IB: Chap 3 Marketing Flashcards by Mikaella Ramos

What is the primary focus of marketing?
A) Selling products
B) Identifying and meeting needs
C) Manufacturing goods
D) Reducing costs

B) Identifying and meeting needs

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Which of the following best describes ‘needs’?
A) Desires for specific products
B) Basic requirements for survival
C) Wants that are backed by purchasing power
D) None of the above

B) Basic requirements for survival

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What is a ‘marketing offer’?
A) A discount on products
B) A combination of products, services, and experiences
C) A promotional event
D) A sales strategy

B) A combination of products, services, and experiences

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Customer satisfaction is achieved when:
A) Expectations are exceeded
B) Expectations are met
C) Products are sold at a low price
D) Customers are frequently contacted

B) Expectations are met

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What does the term ‘exchange’ refer to in marketing?
A) Selling goods at a profit
B) Trading one product for another
C) Obtaining something needed from another party by offering something in return
D) None of the above

C) Obtaining something needed from another party by offering something in return

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Which concept focuses on producing goods that are affordable?
A) Product Concept
B) Selling Concept
C) Production Concept
D) Marketing Concept

C) Production Concept

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The Marketing Concept emphasizes:
A) High-quality production
B) Understanding customer needs and providing satisfaction better than competitors
C) Aggressive selling tactics
D) Reducing production costs

B) Understanding customer needs and providing satisfaction better than competitors

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Which of the following is NOT part of the Marketing Mix?
A) Product
B) Price
C) Promotion
D) Profit

D) Profit

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What does ‘customer lifetime value’ refer to?
A) The total revenue a business can expect from a customer over time
B) The cost incurred to acquire a customer
C) The average purchase value of a customer
D) None of the above

A) The total revenue a business can expect from a customer over time

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Which marketing orientation focuses on societal well-being?
A) Production Concept
B) Selling Concept
C) Societal Marketing Concept
D) Customer Concept

C) Societal Marketing Concept

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Which of the following describes ‘demand’?
A) Wants that are not backed by purchasing power
B) Needs that are fulfilled through marketing efforts
C) Wants backed by purchasing power and willingness to buy
D) Basic requirements for survival

C) Wants backed by purchasing power and willingness to buy

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The main task of marketing is:
A) Selling products at the lowest price
B) Value creation and delivery
C) Reducing production costs
D) Increasing sales volume

B) Value creation and delivery

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What is the role of promotion in the marketing mix?
A) To create new products
B) To inform and persuade customers about products
C) To set prices
D) To distribute products

B) To inform and persuade customers about products

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What is meant by ‘market’?
A) The physical location where goods are sold
B) The set of actual and potential buyers for a product or service
C) The total revenue generated from sales

B) The set of actual and potential buyers for a product or service

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Which concept suggests that consumers will favor products that offer quality and innovative features?
A) Production Concept
B) Selling Concept
C) Product Concept
D) Customer Concept

C) Product Concept

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What is one key difference between selling and marketing?
A) Selling focuses on buyer needs, while marketing focuses on seller needs.
B) Selling is about making profits, while marketing is about making losses.
C) Selling is about customer satisfaction, while marketing is about production.
D) Selling converts goods into profits, while marketing converts needs into products.

D) Selling converts goods into profits, while marketing converts needs into products.

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Which orientation focuses on building long-term customer relationships?
A) Production Orientation
B) Selling Orientation
C) Customer Orientation
D) Societal Orientation

C) Customer Orientation

In the context of marketing, what does ‘value’ refer to?
A) The price of a product
B) The benefits gained from a product minus its cost
C) The number of customers served

B) The benefits gained from a product minus its cost

Customer loyalty can be built through:
A: High prices for exclusive products.
B: Quality customer service and satisfaction.
C: Aggressive advertising campaigns.
D: Frequent discounts and promotions.

B: Quality customer service and satisfaction.

What does ‘distribution channel management’ involve?
A: Setting prices for products.
B: Ensuring products reach customers effectively.
C: Designing new product features.
D: Conducting market research.

B: Ensuring products reach customers effectively.

Scenario: Sarah wants to buy a new smartphone but feels overwhelmed by choices. How can marketers help her make a decision?

Marketers can provide clear information about the features and benefits of each smartphone, offer comparisons, and highlight customer reviews. They can also use targeted advertising to showcase options that meet her preferences, making it easier for her to choose.

Scenario: John has been using a brand of toothpaste for years but recently switched to another brand after seeing an advertisement. What factors might have influenced his decision?

John’s decision could be influenced by effective advertising that highlighted new benefits, recommendations from friends or family, promotional offers, or dissatisfaction with his previous brand’s performance.

Scenario: A local bakery wants to increase sales during holidays. What marketing strategies could they implement to attract more customers?

The bakery could create holiday-themed products, run special promotions (like discounts or buy-one-get-one-free offers), utilize social media marketing to showcase their offerings, and host events or tastings to engage the community.

Scenario: Emily is unhappy with her recent purchase because it did not meet her expectations. What might happen next regarding her relationship with that brand?

If Emily’s dissatisfaction is not addressed, she may choose to stop purchasing from that brand and share her negative experience with others, potentially discouraging new customers. Conversely, if the brand responds positively to her feedback, it could improve her perception and loyalty.

Scenario: Tom has developed a new fitness app but struggles to find users. What steps should he take to identify his target market?

Tom should conduct market research through surveys or focus groups to gather data on potential users' demographics, preferences, and fitness goals. He can also analyze competitors' user bases and utilize social media analytics to understand who is engaging with similar apps.

Scenario: After launching a new product, a company receives mixed reviews online. How should they respond to maintain customer satisfaction?

The company should acknowledge the feedback publicly, thank customers for their input, and address specific concerns raised in reviews. They could also implement changes based on feedback and communicate these improvements to reassure current and potential customers.

Scenario: Lisa runs a clothing store and wants to create loyalty among her customers. What strategies can she use to achieve this?

Lisa can implement a loyalty rewards program that offers discounts or exclusive access to new collections for repeat customers. Additionally, she can personalize shopping experiences through targeted promotions and maintain strong customer service relationships.

Scenario: Mark notices that his favorite coffee shop has changed its menu items based on customer feedback. How does this reflect effective marketing practices?

Mark's observation indicates that the coffee shop values customer feedback and is responsive to consumer preferences, which is a key aspect of effective marketing. This practice helps build customer loyalty and ensures that offerings remain relevant.

Scenario: An online retailer offers free shipping as part of their pricing strategy during holiday sales season. Why might this be effective in attracting customers?

Free shipping reduces the overall cost of purchasing for customers, making it more appealing to complete a purchase. It can also differentiate the retailer from competitors who charge for shipping, enhancing customer satisfaction.

Scenario: After analyzing customer data, a company discovers that most buyers prefer eco-friendly products. What should they do with this information?

The company should consider developing or promoting eco-friendly products that align with consumer preferences. They could also incorporate sustainability into their marketing messaging to attract environmentally conscious customers.

Scenario: You are tasked with developing a marketing plan for a new vegan restaurant in your city. Describe how you would identify your target market, create your marketing mix, and measure success.

Identify target market: Conduct surveys or focus groups within health-conscious communities. Marketing mix: Offer diverse vegan dishes (Product), set competitive prices (Price), use social media and local events for promotion (Promotion), and ensure efficient delivery services (Place). Measure success: Track customer feedback through reviews and surveys, monitor sales growth, and analyze repeat customer rates.

Scenario: Imagine you are the marketing manager for a tech company launching a new gadget aimed at young adults. Discuss how you would use social media as part of your promotional strategy.

Create engaging content showcasing product features through videos and posts. Collaborate with influencers who resonate with young adults. Run targeted ads on platforms like Instagram and TikTok. Host live Q&A sessions to engage potential customers directly.

Scenario: Your company has received complaints about its customer service after launching an online store. Outline steps you would take to improve customer satisfaction and regain trust.

Analyze feedback for common issues. Implement training programs for staff on customer service. Establish a clear communication channel for complaints. Follow up with affected customers to inform them of changes made.

Scenario: You work for an established brand that has seen declining sales due to increased competition from startups offering similar products at lower prices. What strategies would you recommend to regain market share?

Conduct market research to understand competitor strengths. Innovate product features based on consumer demand. Increase promotional efforts highlighting unique selling propositions. Foster partnerships with retailers for better distribution.

Scenario: As part of your role in product development, you need to ensure that your new product meets consumer needs effectively before launch. Describe how you would gather consumer feedback during this process.

Use prototypes or beta versions of the product in focus groups. Conduct surveys asking potential users about their needs and preferences. Monitor social media discussions related to similar products. Adjust product features based on collected feedback before final launch.

Scenario: You are analyzing consumer behavior patterns for your business's latest campaign targeting millennials who prefer online shopping over traditional retail stores. Discuss how these insights can shape your future marketing strategies.

Tailor promotions specifically for millennials focusing on convenience and online shopping experiences. Utilize data analytics tools to track purchasing behaviors and preferences. Create content that resonates with millennial values such as sustainability and social responsibility.

Scenario: Your organization wants to adopt a societal marketing approach while launching its next product line focused on sustainability and environmental impact. Explain how you would balance profit-making with social responsibility.

Develop products that are environmentally friendly while ensuring they meet consumer needs. Communicate how these products benefit both consumers and society. Measure success not just by profits but by positive community impact metrics.

Scenario: Your team has proposed introducing loyalty programs to enhance customer retention rates for an e-commerce platform struggling with high churn rates among subscribers.

Design tiered rewards systems where frequent shoppers receive increasing benefits. Offer exclusive deals or early access to sales for loyal customers. Use personalized marketing strategies based on purchase history to enhance engagement.

Scenario: After launching an innovative product, your company faces challenges in communicating its unique benefits effectively to potential customers in crowded markets.

Clearly define what sets the product apart from competitors in all marketing materials. Use storytelling techniques in advertising that connect emotionally with consumers. Leverage testimonials from satisfied customers as social proof of product effectiveness.

Scenario: As part of your internship at a nonprofit organization, you need to develop strategies for raising awareness about its mission while engaging donors effectively.

Develop engaging content that tells compelling stories about the organization’s impact. Utilize social media campaigns targeting specific demographics aligned with the mission. Organize community events or partnerships that draw attention to the cause while engaging potential donors.