Principles of Marketing Quiz

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Questions and Answers

The 7 Ps of Marketing are Product, Price, Place, Promotion, People, Process, and Physical Evidence.

True (A)

Which of these is NOT a key element of STP (Segmentation, Targeting, and Positioning)?

Targeting
Promotion (correct)
Segmentation
Positioning

Understanding consumer behavior is crucial for effective marketing because it helps businesses ______ their target audience's needs and preferences.

identify

Which of the following is NOT one of the 7 Ps of the marketing mix?

People (A) Signup and view all the answers

What is the primary purpose of market segmentation?

To divide a broad market into smaller groups with similar characteristics, allowing for more focused marketing efforts. Signup and view all the answers

Match the following marketing concepts with their respective descriptions:

Product = The goods or services offered by a business Price = The amount customers pay for a product Place = The distribution channels used to reach customers Promotion = Communication strategies used to promote products People = The human interaction aspect of a service Process = The operational procedures involved in delivering a service Physical Evidence = Tangible elements accompanying a service Signup and view all the answers

Segmentation, Targeting, and Positioning (STP) are strategies used to focus marketing efforts on specific customer groups.

True (A) Signup and view all the answers

What is the difference between a 'need' and a 'want' in the context of consumer behavior?

A need is something essential for survival, while a want is a desire for something that is not essential but is considered desirable. Signup and view all the answers

The ______ is a framework that outlines the stages a consumer goes through when making a purchase decision.

consumer decision-making process Signup and view all the answers

Match the following marketing mix elements (7 Ps) with their corresponding descriptions:

Product = The goods or services offered to customers Price = The amount customers pay for the product Place = How the product is made available to customers Promotion = Communication strategies used to inform and persuade customers People = The individuals who interact with customers Process = The steps involved in delivering the product or service Physical Evidence = Tangible elements associated with the product or service Signup and view all the answers

Which of the following is NOT a component of the 7 Ps of marketing mix?

Profit (D) Signup and view all the answers

The assessment matrix indicates that the poster presentation will be assessed on the learning outcome related to communication.

True (A) Signup and view all the answers

What are the three key components of STP in marketing?

Segmentation, Targeting, and Positioning Signup and view all the answers

The assessment matrix indicates that the poster presentation will be assessed on the Graduate Attributes of , , and __.

Communication, Project Management, Digital Literacy Signup and view all the answers

Match the 7 Ps of marketing mix to their respective descriptions:

Product = The goods or services offered to customers Price = The value exchanged for the product Promotion = Communicating the product's value to customers Place = Making the product accessible to customers People = The role of employees in delivering customer service Process = The procedures involved in delivering the product Physical Evidence = Tangible aspects of the product or service Signup and view all the answers

Which of the following is NOT a common segmentation variable?

Financial (E) Signup and view all the answers

Consumer behavior refers to the process by which individuals make purchase decisions.

True (A) Signup and view all the answers

Provide an example of a marketing strategy that utilizes the concept of segmentation.

A clothing brand targeting different age groups with separate product lines. For instance, a brand might offer a line for teenagers with trendy styles, a line for young adults with more sophisticated designs, and a line for adults with classic and timeless pieces. Signup and view all the answers

Positioning refers to the ______ customers have of a product or brand in relation to its competitors.

perception Signup and view all the answers

Which of the following is NOT a key factor influencing consumer behavior?

Financial factors (B) Signup and view all the answers

Flashcards

7P's of Marketing

A marketing framework including Product, Price, Place, Promotion, People, Process, and Physical evidence.

Segmentation

The process of dividing a market into distinct groups with common needs or characteristics.

Consumer Decision Making Process

The stages consumers go through when making purchase decisions: Problem recognition, Information search, Evaluation of alternatives, Purchase decision, and Post-purchase behavior.