Marketing and Branding Quiz

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WellMadeBeauty6701
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18 Questions

What is the key advantage of brand extension over brand stretching?

Less risk associated with an established name

In market mapping, why is it important to position the product carefully?

To meet the needs of consumers in the target market segment

How do marketing stimuli influence buyer decision making according to the text?

By affecting product choice, brand choice, and other aspects

What is emphasized in the Buyers Behaviour Model as a key influencer of customer behavior?

Cultural, social, personal, and psychological factors

Why do brands use internal marketing according to the text?

To align employees with brand values and goals

What is a key reason for businesses to reposition their brand?

To reflect changing market trends and consumer preferences

What is the significance of marketing 'buzz' mentioned in the text?

It refers to engaging with consumers for feedback

What is the impact of customer retention on operating costs?

A 2% increase in customer retention decreases operating costs by 10%

Why is it mentioned that a brand for a company is like a reputation for a person?

To indicate that brand perception impacts consumer decisions

What is the main focus of STEP ONE in formulating a marketing strategy as per the text?

Conducting an environmental scan including industry, competitors, and consumers analysis

What does PORTERS 6 FORCES ANALYSIS, PESTLE ANALYSIS, and OT of SWOT aim to analyze according to the text?

Market trends and external factors impacting the business

What is the main purpose of formulating a vision and translating it into a mission for a business according to the text?

To drive the overall performance of the business

Why is it highlighted that engaging with consumers through marketing allows for valuable feedback?

To suggest that consumer feedback drives marketing campaigns

Which of the following approaches focuses on marketing the product/service offering without spending time on the overall brand of the business?

Product-Centric approach

In marketing strategy, what does USP stand for?

Unique Selling Proposition

How does everything a business does affect its perception or brand according to the text?

By creating and supporting a strong brand identity

What is the strategic role of marketing as highlighted in the text?

Creating and supporting a strong and positive brand identity through a well-planned marketing strategy

Which element is NOT part of implementing a marketing strategy, as per the text?

Determining the environmental scan

Test your knowledge on the importance of branding, marketing strategies, and engaging with consumers in this quiz. Explore topics including the impact of marketing buzz, the power of consumer feedback, and converting new customers into sales.

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