Fundamentals of Marketing

Choose the definition of marketing.

• The process of communication a business's message to it's market/guest.

• To satisfy customer needs

• To produce products

• To create advertisements

Which of the following best describes the concept of 'market segmentation'?

• Dividing a market into distinct groups of buyers with different needs or behaviors

• Changing the market prices daily

• Selling products in different markets

• Increasing the size of the market

What are the four Ps of marketing?

• Product, Price, Place, Promotion

• Product, Planning, Process, People

• Price, Place, Promotion, Performance

• Product, Performance, Process, Promotion

What is a target market?

• A place where sales targets are set

• A group of customers a business has decided to aim its marketing efforts towards

• A new market that a company is planning to enter

• The total available market for a product

What does the 'product life cycle' refer to?

• The time it takes to manufacture a product

• The time from when a product is conceived until it is no longer sold

• The duration of a product's popularity

• The lifespan of a product in the warehouse

What is the importance of 'branding' in marketing?

• To reduce the overall costs of products

• To legally protect the company's inventions

• To create a distinctive identity and image for a product or service in the consumer's mind

• To ensure that the product is of high quality

Which marketing orientation focuses on the belief that a sale does not depend on an aggressive sales force but rather on a customer's decision to purchase a product?

• Product orientation

• Sales orientation

• Market orientation

• Societal marketing orientation

What is the role of 'marketing research'?

• To control the cost of production

• To gather, record, and analyze data related to marketing products and services

• To research new locations for selling products

• To research the history of marketing

What does 'SWOT analysis' stand for in marketing?

• Strengths, Weaknesses, Opportunities, Threats

• Strengths, Weaknesses, Objectives, Techniques

• Sales, Weaknesses, Opportunities, Techniques

• Strengths, Wins, Opportunities, Threats

What is 'positioning' in the context of marketing?

• Deciding where to place products in a retail store

• Designing the logo and packaging of a product

• Establishing a product's identity within the target market relative to competitors

• Setting the price of a product