WorksheetsModule 6: Principles of Marketing Test
Total questions: 14
Worksheet time: 7mins
What is marketing?
A process that involves creating, communicating, delivering, and exchanging offerings that have value for customers.
The act of producing products from raw materials sources from raw materials providers.
The act of physically selling a good in a retail storefront, including the acceptance of various forms of payment.
Delivering a consultative service in exchange for a fee.
What is a marketing strategy?
A best guess regarding what will happen with sales
A document outlining the revenue and expenses of a business
A verbal agreement on how much money will be spent on the marketing function in a business
A comprehensive plan designed to achieve specific business objectives by promoting products or services to a target audience
Which of the following is NOT a core element of a marketing strategy?
Identifying the target audience
Conducting market research
Deciding on brand positioning
Developing a manufacturing facility
What does ‘product’ refer to in the marketing mix?
The tangible goods or intangible services that a company offers to meet the needs and wants of its target market.
The amount of money customers have to pay for the product or service.
The distribution channels and locations where customers can purchase the product or service.
The various marketing activities and communication strategies used to inform, persuade, and influence potential customers.
What does ‘place’ refer to in the marketing mix?
The tangible goods or intangible services that a company offers to meet the needs and wants of its target market.
The amount of money customers have to pay for the product or service.
The distribution channels and locations where customers can purchase the product or service.
The various marketing activities and communication strategies used to inform, persuade, and influence potential customers.
What is a market?
A dynamic system where buyers and sellers interact to exchange goods, services, or information.
A place of employment where employees create goods and services.
A services business, like a consulting or accounting firm.
None of the above
What is market identification?
The labeling and branding of a market
Finding a market on the GPS in order to determine driving instructions
The process of analyzing and defining the characteristics of a specific market
Assigning a name to a market in order to attract customers
What is market segmentation?
The process of dividing a broad target market into smaller, more manageable segments
The process of tailoring advertising campaigns to specific people
The process of advertising to the masses with a single message
The process of breaking a marketing campaign up into smaller pieces
What is mass marketing?
Promoting a product or service to a broad audience by differentiating between individual customers.
Promoting a product or service to a broad audience without differentiating between individual customers.
Promoting a product or service to a small audience with differentiated ads.
Developing a wide range of marketing strategies tailored to specific market segments.
What is targeted marketing?
Promoting a product or service to specific market segments with tailored strategies
Promoting a product or service to a broad audience without differentiating between individual customers.
Promoting a product or service to a large audience with undifferentiated ads.
Developing a wide range of marketing strategies aimed at broad market segments.
Which of the following is NOT one of the 4 P’s
Product
Price
Place
Principles
What does ‘price’ refer to in the marketing mix?
The tangible goods or intangible services that a company offers to meet the needs and wants of its target market.
The amount of money customers have to pay for the product or service.
The distribution channels and locations where customers can purchase the product or service.
The various marketing activities and communication strategies used to inform, persuade, and influence potential customers.
What does ‘promotion’ refer to in the marketing mix?
The tangible goods or intangible services that a company offers to meet the needs and wants of its target market.
The amount of money customers have to pay for the product or service.
The distribution channels and locations where customers can purchase the product or service.
The various marketing activities and communication strategies used to inform, persuade, and influence potential customers.
Why do businesses need to tailor their marketing approaches to effectively promote and sell either goods or services?
They do not
Because goods and services are priced differently
Because the marketing teams have varying degrees of experience depending on the product being sold
Because goods and services are distinct in terms of their tangibility, perishability, and the customer's involvement in the production process
