Marketing
What is the primary purpose of marketing?
To identify and satisfy customer needs.
What does the term "psychographic segmentation" refer to?
Segmenting the market based on consumers purchasing behavior.
What component of the marketing mix focuses on how a product is presented?
Promotion
A company conducts a SWOT analysis before launching a new product. What does the "O" in SWOT stand for?
Opportunities
What best describes the law of supply?
As the price of goods increase, the quantity supplied increases.
Which of the following is not considered a function of marketing?
Manufacturing
Which of the following factors is LEAST likely to influence consumer purchasing?
Weather Conditions
Which of the following pricing strategies involves setting prices based on the cost of production plus a markup?
Cost-plus pricing
Which marketing strategy involves entering a new market with an existing product?
Market Development
What does GDP stand for and what does it measure?
Gross Domestic Product; it measures the total value of all goods and services produced within a country.
Define marketing.
The activity of promoting and selling products.
What is the buying decision process?
The sequence of steps consumers take to make a purchase.
What does the term "product" refer to in the marketing mix?
The physical item or service offered to consumers.
What is a key advantage of using digital marketing over traditional marketing methods?
Greater ability to measure effectiveness
Which of the following is an example of a monopoly?
A single company controlling the water supply in a city.
What term refers to the group of consumers that a company aims to reach with its products?
Target Audience
Which stage of the buying decision process involves looking for solutions?
Evaluation of Alternatives
Which of the following is a common method of promotion?
Direct Mail
What is the primary purpose of a marketing plan?
To provide a roadmap for achieving marketing objectives.
In economic terms, what is "inflation"?
An increase in the overall level of prices in an economy.
What is the main focus of marketing?
Building long-term relationships with existing customers.
Which type of consumer behavior is characterized by low involvement and low differentiation between brands?
Habitual buying behavior
What is the primary goal of promotion in marketing?
To inform, persuade, and remind consumers about products.
What is market penetration?
Increasing market share for an existing product in its current market.
Which economic system is characterized by private ownership and free market?
Market economy.