18 Questions
What is the primary role of marketing in an organization?
To link the business to the customer and aim to identify the particular needs and wants of customers in a target market
What is the main objective of marketing strategy in an organization?
To help the business achieve its overall objective
What are the key characteristics of effective marketing objectives?
They should be realistic, motivating, achievable, measurable, and clearly communicated to other departments
What is the significance of marketing research in product development?
It helps to identify the particular needs and wants of customers in a target market
How does marketing relate to other business activities?
Marketing objectives and decisions must be set in coordination with the whole business departments
What is the ultimate goal of marketing in terms of customer satisfaction?
To increase customer satisfaction and loyalty
What is the purpose of an interpretation of information table in data analysis?
To allow easy reference to the data and present mass data in a precise way.
When is a pie graph used in data visualization?
When needing to see the proportion of different sets of data.
What is the primary element of the marketing mix, and why is it important?
The product is the primary element of the marketing mix, and it is important because without it, the rest of the elements would not exist.
What is product differentiation, and how does it lead to a unique selling proposition (USP)?
Product differentiation refers to the unique qualities of a product that lead to a difference between the product and competitor's product, and it can lead to a USP by creating a special feature that makes the product distinct.
What is the purpose of product portfolio analysis, and how can it help a business?
Product portfolio analysis helps a business to allocate resources effectively between its existing products, and it can help make decisions about when to launch a new product or update an existing one.
What is the product life cycle, and how can it be used in marketing planning?
The product life cycle is the pattern of sales for a product, from launch to withdrawal from the market, and it can be used to assist in planning marketing mix decisions and achieve a balanced product portfolio.
What are the key features that research has identified as important to consumers when it comes to a product?
price, quality of materials, perceived image, and level of comfort
What is the aim of lengthening the life cycle of an existing product?
to delay the demand for a completely new product
What stage of the product life cycle is characterized by low sales and high levels of information promotion?
Introduction
What is the marketing strategy used in the growth stage of the product life cycle to encourage repeat purchases and consumer loyalty?
promotion to encourage repeat purchases and consumer loyalty
How can a company lengthen the life cycle of an existing product by finding new uses for it?
by identifying new markets or applications for the product
What is the benefit of introducing new variations or changes to the design of an existing product?
to reinvigorate sales and attract new customers
Test your understanding of the role of marketing in business, including market research, product design, pricing, and customer service. Learn how marketing links businesses to customers and aims to identify their needs and wants. Assess your knowledge of marketing objectives, including increasing market share, sales growth, and more.
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