Marketing Concepts
What are the four elements of the traditional Marketing Mix?
Product, Price, Place, Promotion
Which pricing strategy involves setting a high initial price before gradually reducing it?
Price Skimming
What does CRM stand for?
Customer Relationship Management
What is a distribution channel?
The path through which products move from producer to customer
What is the difference between B2B and B2C marketing?
B2B targets businesses; B2C targets individual consumers
What does STP stand for in marketing?
Segmentation, Targeting, Positioning
Which pricing strategy involves introducing a product at a low price to gain market share quickly?
Penetration Pricing
What is digital marketing?
Marketing products or services through digital channels such as websites, social media, and email
What is viral marketing?
Marketing that encourages consumers to share content rapidly through social networks
Who is known as Father of Modern Marketing?
Philip Kotler
What is the primary objective of branding?
To create a unique identity and differentiate the product
What is the difference between a need and a want?
Need is a basic requirement; want is the desire for a specific way to satisfy it
What is a target market?
A specific group of customers a company aims to serve
What is the main purpose of sales promotion?
o stimulate immediate sales through short-term incentives
Which is the world's largest social networking platform?
What is market segmentation?
Dividing a market into groups with similar needs or characteristics
What is consumer behaviour?
The study of how individuals make purchasing decisions
What is brand equity?
The value a brand adds to a product due to customer perception and loyalty
What is customer satisfaction?
The extent to which a product or service meets or exceeds customer expectations
Which company owns Instagram and WhatsApp?
Meta
What is positioning?
Creating a distinct image of a product in customers' minds
What is a Unique Selling Proposition (USP)?
The unique benefit that differentiates a product from competitors
What does AIDA stand for?
Attention, Interest, Desire, Action
Which type of marketing focuses on building long-term customer relationships rather than one-time sales?
Relationship Marketing
What is the full form of SWOC?
Strengths, Weaknesses, Opportunities, Challenges