3.1 The Nature of Marketing Quizs

Business-to-business marketing (B2B)

• occurs when one business is marketing its products to other businesses.

• is a strategy where businesses sell directly to consumers.

• involves marketing products to government agencies only.

• is focused on advertising to individual customers.

Marketing

• is the process of identifying, anticipating and satisfying the needs of customers in a mutually beneficial exchange process.

• is solely focused on advertising and promotions.

• is about selling products at the lowest price possible.

• is the act of convincing customers to buy unnecessary products.

Unique selling point (USP)

• is a feature that is common among all products.

• is something about your product which is perceived by your customers as unique.

• is a marketing strategy that focuses on price reduction.

• is a term used for customer service excellence.

Niche marketing

• occurs when a business focuses on a particular (usually small) segment of the market.

• is a strategy that targets a broad audience to maximize sales.

• involves creating a product that appeals to everyone in the market.

• is a marketing approach that ignores specific segments and targets the entire market.

Marketing objective

• is a marketing target for the business, setting out what it wants to achieve and when.

• is a financial goal set by the company to increase profits.

• is a strategy to reduce marketing costs and increase efficiency.

• is a plan to improve customer service and satisfaction.

Corporate objective

• is a target set for the business as a whole.

• is a strategy for individual departments.

• is a guideline for employee behavior.

• is a financial goal for shareholders.

Market growth

• measures the rate at which the market as a whole is growing over a given time period.

• is the total sales of a company in a specific market.

• refers to the increase in the number of competitors in a market.

• indicates the profitability of a market segment.

Marketing strategy

• is a marketing plan to achieve the marketing objective.

• is a method to increase product prices.

• is a technique to reduce marketing costs.

• is a way to eliminate competition.

Mass marketing

• occurs when a business targets the majority of the market.

• is focused on a specific niche audience.

• involves personalized marketing strategies.

• is only effective for small businesses.

Customer retention

• measures the proportion of customers who continue to buy from the business over a period of time.

• is the percentage of customers who leave a business after their first purchase.

• is the total number of customers a business has at any given time.

• is the average amount of time a customer spends with a business.