01 marketing basic concepts

Which all of the following constitute the business environment? (Select ALL correct options)

• Economic

• Cultural

• Political

• Social

• Technological

Segmentation is the process of _____

• Selecting the RIGHT customers

• Selecting the RIGHT Products for the customers

• Dividing the market into smaller groups of customers

• Creating a RIGHT image in the minds of the Right Customers

If you are Marketing Manager for a Paint manufacturing firm, which ONE of the following is NOT your B2B customer-category?

• Individual households

• Manfucturining firms

• Service firms/institutions

• Retailers

• Government organizations

Creating a favorable and distinct image of your product or brand in the minds of target customers is called ______ .

• Differentiation

• Targeting

• Segmentation

• Positioning

Which of the following is FALSE regarding marketing mix?

• All its elements together make a value proposition or offering to a customer.

• Its elements are not inter-dependent of one another.

• It is set of decisions in the hands of marketers.

• Each element of marketing mix is a set of strategic decisions.

Which ONE of the following should ideally be the FIRST objective of marketing?

• Customer satisfaction

• Profit maximization

• Sales maximization

• Market share leadership

By definition, which ONE of the following does not form a part of the market for a firm?

• Its Suppliers

• Its Customers

• Its Competitors

• The Firm itself

Which ONE of the following segmentation criteria will you suggest to be the most effective to get the best outcome of marketing strategy?

• Geographic

• Demographic

• Psycho graphic

• Behavioral

Promotion element in marketing mix is set of strategies to ___________ .

• manufactue or sell a number of different product lines

• create, grow, and manufacture products needed by customers

• Develop communication a business or organization uses to inform, persuade, or remind.

• take the product to where the customer is.

The items you can touch, see or smell, such as rose flower, are called _____

• concepts

• goods

• ideas

• services