Understanding Marketing Concepts Flashcard

Front

Which of the following is a primary market research technique?

• Analysing existing data
• Conducting surveys
• Reviewing industry reports
• Reading online reviews

Back

Conducting surveys

Front

What does the 'P' in the 4 Ps of Marketing stand for when referring to the cost to the customer?

Back

Price

Front

Which of the following is an example of brand loyalty?

• Switching brands frequently
• Buying a product based on price
• Consistently purchasing the same brand
• Trying new brands regularly

Back

Consistently purchasing the same brand

Front

Which of the following is NOT one of the 4 Ps of Marketing? Product, People, Promotion, Place

Back

People

Front

What is the main purpose of market research?

Back

To understand customer needs and preferences

Front

Which of the following is a secondary market research technique?
- Conducting focus groups
- Observing customer behaviour
- Analysing government publications
- Interviewing customers

Back

Analysing government publications

Front

What does 'Place' refer to in the 4 Ps of Marketing?

Back

The distribution channels used to reach customers

Front

Which of the following best describes a brand?

• A type of product
• A unique name and image for a product
• A marketing strategy
• A sales technique

Back

A unique name and image for a product

Front

What is the role of 'Promotion' in the 4 Ps of Marketing?

Back

To inform and persuade customers

Front

Benefit of brand loyalty for businesses? Options: Increased advertising costs, Higher customer retention rates, More frequent product returns, Decreased product quality

Back

Higher customer retention rates