labman g5 Principles of Marketing

Question 1

are fundamental rules that guide behavior, decision making or actions

Answer 1

Principles

Question 2

the process of promoting and selling products or services, to reach and engage customers

Answer 2

Marketing

Question 3

refers to strategies and practices aimed at promoting the lab’s services

Answer 3

Principles of Marketing

Question 4

Helps in enhancing laboratory reputation, and attracting clients or stakeholders

Answer 4

Principles of Marketing

Question 5

Finding out the needs of target market and satisfying them

Answer 5

Marketing concept

Question 6

Requires a market focus and orientation towards the consumer

Answer 6

Marketing concept

Question 7

consumer or client centered

Answer 7

Marketing concept

Question 8

Under this concept, producers believed that if the product is good and reasonably priced, it will be quite popular even if no special marketing efforts are made.

Answer 8

Production Concept

Question 9

3 types of marketing concept

Answer 9

production concept, product concept, selling concept

Question 10

this talks about the quality service offered

Answer 10

Production Concept

Question 11

Under this concept, producers believed that by making superior products and improving their quality over time, they will be able to attract more customers.

Answer 11

Product Concept

Question 12

Result of the production

Answer 12

Product concept

Question 13

The selling concept assumes that the customers will not normally buy a product unless they are approached and convinced through intensive sales promotion, advertising and salesmanship efforts

Answer 13

Selling Concept

Question 14

Anyone who is in the market looking at a product/service for attention, acquisition, use or consumption that satisfies a want or a need.

Answer 14

Laboratory Customer

Question 15

is a payment or reward given to an individual or organization for performing a specific service, typically sales-related

Answer 15

Commission

Question 16

it is usually calculated as a percentage d the sale price or revenue generated

Answer 16

Commission

Question 17

is a type of incentive program under marketing principles, where salespeople or representatives receive a percentage of the revenue generated from their sales efforts as their compensation.

Answer 17

Commission Plan

Question 18

it is a payment structure that incentivizes sales representatives, laboratory staff, or managers to promote and sell laboratory services, tests, or products.

Answer 18

Commission Plan

Question 19

this type of commission is based on the profit generated from the sale, rather than the total sale value

Answer 19

Profit-based Commission

Question 20

it is a compensation structure where a salesperson receives a set amount of money for each sale, regardless of the sale’s value or sizd

Answer 20

Fixed Commission

Question 21

it is the most common type, where employees receive a percentage of the total sale value

Answer 21

Percentage based

Question 22

sales people earn different commission rates based on the amount of revenue they generate

Answer 22

Tiered Commission

Question 23

are detailed documents that provide insights and data analysis on various aspects of the business, such as sales performance, market trends and operational efficiency

Answer 23

Reports

Question 24

these include daily, weekly, or monthly summaries of laboratory activities

Answer 24

Operational Reports

Question 25

these details the financial performance of the laboratory, including revenue, expenses and profitability

Answer 25

Financial Reports

Question 26

These focus on the accuracy and reliability of tests results

Answer 26

Quality Control Reports

Question 27

These document any accidents, errors or unusual occurrences in the laboratory

Answer 27

Incident Reports

Question 28

it is a type of secondary data in which the collected and/or the process of collecting the data are prepacked for all users

Answer 28

Pre-packed Information

Question 29

these materials provide an overview of laboratory services, new tests, and procedures

Answer 29

Brochures and Flyers

Question 30

it is a document that provides a detailed information about a particular product

Answer 30

Product Information Sheets

Question 31

promotional materials such as posters, banners and digital content used to market the laboratory’s services

Answer 31

Marketing Collateral

Question 32

Ensures that all stakeholders receive the same information, reducing the risk of miscommunication

Answer 32

consistency

Question 33

saves time for the laboratory staff providing read to use materials that can be quickly distributed

Answer 33

Efficiency

Question 34

Enhances the laboratory’s image by providing well-designed and informative materials

Answer 34

Professionalism

Question 35

it helps in education clients and healthcare providers about the laboratory’s capabilities and services leading to better utilization of services

Answer 35

Education