Principles of Marketing Quiz #2

All the following are types of Market Segmentation, EXCEPT

• Behavioral Segmentation

• Geographic Segmentation

• Psychographic Segmentation

• • Firmographic Segmentation

It is a concise statement that encapsulates the reasons why a customer might opt for your product or service

• Target Market

• Value Proposition

• Market Segmentation

• Customer Service Statement

It encompasses the entire process in which a company assesses market prospects, defines a specific target audience, and formulates a comprehensive marketing strategy to engage with these customers while also identifying and nurturing potential leads for the sales team

TRUE OR FALSE: SWOT Analysis is a management method whereby an organization can assess major external factors that influence its operation to become more competitive in the market

• TRUE

• FALSE

It refers to the length of time a consumer can derive benefit from the product or good purchased

• Convenience

• Consumable

• Durability

• Sought

Are products that are purchased frequently, are usually inexpensive, and do not require much purchase effort and evaluation

• Convenience goods

• Shopping goods

• Specialty Goods

• Unsought Goods

The ability of manufacturers to successfully distinguish their products from other competitors

All of the following are examples of Specialty Goods, EXCEPT:

• Luxury bags

• Investment

• Works of Art

• Automobiles

It is a useful tool to identify how capable your business is of capitalizing on opportunities

• SWOT Analysis

• PEST Analysis

• 5-C Analysis

• Situational Analysis

It is a product whose benefit can only be used by a consumer for only a short period of time

• Consume

• Durables

• Semi-durable

• Consumable