The term marketing refers to

A philosophy that stresses customer satisfaction

Market segmentation means?

Segmenting the customers as per needs

What is product differentiation?

Strategy to offer unique features for competitive advantage

What are industrial markets?

Businesses that buy products to use in their own business

what is test marketing

introduces a product to a small portion of the target market

What are the 4 P's of the marketing mix?

Price, Product, Promotion, Place

Technique used by an organization to increase the demand for a good

What are Loyalty Marketing Programs?

They reward customers for treating their business well

What is a loss leader?

When a shop offers a product at a very low price

When positioning your product, marketers have to be aware that..

They may alienate some consumers

What are consumer markets?

Consumers who make purchases for personal use

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BUSI - 1005 Marketing Review

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Questions 20

Answers

1
Tim Horton's reaches customers through TV, newspaper, and magazine ads
True
False
2
The term marketing refers to
Advertising and promotion activities
A philosophy that stresses customer satisfaction
New product concepts and improvements
Selling
3
The main challenge of social media advertising is that it can be very time consuming
False
True
4
Market segmentation means?
Segmenting the customers as per needs
Segmenting the products
Segmenting the employees
Segmenting the salesmen
5
What is product differentiation?
A unique feature of a product
Strategy to offer unique features for competitive advantage
Product with a dominant market share in a fast growth market
A strategy involving a technological breakthrough
6
What are industrial markets?
Businesses that make their own product.
Businesses that buy products to use in their own business
7
what is test marketing
determining the product brand
introduces a product to a small portion of the target market
a working model of a new product
squidward
8
What are the 4 P's of the marketing mix?
Price, Product, Promotion, Place
Product, Place, Profit, Poster
Price, Product, Promotion, Profit
Price, Promotion, Profit, Place
9
Branding is a.....
Process of creating the name and the logo of a brand
Technique used by an organization to increase the demand for a good
lifestyle the company promotes
Strategy for a company to create bonds with other companies
10
What are Loyalty Marketing Programs?
They reward customers for treating their business well
Programs to help sell products
What
To reward those who worked at their business
11
Why do relationship marketing?
Word of mouth structure
Cheaper than acquiring a new customer
All of the above
Brand loyalty
12
Focus groups are used in
qualitative market research
quantitative market research
13
What is NOT one of the demographic variables of segmentation?
gender
lifestyle
income
age
14
The most important element in marketing
Price
Promotion
Product
Place
15
The choice of advertising media depends on
Target Audeince
Product
Budget
All of the above
16
The first step of the marketing concept is to
develop top-quality products or services
operate at a profit
hire a team of talented marketing professionals
identify customers' needs
17
What is a loss leader?
When an employee is sacked.
When the product is advertised at a price that is illegal.
When a employee is paid less.
When a shop offers a product at a very low price
18
When positioning your product, marketers have to be aware that..
It is hard
They may alienate some consumers
They will appeal to all consumers
They will make lots of money
19
What are consumer markets?
Consumers who don't care
Consumers who make products
Consumers who make purchases for other people
Consumers who make purchases for personal use
20
Statistics that explain behavior through variables like opinions and lifestyle are?
Psychographics
Demographics

BUSI - 1005 Marketing Review Flashcards | StudBud