WorksheetsMarketing Principles 1-1, 1-2 and 1-5
Total questions: 20
Worksheet time: 11mins
What is the definition of marketing?
To analyze and identify the needs and wants of customers, and build products, solutions and strategies to satisfy those needs and wants.
The effective and relevant use of targeted research to ensure the customers’ needs and wants are satisfied.
The enterprise and pursuit of ideation, creation, communication, and delivery of profitable products and services to targeted customers for their benefit and society’s benefit.
The process of delivering products and services to targeted customers that meet their needs and the needs of the organization.
What is the marketing concept?
A marketing activity that involves making customers aware of an organization’s product or service, and convinces them that they want or need it.
Informing potential customers that a product or service exists, and the results they should expect from using it.
A marketing activity an organization engages in to collect data about existing customers’ perceptions of the organization.
To analyze and identify the needs and wants of customers, and build strategies to satisfy those needs and wants, better and more effectively than its competitors.
All good businesses start for the purpose of improving on an existing solution or to (a) .
Define a target market.
the specific group of customers who are most likely to buy a product or service.
getting the right products, to the right people, at the right price, in the right place, and at the right time.
individualized attention provided and available to customers throughout their lifespan as customers.
the group of customers that are part of a marketing research group
Which of the following is an element of the marketing function called market planning?
researching
updating
branding
strategizing
Which marketing function relates to letting customers know that a product or service exists, and the results they should expect from using it?
customer service
pricing
market planning
promotion
What is the purpose of a CRM (customer relationship management system)?
to ensure customer satisfaction with a product or service.
to address problems with a product or service.
to persuade customers to make a purchase.
to manage customer interactions and communications.
What is channel-management?
using a website to distribute products or services to customers.
determining the best way/s to distribute products or services to customers.
evaluating the cost of distributing products or services to customers.
selling product or services to customers through a retail storefront.
The marketing function that works with customers to ensure satisfaction, and encourage repeat business, is:
selling
promotion
customer service
customer relationship management
Which marketing function involves persuasion based on the merits a product or service can provide?
Pricing
Selling
Promotion
Product Management
The ultimate purpose of a company’s marketing strategy is to:
achieve its goals
redesign the brand
develop sales tactics
create financial stability
There are very specific actions used to support strategy, in order to achieve your goals and objectives. They are called:
targets
milestones
tactics
pitch deck
Marketing mix includes the 4Ps, which are
Product, Price, Production, Promotion
Product, Price, Place, Promotion
Production, Promotion, Price, People
Price, Production, Profit, Place
What is the marketing mix?
Combining multiple components to strengthen a product/service brand and help sell the product/service.
Developing a product/service that meets customers wants or needs and that makes a profit margin.
Letting customers know that a product/service exists and that the product/service can lead to an expected result.
Distributing a product/service and making sure that customers can purchase the product/service.
What are products?
retail stores or websites companies use to sell items or services
physical items/goods or services companies sell
strategies companies use to meet their marketing goals
documents companies use to outline their objectives
What is an example of promotion?
an item that is delivered to a warehouse
an email confirmation regarding a purchase
an objective that leads to profit
an advertisement on social media
When should a company create a marketing strategy?
after the company sets a price for a product or service
after the company promotes a product or service
after the company identifies its specific goals
after the company establishes processes
Complete the sentence: Marketing strategies are the ________________ for how goals and objectives will be met.
procedures
adjustments
blueprints
resources
For a retail company with an objective of increasing holiday sales traffic by 10% in the fourth quarter of this year over the same time period last year, what would be a strategy for achieving this?
advertising a promotion including discounts off of their products
ensuring an adequate supply of product
changing the design of the company’s web site
borrow additional funds from a bank
Something that has an observable and measurable end result to be achieved within a certain time frame, is called a:
product
strategy
business plan
goal
