All Chapters Flashcards
Which of the following is the most accurate definition of a brand?
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A logo or visual symbol representing a company.
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A unique name or image for an offering in the mind of the target segment that promises a significant and differentiated benefit.
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A legally protected trademark.
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A marketing campaign designed to increase product awareness.
A unique name or image for an offering in the mind of the target segment that promises a significant and differentiated benefit
What is the primary goal of a marketing strategy?
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To create visually appealing advertisements.
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To increase the number of products offered by a company.
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To turn people in your target group into customers/consumers.
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To lower the price of products to attract more customers.
To turn people in your target group into customers/consumers
Which of the following best describes value proposition?
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A detailed financial analysis of a company’s profits.
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A succinct statement of why consumers buy your brand.
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The logistical plan for product distribution.
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A complex legal document outlining a company’s policies.
A succinct statement of why consumers buy your brand
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Which element of the marketing mix involves creating awareness for a product or service?
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Product
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Promotion
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Place
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Price
Promotion
Which of the following best describes positioning in marketing?
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Securing the lowest possible price for a product.
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Placing products in easily accessible locations within a store.
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The differentiated place that a product occupies in the mind of target customers.
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Creating a marketing plan that appeals to all potential customers.
The differentiated place that a product occupies in the mind of target customers
In the context of the 7 P’s of marketing, what does “People” refer to?
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The demographic characteristics of the target market.
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Targeting a customer or consumer.
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The number of employees working in the marketing department.
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The use of social media to connect with customers.
Targeting a customer or consumer
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What is the purpose of a marketing audit?
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To assess the financial health of a company.
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An examination or snapshot of the state of a company’s marketing strategies as they are actually implemented.
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To ensure that a company is complying with legal regulations.
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To evaluate the performance of the company’s employees.
An examination or snapshot of the state of a company’s marketing strategies as they are actually implemented.
What is the primary goal of marketing research?
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To create catchy slogans and advertising campaigns.
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To understand consumer behaviour and market trends.
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To minimise a company’s expenses.
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To increase a company’s social media presence.
To understand consumer behaviour and market trends
What is the first step in the marketing research process?
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Collecting Data.
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Define the Problem (or Opportunity).
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Analyse Data.
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Write the Research Report.
Define the Problem (or Opportunity)
Which of the following describes primary data?
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Data that has already been collected by someone else.
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Information you collect yourself.
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Data that is obtained from government sources.
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Data that is freely available on the internet.
Information you collect yourself
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What is the purpose of back translation in international marketing research?
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To convert research data into a different file format.
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To ensure that marketing materials are culturally appropriate.
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A process whereby a native speaker translates a research instrument such as a survey into a foreign language and then back again to the original language to determine if there are gaps in meaning.
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To reduce the cost of translating marketing documents.
A process whereby a native speaker translates a research instrument such as a survey into a foreign language and then back again to the original language to determine if there are gaps in meaning
What element should a well-crafted problem statement address?
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Vague description of the problem
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Potential causes of the problem
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Broad overview of potential solutions
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Abstract problem identification
Potential causes of the problem
What does a sample plan give you?
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Cost analysis
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Return on investment
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Representativeness
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Total addressable market
Representativeness
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What is consumer behaviour?
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How people make buying decisions.
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The study of population demographics.
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The analysis of financial markets.
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The process of creating advertising campaigns.
How people make buying decisions
What are the stages in consumer’s purchasing process?
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Awareness, Consideration, Intent, Purchase, Post-Purchase.
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Cognition, Consideration, Intent, Purchase, Post-Purchase.
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Awareness, Research, Intent, Purchase, Habit.
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Awareness, Consideration, Habit, Purchase, Post-Purchase.
Awareness, Consideration, Intent, Purchase, Post-Purchase.
What is postpurchase dissonance and what can companies do to reduce it?
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It is when the customer makes a habit out of purchasing an item and companies can get customers to buy more.
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It is when a consumer is unhappy with after-sales service and the companies must provide better service and train their personnel to use it.
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It is when there are too many choices and companies carefully test products and only puts the best ones in its stores.
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It is when a customer experiences feelings of regret after making a purchase and companies should engage with the customer to ensure satisfaction.
It is when a customer experiences feelings of regret after making a purchase and companies should engage with the customer to ensure satisfaction.
What is Routine Response Behaviour?
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Automatic purchase decisions based on limited information or information consumers have gathered in the past.
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Extended information gathered before making a purchase.
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Impulse buying with no planning or forethought.
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Searching for information and using post-purchase dissonance.
Automatic purchase decisions based on limited information or information consumers have gathered in the past.
What is market segmentation?
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Creating new product features.
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Grouping customers based on how they are alike.
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Analyzing financial data.
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Developing advertising campaigns.
Grouping customers based on how they are alike
What are common ways of segmenting buyers?
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Big data, thick data, and thin data.
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Behavioral, demographic, geographic, or psychographic.
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Product breadth, product depth, and product features.
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Marketing audits, marketing plans, and marketing strategies.
Behavioral, demographic, geographic, or psychographic
What is repositioning?
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Changing the location of a store.
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Moving products to different shelves in a store.
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Changing consumers’ perceptions of a brand relative to competing brands.
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Restructuring a company’s organisational chart.
Changing consumers’ perceptions of a brand relative to competing brands
Which of the following best describes a product?
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A set of marketing strategies.
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A legally protected trademark.
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A tangible good that can be bought, sold, and owned.
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A type of advertising campaign.
A tangible good that can be bought, sold, and owned.
What does the RATER model focus on?
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Key dimensions of services.
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Product development strategies.
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Supply chain management.
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Pricing strategies.
Key dimensions of services
What does the T stand for in RATER?
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Trust
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Total cost
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Tangibility
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Teamwork
Tangibility
What does TCO stand for?
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Tangible Cost Ownership
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Total Cost of Ownership
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Tangible Consumer Ownership
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Total Consumer Offering
Total Cost of Ownership
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What are the 3 C’s of setting price?
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Cost, customer, and cognition.
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Consistency, customer, competition.
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Consistency, competition, and cognition.
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Cost, Customer, Competitor.
Cost, Customer, Competitor.
What is a primary difference between B2B and B2C markets?
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B2B markets have more customers than B2C markets.
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B2C markets rely more heavily on personal selling.
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B2B products are generally simpler than B2C products.
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B2B markets have fewer customers with larger transactions.
B2B markets have fewer customers with larger transactions
What is derived demand?
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Demand that is artificially created through marketing campaigns.
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Demand that is based on customer feedback and reviews.
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Demand that is derived from a source other than the primary buyer of a product.
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Demand that is influenced by seasonal factors.
Demand that is derived from a source other than the primary buyer of a product
What is a buying centre?
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A retail store where businesses can purchase products.
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A group of people within an organisation who makes purchasing decisions.
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A government agency that oversees business transactions.
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A trade association for businesses in a specific industry.
A group of people within an organisation who makes purchasing decisions
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According to the sources, what is statistical control?
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The degree to which you can manipulate an outcome.
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The ability to precisely predict future market trends.
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Mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem.
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The use of government regulations to control market competition.
Mathematically removing the influence of a variable on an outcome so as to isolate the cause of a problem.
What are the two basic pricing strategies?
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Value and skimming.
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Volume and penetration.
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Skimming and penetration.
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Value and volume.
Skimming and penetration.
