Intro

Question 1

Production concept

Answer 1

Assumes consumers are interested primarily in product availability at low prices

Question 2

Product concept

Answer 2

Assumed that consumers will buy the product that offers them the highest quality, the best performance, and the most features

Question 3

Selling concept

Answer 3

Assumes that consumers are unlikely to buy a product unless they are aggressively persuaded to

Question 4

Marketing concept

Answer 4

Assumes that to be successful, a company must determine the needs and wants of specific target markets and deliver the desired satisfactions better than the competition

Question 5

Societal Marketing Concept

Answer 5

Marketers must adhere to principles of social responsibility in the marketing of their goods and services.
Company profits = Customer wants = Society’s interests

Question 6

Market Segmentation

Answer 6

Dividing a market of consumers with diverse characterstics and behaviours into homogenous segments

Question 7

Demographics

Answer 7

Age, gender, family structure, social class, race/ethnicity, geography

Question 8

Psychographics

Answer 8

AIO (attitude interest opinion)

Question 9

Behaviour

Answer 9

Product usage level (loyalty cards), & online activity (big data)

Question 10

CSR

Answer 10

Corporate social responsibility: Doing things for public good without the expectation of anything in return

Question 11

Cause-related Marketing (CRM)

Answer 11

Activities for public good, but only if conditions are met - buy our product and we will do this.

Question 12

Consumer Trends

Answer 12

Keep ahead to keep up!
Sharing economy
Subscription economy
Social shopping
Healthy and ethical living
Interconnection and the internet of things
Metaverse