QUIZ 2 - CMM3

What are the traditional 4 Ps of marketing, and why are they important in marketing?

• Product, Promotion, Pricing, Place; they represent the core elements of a marketing strategy.

• Product, Public Relations, People, Packaging; they highlight the key factors for branding.

• Production, Planning, Profit, Price; they focus on manufacturing aspects.

What is "people" in the extended marketing mix (7 Ps), and why is it important for service-based businesses?

• "People" refers to the human resources department within a company, responsible for hiring employees.

• "People" refers to both employees and customers and is crucial for service-based businesses as the quality of interactions with people can greatly impact the service experience.

• "People" refers to customers only and their role in purchasing decisions.

What is "process" in the extended marketing mix (7 Ps), and why is it essential for service-based businesses?

• "Process" refers to the order in which products are manufactured and is crucial for manufacturing businesses.

• "Process" refers to the systems, procedures, and methods involved in delivering a service, and it's essential for service-based businesses to ensure consistent and efficient service delivery.

• "Process" refers to the technology used in the production of goods.

What is "physical evidence" in the extended marketing mix (7 Ps), and why is it important for service-based businesses?

• "Physical evidence" refers to tangible items sold alongside services, such as merchandise. It's important for enhancing brand visibility.

• "Physical evidence" refers to the physical environment and tangible cues that customers encounter during service delivery, and it's important for service-based businesses to build trust and convey quality.

• "Physical evidence" refers to the documentation related to product warranties.

Explain the concept of "prosumer" and its relevance in modern marketing.

• A "prosumer" is a professional consumer who only purchases high-end products. It's relevant as it highlights the need for luxury marketing.

• A "prosumer" is a consumer who actively participates in the production and customization of products, often through co-creation and user-generated content. It's relevant in modern marketing as it involves customers in product development.

• A "prosumer" is a term used in business-to-business marketing for a professional purchasing manager. It's relevant as it highlights the importance of B2B marketing.

In the context of marketing, what is "positioning," and how can a company use it to its advantage?

• Positioning is the physical location of a company's headquarters. A company can use it to reduce logistical costs.

• Positioning is the perception of a brand or product in the minds of consumers compared to competitors. A company can use it to differentiate its brand and appeal to a specific target audience.

• Positioning is the process of designing product labels and packaging. A company can use it to improve product presentation.

Explain the concept of "perceived value" in marketing, and why is it important for businesses?

• Perceived value is the actual market value of a product. It's important for businesses to set competitive prices.

• Perceived value is the value that customers perceive in a product, taking into account factors like quality, brand reputation, and customer service. It's important because it influences purchasing decisions and customer loyalty.

• Perceived value is the value of a product as perceived by the manufacturer. It's important for internal financial analysis.

What is the concept of "neuromarketing," and how does it use neuroscience principles in marketing?

• Neuromarketing is a type of marketing that targets neurologists and brain researchers to promote brain-related products. It uses neuroscience to develop medical advertisements.

• Neuromarketing is a field that applies insights from neuroscience to understand how consumers' brains respond to marketing stimuli. It uses techniques such as brain imaging to optimize advertising and product design.

• Neuromarketing is a method of marketing that focuses on targeting consumers with neurological conditions. It uses neuroscience to create specialized marketing campaigns for these individuals.