FOM All Topic

What is the definition of marketing according to the American Marketing Association (AMA)?

• The activity, set of institutions, and process for creating communication, delivering, and exchanging offerings

• The obligation of an organization's management towards the welfare and interests of society

• The process of creating value for customers and building strong customer relationships

• The process of obtaining a desired object from someone by offering something in return

What is the difference between customer needs and wants?

• Needs are shaped by society and wants are the form human needs take

• Wants are the basic part of human makeup and needs are shaped by culture

• Needs are described in terms of objects that satisfy wants, and wants become demands when backed by buying power

• Wants are the basic part of human makeup and needs are shaped by society

What is the primary focus of customer value and satisfaction in marketing?

• The difference between the benefit gained from a product and the costs incurred in obtaining it

• The act of obtaining a desired object from someone by offering something in return

• The process of creating value for customers and building strong customer relationships

• The obligation of an organization's management towards the welfare and interests of society

What is the main characteristic of a consumer product?

• A product that is essentially intangible and does not result in the ownership of anything

• Bought by final consumers for personal consumption

• Bought by individuals and organizations for further processing or use in conducting a business

• A product that is bought by individuals and organizations for further processing or use in conducting a business

What is the process of evaluating each market segment's attractiveness and selecting one or more segments to enter called?

• Segmentation

• Targeting

• Differentiation

• Positioning

What is the major pricing strategy that involves setting prices based on the costs of producing, distributing, and selling the product?

• Competition-based Pricing

• Value-based Pricing

• Customer Value-based Pricing

• Cost-based Pricing

What is the function of marketing channels in the distribution process?

• Transporting and storing goods

• Finding and communicating with prospective buyers

• Developing and spreading persuasive communications about an offer

• Acquiring and using funds to cover the costs of the channel work

What is the process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers?

• Differentiation Strategy

• Positioning Strategy

• Segmentation Strategy

• Targeting Strategy

What is the purpose of direct marketing?

• To engage with customers and build lasting relationships

• To persuade customers to purchase now

• To inform customers about new products

• To remind customers where to buy products

What is the main advantage of using direct mail in marketing?

• High audience selectivity

• High geographic and demographic selectivity

• Low cost per exposure

• High target market selectivity