A
What are the marketing (business) concepts
Product, Production, Societal Marketing, Sales, Marketing
What is the macro environment?
refers to the external and uncontrollable factors which impact on the firm’s performance, decision-making process and ability to serve its customers. These are larger societal factors that the firm cannot control.
What is test-marketing?
Test marketing is the process of introducing a new product to a limited market to observe customer reactions and buying behavior. It allows a business to evaluate the product’s performance and make improvements before a full launch.
List two financial intermediaries
Banks, credit unions and insurance companies
Marketing research can be done very quickly making it a very effective method of collecting accurate and current data.
True or False?
False
ALL of the following are marketing intermediaries EXCEPT which one?
a. Retailers
b. Wholesalers
c. Advertising agencies
d. Manufacturers
d. Manufacturers
Apart from a singular person, name two other entities that can be customers of a business.
Resellers, government and the international community.
What are the three definitions of a market?
1. a place where people meet to exchange (buy or sell) their goods or services
2. the process by which buyers and sellers interact for the purpose of exchange
3. the actual and potential buyers of a product.
I am a sampling method in which the people who are chosen to be a part of the sample possess a specific set of characteristics or traits. What am I?
Quota Sampling
Before entering a market with a product the firm should conduct a ______ and, in particular, a ________.
feasibility study, competitior analysis
Doing what to a product will allow a firm to:
1. Charge a higher price if necessary
2. Gain a competitive edge over other players in the
market
3. Benefit from customer loyalty.
Add value
Which marketing concept would businesses in the automobile industry most likely utilize?
Product
What are the stages in developing a research plan? (In order)
Management problem identification, research objectives, data collection, sampling, research technique, analysis and presentation of data.
Using the societal marketing concept means that firms try their best to equally prioritize environmental preservation and consumer desires.
True or False
False
A local phone company launches a new prepaid data plan that includes extra weekend data. To attract customers, they advertise fast service, easy top-ups, and reliable network coverage. Dwayne needs affordable data for school and social media, so he signs up for the plan.
Which core marketing concept is on display?
Exchange Transaction
Question:
Which of the following statements BEST illustrates the distinction between needs, wants, and demand in marketing?
a. A person needs food, wants sushi, and can pay for it, making it a demand.
b. A person wants clothes, needs a designer label, and has the money to buy it, making it a demand.
c. A person needs shelter, wants a mansion, and can afford it after after saving for a year , so it is considered a demand.
d. A person wants a smartphone, needs it for survival, and can pay for it, making it a demand.
a.
This gives a clearer picture of those people within the population who will be within the group of people to participate in a study.
Sample Frame
Which of the following best reflects the poli factors a market must consider?
a. Political factors include legislation, government agencies, and pressure groups, as well as laws related to health, safety, consumer protection, and the environment, all of which can influence the firm’s operations.
b. Political factors include legislation, government agencies, and pressure groups, as well as laws related to health, safety, consumer protection, and the environment, but their influence on marketing decisions is generally indirect.
c. Political factors include only laws directly affecting the production and sale of products, since broader social or environmental legislation rarely impacts marketing.
d. Political factors are mostly about the country’s political stability; specific laws and agencies are secondary concerns.
a.
I aim to ascertain the cause and effects of an issue. Usually done by using experiments to assess how changes in the independent variable will affect the dependent variable.
What research design am I?
Casual
This type of research is used when a firm wants to enter a new market or launch a modified product, focusing on identifying opportunities rather than problems.
Opportunity focused