MARKETING

What is the main role of marketing in a business?

• To increase the number of employees in the company

• To reduce the quality of products to save costs

• To focus solely on product design

• To link the business to the customer by identifying and meeting customer needs profitably

What is the difference between market orientation and product orientation?

• Market orientation focuses on consumer demand, while product orientation focuses on making products and then selling them

• Market orientation focuses on making products, while product orientation focuses on consumer demand

• Both market orientation and product orientation focus on consumer demand

• Both market orientation and product orientation focus on making products

What is the main characteristic of mass marketing?

• It tailors products to a particular type of customer

• It focuses on making products with mass appeal and promoting them to all types of customers

• It involves identifying the needs of consumers that make the product niche

• It creates a unique selling point that differentiates a product from competitors

What is the purpose of market segmentation?

• To focus solely on one market segment

• To reduce promotional costs

• To avoid wasting resources on trying to sell products to the whole market

• To increase production and stock holding costs

What is the main advantage of niche marketing?

• It offers the chance to sell at high prices and high-profit margins

• It can be used by large firms to create status and image

• It can be highly effective in pushing new products or services

• It allows for economies of scale

What is the significance of market share for a business?

• It helps in identifying the total level of sales in a market

• It helps in measuring the relative success of a business strategy against competitors

• It allows for higher production costs

• It has no impact on the success of a business

What is the concept of societal marketing?

• It does not take into account social welfare

• It considers the effects on all members of the public involved when firms meet consumer demands

• It aims to reduce consumer satisfaction

• It focuses solely on maximizing profits

What are the common bases of market segmentation?

• Geographic, Behavioral, and Attitudinal differences

• Geographic, Technological, and Cultural differences

• Geographic, Economic, and Political differences

• Geographic, Demographic, and Psychographic differences

What is the main benefit of adding value to a product?

• It increases production costs

• It reduces consumer interest

• It creates a unique selling point that differentiates the product from competitors

• It decreases the quality of the product

What are the key elements of a marketing plan?

• Product, Price, Place, Promotion

• Quality, Quantity, Quota, Quotation

• Research, Development, Testing, Launch

• Advertising, Sales, Distribution, Packaging