Principles of Marketing MidTerm

Marketing is defined as an organizational function and set of processes for creating, communicating and delivering value to customers.

• True

• False

A competitive advantage is some unique feature that causes a customer to purchase from your business instead of your competitors.

• True

• False

Answer explanation

What is the meaning of competitive advantages?

A competitive advantage is anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share.

Marketers can control the external environment in which their organizations operate.

• True

• False

Mass Marketing involves a targeted marketing strategy to reach a subgroup of customers.

• True

• False

The 4 P's of marketing are (also known as the Marketing Mix):

• Product, Price, Production, Place

• Product, Price, Promotion, Cost

• Product, Price Promotion, Place

• Product, price, promotion, location

Marketers often study consumer ______, which refers to the processes used by consumers when making purchase decisions.

• Decisions

• Behavior

• Awareness

• Psychology

A market is defined as people or organizations that have:

• a medium of exchange and products they desire.

• unmet needs or wants and products or services that satisfy those unmet needs and wants

• needs and wants and an ability and willingness to buy

• communication, financial and capital resources

A(n) ______ is a subgroup of individuals or organizations sharing one or more characteristics that cause them to have relatively similar product needs.

• segmentation base

• aggregated market

• population sample

• market segment

________ is the process of dividing a market into meaningful groups that are relatively similar and identifiable.

• market segmentation

• market positioning

• market sampling

• market penetration

The purpose of market segmentation is to:

• divide the market into equal size and profit regions for sales territories

• Enable marketers to customize marketing mixes to meet the needs of specific groups

• Develop a generalized definition of the market as a whole

• Reduce the market down to a specific size that the business can handle.