Which of the following marketing strategies primarily focuses on building strong, long-term relationships with customers to foster loyalty and repeat business?Transactional MarketingGuerrilla MarketingRelationship MarketingProduct-Oriented MarketingC) Relationship MarketingRelationship marketing emphasizes customer retention and satisfaction rather than a focus on single sales. It aims to build a deep, lasting connection with customers, leading to increased loyalty and lifetime value.
Which element of the marketing mix (4 Ps) deals with the distribution channels and logistics involved in getting a product to the customer?Product Price Place PromotionC) Place"Place" (or distribution) in the marketing mix refers to how a product is made available to customers. This includes channels, coverage, logistics, transportation, and warehousing.
What is "market segmentation" in marketing? Selling products to all customers in the same way.Dividing a broad consumer or business market into sub-groups of consumers based on some type of shared characteristics.Analyzing the competition's pricing strategies.Creating a new product for an untapped market.B) Dividing a broad consumer or business market into sub-groups of consumers based on some type of shared characteristics.Market segmentation is the process of dividing a target market into smaller, more defined categories. It segments customers and audiences into groups that share similar characteristics such as demographics, interests, needs, or location.
Which type of marketing communication relies on generating word-of-mouth or "buzz" through unconventional or low-cost creative tactics?Direct MarketingPublic RelationsGuerrilla MarketingContent MarketingC) Guerrilla MarketingGuerrilla marketing is an advertising strategy in which a company uses surprising and/or unconventional interactions in order to promote a product or service. It's often highly creative and relies on word-of-mouth.
What is the primary objective of "brand positioning"?To reduce the price of a product to attract more customers.To define how a brand is perceived in the minds of consumers relative to competing brands.To expand a brand into new geographical markets.To calculate the financial value of a brand.B) To define how a brand is perceived in the minds of consumers relative to competing brands.Brand positioning is the process of creating a distinct image and identity for a brand in the minds of target consumers. It's about what your brand stands for and how it is different from competitors.
Which stage of the product life cycle is characterized by slow sales growth, high marketing expenses, and often losses as the product is introduced to the market?Growth StageMaturity StageDecline StageIntroduction Stage D) Introduction StageThe introduction stage is the first phase of the product life cycle where a new product is launched into the market. Sales are typically low, and significant marketing effort is required to create awareness and generate trial.
What is "public relations (PR)" primarily focused on in marketing?Directly selling products to consumers.Managing the spread of information between an individual or organization and the public.Setting the price points for new products.Developing new product features based on customer feedback. B) Managing the spread of information between an individual or organization and the public.Public relations (PR) is the practice of managing how information about an individual or organization is disseminated to the public. Its goal is to build and maintain a positive image and relationship with various stakeholders, often through earned media rather than paid advertising.
Which marketing concept suggests that companies should strive to understand and satisfy customer needs and wants while also considering society's long-term well-being?Selling ConceptProduction ConceptSocietal Marketing ConceptProduct Concept C) Societal Marketing ConceptThe Societal Marketing Concept holds that an organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and society's well-being.
What is "Customer Relationship Management (CRM)" in marketing?A strategy for quickly resolving customer complaints. A technology for tracking competitor activities.A system for managing a company's interactions with current and potential customers.A method for calculating market share.C) A system for managing a company's interactions with current and potential customers. Customer Relationship Management (CRM) is a technology for managing all your company's relationships and interactions with customers and potential customers. The goal is simple: improve business relationships to grow your business.
Which of the following is an example of "pull strategy" in marketing?Offering trade promotions to retailers to stock a product.Advertising directly to consumers to create demand that pulls the product through the distribution channel.Giving sales incentives to wholesalers.Using a large sales force to push products onto store shelves.B) Advertising directly to consumers to create demand that pulls the product through the distribution channel. A pull strategy aims to create demand from the end consumer, who then requests the product from retailers, who in turn request it from wholesalers, and so on, "pulling" the product through the supply chain. Consumer advertising is a classic example.
What does "SWOT Analysis" stand for in strategic marketing planning?Sales, Wages, Opportunities, ThreatsStrengths, Weaknesses, Opportunities, ThreatsServices, Workflow, Objectives, TargetsStrategy, Web, Outreach, TrackingB) Strengths, Weaknesses, Opportunities, ThreatsA SWOT analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or business venture. It provides a framework for analyzing internal and external factors.
What is "product differentiation" in marketing?Reducing the price of a product to match competitors.The process of making a product different and more attractive to a target market.Withdrawing a product from the market due to low sales.Selling the same product under multiple brand names.B) The process of making a product different and more attractive to a target market.Product differentiation is a marketing strategy where a business seeks to distinguish its product from competing products in a positive way. This can be based on quality, features, design, or brand image.
Which marketing channel involves a company selling its products directly to consumers without using intermediaries like retailers?Indirect ChannelMultilevel Marketing Direct ChannelSelective Distribution C) Direct ChannelA direct channel is a distribution channel where a business sells its products directly to consumers. Examples include selling through a company's own website, retail stores, or door-to-door sales.
What is "A/B testing" commonly used for in digital marketing?To measure website traffic from different countries.To compare two versions of a webpage, email, or ad to see which one performs better.To analyze a company's financial performance.To segment customers into two groups for a product launch. B) To compare two versions of a webpage, email, or ad to see which one performs better.A/B testing (or split testing) is a research method where two variants of an item are shown to different groups of users to determine which one is more effective in achieving a specific goal, such as a higher click-through rate or conversion rate.
What is the main objective of the "growth stage" in the product life cycle?To introduce a new product to the market.To maximize profits while sales slow down.To increase sales and market share. To phase out a product.C) To increase sales and market share.In the growth stage, a product has been accepted by the market, and the focus of the marketing strategy is on increasing sales and expanding market share. The product often sees rapid sales growth, and competition begins to emerge.
What is a "brand extension"?The process of creating a new brand from scratch.Using a successful brand name to launch a new or modified product in a different category.A strategy to reduce the price of a brand's products.The legal protection of a brand's logo and name.B) Using a successful brand name to launch a new or modified product in a different category.A brand extension is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. For example, a company known for its sodas launching a line of branded apparel.
What is a "brand identity"?The price of a product.The visual and verbal elements used to represent a brand.The target market for a product.A company's financial performance.B) The visual and verbal elements used to represent a brand.A brand identity is the visible elements of a brand (such as color, design, and logo) that identify and distinguish the brand in the consumers' minds.
Which of the following is a form of digital marketing? Radio advertisingTelevision advertisingEmail marketingPrint advertisingC) Email marketing Email marketing is the act of sending a commercial message to a group of people using email. It is a form of digital marketing.
The process of creating a new product that is distinct from existing ones in the market is called:Price skimming Product differentiationMarket saturationBrand extensionB) Product differentiationProduct differentiation is a marketing process that involves creating a unique identity for a product to make it stand out from competitors
What is "public relations" (PR)?A company's effort to create a positive image with the public.The process of selling products directly to the public.The relationship between a company and its employees.The process of advertising on television.A) A company's effort to create a positive image with the public. Public relations (PR) is the practice of managing the spread of information between an individual or an organization and the public.
What is a "marketing plan"? A document that outlines a company's financial goals.A document that outlines a company's marketing strategy and tactics. A document that outlines a company's product development process.A document that outlines a company's human resource strategy. B) A document that outlines a company's marketing strategy and tactics.A marketing plan is a comprehensive document that details the advertising and marketing efforts for the coming year or a specific period.
The term "brand equity" refers to:The price of a product.The number of products a company sells.The value of a brand beyond its physical assets.The total debt of a company.C) The value of a brand beyond its physical assets.Brand equity is the commercial value that derives from consumer perception of a brand name of a particular product or service.
What is "product differentiation"?The process of making a product identical to a competitor's product. The process of creating a product that is distinct from competing products. The process of setting a low price for a product.The process of selling a product to a wide audience. B) The process of creating a product that is distinct from competing products.Product differentiation is a marketing strategy that involves making a product stand out from competitors' products in some way.
What is a "market segment"?The entire market for a product. A group of consumers who respond in a similar way to a given set of marketing efforts.A group of companies that sell a similar product.A group of companies that are in the same industry.B) A group of consumers who respond in a similar way to a given set of marketing efforts. A market segment is a portion of a larger market whose needs and characteristics are similar.
The term "AIDA model" in marketing stands for:Advertising, Interest, Desire, ActionAwareness, Interest, Desire, ActionAwareness, Information, Desire, ActionAdvertising, Information, Desire, ActionB) Awareness, Interest, Desire, ActionThe AIDA model is a popular marketing framework that outlines the steps a customer goes through when deciding to buy a product.
What is a "brand extension"?The process of selling a product to a new market.The use of an established brand name to introduce a new product.The process of firing a brand manager.The process of creating a new brand.B) The use of an established brand name to introduce a new product.A brand extension is when a company uses one of its established brand names on a new product or new category of products.
The term "marketing channel" refers to:A television channel that advertises a product. A set of interdependent organizations that help make a product or service available for use or consumption. A group of customers.A marketing campaign. B) A set of interdependent organizations that help make a product or service available for use or consumption. A marketing channel is the path through which goods and services travel from the producer to the consumer.
: What is "customer relationship management" (CRM)? The process of selling a product.A business strategy for managing a company's interactions with customers and potential customers.The process of creating a new product.The process of advertising a product.B) A business strategy for managing a company's interactions with customers and potential customers.CRM is an approach to managing a company's relationship with its customers. It involves using technology to organize, automate, and synchronize business processes.
The term "market segmentation" refers to:The process of selling a product to a new market.The process of dividing a broad consumer market into sub-groups based on some type of shared characteristic.The process of developing a new product. The process of selling a product to a wide audience. B) The process of dividing a broad consumer market into sub-groups based on some type of shared characteristic.Market segmentation is a marketing strategy that involves dividing a market into subsets of consumers who have common needs and characteristics.
What is a "pull strategy" in marketing?A strategy that involves pushing products through the marketing channel to the consumer. A strategy that involves spending a lot on advertising and consumer promotions to build consumer demand.A strategy that is only used by large corporations.A strategy that is used to sell products online. B) A strategy that involves spending a lot on advertising and consumer promotions to build consumer demand.A pull strategy is a marketing strategy that focuses on getting consumers to "pull" the products into the marketing channel by creating demand.
What is the purpose of a "focus group"? A group of employees who work on a project.A small group of people assembled to participate in a guided discussion about a new product or service. A group of investors.A group of competitors.B) A small group of people assembled to participate in a guided discussion about a new product or service.A focus group is a form of qualitative research in which a group of people is asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, or advertisement.
The term "market share" refers to:The total value of a company's assets.The percentage of a market accounted for by a specific product, brand, or company.The total debt of a company.The price of a product.B) The percentage of a market accounted for by a specific product, brand, or company.Market share is the proportion of total sales in a specific market that a company or brand controls.
What is "content marketing"?A marketing strategy that focuses on aggressive advertising.The creation and sharing of online material, such as videos, blogs, and social media posts, that does not explicitly promote a brand but is intended to stimulate interest in its products or services. A marketing strategy that is only used by large corporations.A marketing strategy that is used to sell products online.B) The creation and sharing of online material, such as videos, blogs, and social media posts, that does not explicitly promote a brand but is intended to stimulate interest in its products or services.Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience.
The term "marketing mix" refers to: The process of developing a new product.A combination of factors that can be controlled by a company to influence consumers to purchase its products. A group of consumers who respond in a similar way to a given set of marketing efforts.The total sales of a company.B) A combination of factors that can be controlled by a company to influence consumers to purchase its products.The marketing mix is often referred to as the "4 P's" of marketing: product, price, place, and promotion.
What is "product positioning"?The process of selling a product to a new market.The process of creating an image or identity for a product in the minds of consumers.The process of developing a new product. The process of selling a product to a new audience. B) The process of creating an image or identity for a product in the minds of consumers.Product positioning is a marketing strategy that aims to make a brand occupy a distinct position relative to competing brands in the mind of the customer.
What is a "niche market"?A market with a very large number of customers.A small, specialized market segment for a particular product or service.A market for luxury goods only.A market for everyday consumer goods.B) A small, specialized market segment for a particular product or service. A niche market is a subset of the market on which a specific product is focused.
The term "brand equity" refers to:The price of a company's stock.The value of a brand beyond its tangible assets.The total debt of a company.The total revenue of a company. B) The value of a brand beyond its tangible assets.Brand equity is a measure of the brand's worth, based on the perception, reputation, and consumer trust it has built over time.
What is the main purpose of a "marketing funnel"?A process of selling a product.A model that illustrates the journey a customer takes from initial awareness to a purchase. A model for creating a new product. A model for managing a company's finances.B) A model that illustrates the journey a customer takes from initial awareness to a purchase.The marketing funnel is a consumer-focused marketing model that tracks the journey of a potential customer, from discovering the brand to becoming a loyal customer.
The term "market research" refers to:The process of selling a product.The process of gathering and analyzing information about a market.The process of developing a new product.The process of advertising a product. B) The process of gathering and analyzing information about a market.Market research is a systematic process of gathering information about a target market and its customers.
What is a "brand promise"?A company's promise to provide a discount. The value or experience a company promises to deliver to its customers. A company's promise to its investors. A company's promise to its employees.B) The value or experience a company promises to deliver to its customers.A brand promise is a statement that defines what a customer can expect from a brand.
The term "target market" refers to:All the customers in a country.The entire market for a product.A specific group of consumers at which a company's products and marketing efforts are aimed.A group of companies that sell a similar product. C) A specific group of consumers at which a company's products and marketing efforts are aimed. A target market is a set of individuals sharing similar needs or characteristics that a company aims to serve.
What is the "4 P's" of marketing? Product, Price, Promotion, and PlacePeople, Process, Physical evidence, and Price Product, Price, People, and ProcessProduct, Price, Promotion, and PeopleA) Product, Price, Promotion, and PlaceThe marketing mix is often referred to as the 4 P's of marketing, which are the main factors that a marketer can control in a marketing strategy.
The term "viral marketing" refers to:A marketing strategy that is only used by large corporations.A marketing technique that uses pre-existing social networks to produce increases in brand awareness.A marketing strategy that focuses on aggressive advertising.A marketing strategy that is used to sell products online.B) A marketing technique that uses pre-existing social networks to produce increases in brand awareness.Viral marketing is a method of promotion that encourages customers to share information about a company's goods or services with others.
The term "product life cycle" refers to:The time it takes to develop a new product.The different stages a product goes through, from its introduction to its decline.The time it takes to sell a product.The time it takes to manufacture a product.B) The different stages a product goes through, from its introduction to its decline.The product life cycle describes the stages a product goes through in the marketplace.
What is a "target market"?The total number of customers a company has.A specific group of consumers with similar needs and wants that a company aims to sell its products to.The total number of products a company sells. The total number of products a company manufactures. B) A specific group of consumers with similar needs and wants that a company aims to sell its products to.A target market is a specific group of people with shared characteristics to whom a company markets its products or services.
The term "product placement" refers to:The process of a consumer buying a product.The process of a company's product being strategically placed in a movie or TV show.The process of a company selling a product online.The process of a company developing a new product.B) The process of a company's product being strategically placed in a movie or TV show.Product placement is a marketing technique in which a product or brand is subtly embedded into a movie, television show, or other media.
What is "digital marketing"?Marketing that uses only traditional media.Marketing that uses digital channels to promote products and services.Marketing that uses only television advertising Marketing that uses only print advertising. B) Marketing that uses digital channels to promote products and services.Digital marketing is an umbrella term for all marketing efforts that use an electronic device or the internet.
The term "viral marketing" refers to:A marketing technique that spreads information about a product or service from person to person.A marketing technique that only uses social media.A marketing technique that only uses email. A marketing technique that only uses television advertising. A) A marketing technique that spreads information about a product or service from person to person. Viral marketing is a method of marketing where information about a company's goods or services spreads rapidly among a population through word of mouth.
The "4 Ps" of the marketing mix are:Product, Price, Place, and Promotion.People, Process, Physical evidence, and Production.Price, Production, Place, and People. Product, Profit, Place, and Production.A) Product, Price, Place, and Promotion.The marketing mix is a set of actions that a company uses to promote its brand or product in the market. The 4 Ps are the core components of this strategy.
The process of dividing a broad consumer market into sub-groups based on shared characteristics is known as:Market SegmentationMarket DiversificationMarket Expansion Market Integration A) Market SegmentationMarket segmentation is the process of partitioning a market into groups of potential customers who have similar needs and characteristics.
What is a "brand"?A product or service.A company's name and logo. A marketing strategy.A name, term, design, or symbol that identifies one seller's good or service as distinct from those of other sellers.D) A name, term, design, or symbol that identifies one seller's good or service as distinct from those of other sellers.A brand is a concept that goes beyond a product's physical attributes to create a unique identity in the mind of the consumer.
The term "market research" is the process of:Selling a product.Gathering and analyzing information about consumers, competitors, and the market.Developing a new product.Advertising a product.B) Gathering and analyzing information about consumers, competitors, and the market.Market research is the process of studying the viability of a new service or product through research conducted directly with potential customers.
What is the "4th P" in the marketing mix of "Product, Price, Place, and Promotion"?Profit PeoplePromotion Public C) Promotion The marketing mix is a set of tools a company uses to pursue its marketing objectives in the target market.
What is the main purpose of "market research"?To increase a company's profit.To gather and analyze information about consumers, competitors, and the market.To advertise a product. To sell a product.B) To gather and analyze information about consumers, competitors, and the market.Market research is the process of studying the viability of a new service or product through research conducted directly with potential customers.