Unit 3 Marketing

What are the 4 P's of marketing?

• Product, Price, Place, Promotion

• Product, People, Process, Physical Evidence

• Price, People, Process, Promotion

• Product, Price, Process, Promotion

Which of the following is NOT a component of a target market?

• Demographics

• Psychographics

• Geographics

• Logistics

Why is market segmentation important in marketing?

• It helps in reducing production costs.

• It allows businesses to target specific groups effectively.

• It increases the number of products a company offers.

• It simplifies the marketing process by treating all customers the same.

What is the role of psychographics in defining a target market?

• It focuses on the physical location of customers.

• It analyzes the lifestyle and personality traits of customers.

• It determines the age and gender of customers.

• It assesses the income level of customers.

What is a key consideration when developing a pricing strategy?

• The color of the product packaging

• The cost of production and perceived value

• The number of employees in the company

• The location of the company's headquarters

How can a company strategically use promotion to enhance its market position?

• By reducing the quality of its products

• By creating a consistent brand message across all channels

• By ignoring customer feedback

• By increasing the price of its products

This "P" of the "4 P's" reflects what customers are willing and able to pay.

• Place
• Price
• Promotion
• Product

What is the primary goal of advertising in marketing?

• To directly sell products to customers

• To inform and persuade potential customers

• To manage public relations

• To conduct market research

Which of the following is a benefit of using digital marketing over traditional marketing?

• Higher cost

• Limited reach

• Real-time analytics

• Longer lead times

How does social media marketing benefit businesses?

• By providing limited customer engagement.

• By offering real-time customer interaction and feedback.

• By increasing the cost of marketing campaigns.

• By reducing the visibility of brand messages.