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1. A firm decides to enter a new market by acquiring an existing company in that market. This is an example of which type of market entry strategy?
2. A company is experiencing a decline in sales and profits for one of its older products. It decides to discontinue the product and focus resources on newer offerings. This is a decision made during which stage of the product life cycle?
3. A company uses a marketing strategy where it offers a wide variety of products to a broad market. This is an example of:
4. Which pricing strategy involves setting a low initial price for a new product to attract a large number of buyers quickly and win a large market share?
5. Which of the following is NOT considered a core element of the marketing mix (the 4 Ps)?
6. When a company focuses its marketing efforts on a specific, well-defined group of consumers, it is practicing:
7. When a company analyzes the external environment for factors that could affect its marketing strategy, such as economic trends, political changes, and technological advancements, it is conducting a:
8. What is the term for the perceived worth or utility that a customer receives from a product or service?
9. What does the term ‘SWOT analysis’ stand for in marketing?
10. Which marketing concept emphasizes building long-term relationships with customers rather than focusing solely on individual transactions?
11. The ‘Place’ element of the marketing mix refers to:
12. What is the main purpose of a marketing plan?
13. When a marketer tries to occupy a clear, distinctive, and desirable place for its product in the minds of target consumers relative to competing products, it is engaging in:
14. A company is developing a new product and wants to understand the needs and wants of its target audience. Which marketing research technique would be most effective for gathering in-depth qualitative data about consumer perceptions and attitudes?
15. Which of the following is a primary example of a promotional tool used in marketing?
16. Which of the following best describes the concept of ‘value proposition’ in marketing?
17. Which of the following is an example of a ‘pull’ strategy in promotion?
18. Market segmentation is the process of dividing a broad consumer or business market, consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of homogeneity. Which of the following is NOT a common basis for market segmentation?
19. Which stage of the product life cycle is characterized by slow sales growth and high marketing costs as the company tries to build demand and attract customers?
20. What is the primary goal of a company’s branding efforts?
21. What is the primary goal of market positioning?
22. Which of the following best describes the core concept of a marketing myopia?
23. Which element of the marketing mix is most directly concerned with communicating the value of a product to customers?
24. When a company targets a specific, well-defined group of consumers who share similar characteristics and needs, it is engaging in:
25. A brand that is recognized and trusted by consumers across multiple product categories is an example of:
26. A company that buys products from manufacturers and sells them to retailers is acting as a(n):
27. The process of gathering, analyzing, and interpreting information about a market, product, and potential customers is called:
28. A firm’s strategy to increase sales of its existing products in its existing markets is known as:
29. What is the primary purpose of advertising?
30. Which stage of the product life cycle is characterized by high marketing costs, low sales, and often negative profits?
31. A company that sells its products through online retailers, physical stores, and direct-to-consumer websites is utilizing a(n):
32. Which pricing strategy involves setting a high initial price for a new product to ‘skim’ revenue layers from the market?
33. When a company tries to create a unique selling proposition (USP) for its product, it is focusing on:
34. According to the BCG matrix, a product with high market share and high market growth rate is classified as a:
35. A company decides to offer a premium version of its existing product with enhanced features and a higher price point. This strategy is an example of:
36. What does the ‘Place’ in the marketing mix primarily refer to?
37. The set of controllable, tactical marketing tools that a firm blends to produce the response it wants in the target market is known as the:
38. When a company offers discounts, coupons, or loyalty programs to encourage immediate purchase, it is using:
39. Which marketing concept emphasizes building long-term, mutually satisfying relationships with key customers, partners, and suppliers?
40. What is the main purpose of a SWOT analysis in marketing?
41. Which distribution channel involves the fewest intermediaries?
42. Which of the following best describes the primary goal of marketing research?
43. What is the main purpose of a SWOT analysis in marketing?
44. A company uses a strategy where it sells the same product to different customer segments at different prices, based on their willingness to pay. This is an example of:
45. Which pricing strategy involves setting a high initial price for a new product to ‘skim’ revenue layers from the market?
46. When a company develops a product to meet the specific needs of a small, well-defined group of customers, it is using a:
47. The marketing mix, often referred to as the ‘4 Ps’, includes Product, Price, Place, and which other element?
48. What is the primary role of advertising in marketing?
49. Which of the following is NOT a common component of the marketing mix for services (often referred to as the ‘7 Ps’)?
50. The ultimate goal of customer relationship management (CRM) is to:
51. Which stage of the product life cycle is characterized by low sales, high costs per customer, and little to no profit?
52. A marketing strategy that focuses on building long-term relationships with customers rather than just making a sale is known as:
53. The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes is called:
54. Which of the following is the most customer-centric marketing philosophy?
55. A company is segmenting its market based on consumers’ lifestyles, values, and personality traits. This type of segmentation is known as:
56. What is the term for the set of controllable, tactical marketing tools that a firm blends to produce the response it wants in the target market?
57. Which marketing concept focuses on the idea that consumers will favor products that are readily available and affordable?
58. When a company decides to sell its products in a new country, it is engaging in:
59. A company decides to offer discounts to its customers during a holiday season. This is an example of a:
60. A brand’s unique position in the target customer’s mind relative to competing brands is called:
61. When a company aims to differentiate its offering from competitors by emphasizing unique features or benefits, it is engaging in:
62. Which of the following is an example of a service offered by a company?
63. The set of controllable, tactical marketing tools that a firm blends to produce the response it wants in the target market is called:
64. Which of the following is NOT a component of the traditional marketing mix (4 Ps)?
65. Market segmentation is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. What is a common basis for segmenting consumer markets?
66. Which type of consumer market consists of organizations that buy goods and services for use in their own production or to resell to others at a profit?
67. Which of the following best describes the marketing concept?
68. Which of the following is a characteristic of a ‘pull’ promotion strategy?
69. A marketing plan typically includes:
70. A company decides to offer a new product at a low price to attract a large number of buyers quickly. This pricing strategy is known as:
71. Which of the following describes a marketing strategy based on customer relationship management (CRM)?
72. The stage of the buyer decision process where the consumer searches for information about potential solutions to their problem is called:
73. When a company introduces a product into a new market segment that it already serves, this is an example of:
74. What is ‘market demand’?
75. A company’s brand positioning is defined by:
76. A company analyzes its strengths, weaknesses, opportunities, and threats. This is known as a:
77. What is the primary goal of advertising?
78. The marketing mix element that deals with making the product available to target consumers is:
79. A company that focuses on creating value for customers and building profitable relationships is practicing which orientation?
80. The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is the definition of:
81. What is the term for a group of products sold by a company under the same brand name, but which are different in terms of flavor, color, or size?
82. A firm that prices its new product very low to attract a large number of buyers quickly and win a large market share is using a(n):
83. A company that wants to understand the unmet needs of its customers and develop innovative solutions is likely employing:
84. The ‘4 Cs’ of marketing, often seen as a customer-centric version of the marketing mix, stands for:
85. The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes is called:
86. A company uses extensive online advertising, social media campaigns, and email marketing to reach its target audience. This is an example of employing which promotion strategy?
87. Which stage of the product life cycle is characterized by low sales, high costs per customer, negative or low profits, and few competitors?
88. A customer’s perception of the total value and costs of a marketing offer relative to the perceived values and costs of competing offers is known as:
89. A brand that offers consistently high quality and superior customer service is likely building its competitive advantage through:
90. Which of the following is NOT considered a factor in the marketing environment (microenvironment or macroenvironment)?
91. Which of the following best describes the primary goal of marketing?
92. What is the term for the set of all actual and potential buyers of a product or service?
93. A company’s marketing message that emphasizes ‘value for money’ is likely appealing to customers who are sensitive to:
94. Which of the following is an example of a marketing intermediary?
95. Which pricing approach involves setting a price based on the seller’s costs, plus a standard markup?
96. A company decides to segment its market based on consumers’ lifestyles, values, and personalities. This is an example of segmentation based on:
97. What is the marketing concept that focuses on building long-term, mutually beneficial relationships with customers?
98. Which element of the marketing mix refers to the ‘place’ where the product is made available to the customer?
99. A company analyzes the Strengths, Weaknesses, Opportunities, and Threats related to its marketing environment. This is known as a:
100. Which marketing strategy involves creating a unique perception of the product in the minds of target consumers relative to competing products?