Marketing Concepts

Which statement is TRUE about Promotion?

• Promotion is not important in the marketing mix

• Promotion is only about advertising on TV

• Promotion involves activities to communicate the value of a product or service to customers, increase brand awareness, and drive sales such as TV, Social Media, Sponsoring events and Online Ads.

Why is competitor analysis crucial in marketing?

• Competitor analysis provides valuable insights into the market and helps businesses make informed decisions to stay competitive.

• Competitor analysis is only useful for small businesses.

How can competitor analysis help a company improve its marketing strategies?

• By ignoring competitors and focusing solely on internal strategies.

• By learning from competitors' successes and failures, adapting strategies, and staying ahead in the market.

Which statement is TRUE of 4 P's of Marketing Mix?

• The 4 P's of marketing mix do not impact the success of a marketing strategy

• The 4 P's of marketing mix work independently of each other

• The 4 P's of marketing mix work together by aligning product, price, place, and promotion strategies to create a cohesive and successful marketing strategy.

Why is SWOT analysis important for business?

• SWOT analysis is important in a competitive market to understand competitors' strategies, strengths, and weaknesses, identify opportunities for differentiation, and stay ahead in the market.

• SWOT analysis is only important for small businesses.

• SWOT analysis is not important in a competitive market.

Which statement is TRUE about pricing strategy?

• The pricing strategy is the method used to set the color of a product

• The pricing strategy is a method used to set the price of a product or service, taking into account factors such as competition, target market, and costs.

• The pricing strategy is the method used to set the size of a product

How does market segmentation benefit a company's marketing strategy?

• Market segmentation has no impact on marketing strategies

• Market segmentation helps in targeting specific customer groups, tailoring products and messages, and increasing overall effectiveness of marketing efforts.

• Market segmentation is only useful for large corporations

What role does branding play in Starbucks' positioning strategy?

• Branding has no impact on Starbucks' positioning

• Branding helps Starbucks differentiate itself and create a strong brand image

How does Starbucks differentiate its brand from other coffee chains through positioning?

• Low pricing, limited options, poor customer service

• Premium pricing, customer experience, variety of options, sustainability, and ambiance

___________ is a method used to identify customers with similar wants and needs.

• Selling

• SWOT

• Market Segmentation

• Sales pitch