#1
What is the '4 Ps' concept in marketing?
Product, Price, Place, Promotion
ExplanationThe fundamental elements of a marketing mix.
#2
Which of the following is NOT a type of market segmentation?
Individual segmentation
ExplanationSegmenting markets based on individual preferences is not a recognized segmentation strategy.
#3
What does ROI stand for in business?
Return on Investment
ExplanationA measure of profitability relative to the cost of an investment.
#4
Which of the following is NOT a stage in the product life cycle?
Retention
ExplanationRetention is not a recognized stage; instead, it's a business objective often associated with the maturity or decline stages.
#5
What is the 'Unique Selling Proposition' (USP) in marketing?
A distinctive feature or benefit that sets a product apart from competitors
ExplanationThe unique aspect that differentiates a product from competitors and attracts customers.
#6
What is SWOT analysis used for in business?
To evaluate strengths, weaknesses, opportunities, and threats
ExplanationAssessing internal and external factors affecting a business's strategy and performance.
#7
Which marketing strategy focuses on increasing market share within existing market segments?
Market penetration
ExplanationA strategy emphasizing on increasing sales of existing products within current market segments.
#8
What is the concept of 'Brand Equity'?
The perception and value consumers associate with a brand
ExplanationThe value premium a brand commands due to consumer perceptions.
#9
What does CRM stand for in business?
Customer Relationship Management
ExplanationA strategy and technology for managing a company's relationships and interactions with customers.
#10
What is 'Market Segmentation'?
Dividing a market into distinct groups with similar needs, characteristics, or behaviors
ExplanationThe process of dividing a market into smaller segments based on similar characteristics or needs.
#11
What is the concept of 'Blue Ocean Strategy' in business?
Finding uncontested market space and creating new demand
ExplanationSeeking new market spaces without competition, thereby creating demand.
#12
What is 'Market Capitalization'?
The total value of a company's outstanding shares
ExplanationA measure of a company's size and value based on its stock price and outstanding shares.
#13
What is 'E-commerce'?
Buying and selling of goods and services over the internet
ExplanationCommercial transactions conducted electronically over the internet.
#14
What is the concept of 'Market Saturation'?
The state when demand for a product has reached its maximum and further sales are unlikely to increase
ExplanationThe point at which the entire potential market for a product has been reached.