Marketing Quiz 1

What is Elmer Wheeler's famous sales line?

• Sell the steak, not the sizzle.

• Sell the sizzle, not the steak.

• Sell the features, not the benefits.

• Sell the benefits, not the features.

What is the primary focus of marketing?

• Convincing customers to buy the product.

• Meeting the needs of the company.

• Understanding and meeting the needs of the customer.

• Selling as much as possible.

Which of the following is NOT one of the 4 P's of Marketing?

• Product

• Price

• Promotion

• Profit

Why is it important to clearly define and build a product before selling it?

• To ensure it is profitable.

• To meet the company's needs.

• To meet customer needs and avoid failure.

• To avoid competition.

Why should you understand what the customer does now?

• To reveal gaps of opportunity.

• To see what they can’t see.

• To fit a properly defined product.

• All of the above.

Why is it important to understand your customer's customers?

• To help your customer service their customers.

• To understand how they use the existing product.

• To identify their pain points.

• All of the above.

Why should you survey the entire ecosystem when developing a product?

• To find hidden gems.

• To make the process easier.

• To avoid competition.

• To save time.

What does Cost Plus Pricing involve?

• Adding a margin based on the value to the customer.

• Calculating the cost and adding a percent margin on top.

• Setting a price based on competitors.

• Setting a price based on customer demand.

What is the basis of Value Pricing?

• The cost of production.

• The value to the customer.

• Industry norms.

• Competitor prices.

What is the main goal of promotion?

• To create a big budget, multimedia campaign.

• To tell people about your product.

• To ensure your product is the cheapest.

• To make competitors look bad.