition is low, products are similar, and buyers are well-informed
What is the main purpose of a Customer Acquisition Funnel?
To outline the five phases customers go through from awareness to advocacy
Why is retaining existing customers important?
Because it is more expensive to acquire new customers
What is a key factor in fostering customer loyalty?
High-quality service
What is the purpose of measuring customer satisfaction?
To identify areas for improvement
What is customer loyalty defined as?
Customer satisfaction, advocacy, and evangelism
Why is reactivating inactive customers important?
Because it is more cost-effective than acquiring new customers
This quiz covers various pricing strategies and tactics, including unbundling and rebundling, initiating price changes, and responding to customer perceptions. Learn about the potential consequences of price cuts and increases on profits and customer relationships.
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