#1
Which of the following is NOT a stage in the consumer decision-making process?
Product development
ExplanationConsumer decision-making process doesn't involve product development.
#2
What does SWOT analysis stand for in marketing?
Strengths, Weaknesses, Opportunities, Threats
ExplanationSWOT analysis evaluates internal Strengths and Weaknesses and external Opportunities and Threats.
#3
What is the primary purpose of a marketing plan?
To outline marketing objectives and strategies
ExplanationMarketing plans outline objectives and strategies for achieving them.
#4
Which of the following is a characteristic of a monopolistic competition market structure?
Barriers to entry are low
ExplanationMonopolistic competition features low barriers to entry.
#5
What is the concept of the marketing mix often referred to as?
The 7 Ps
ExplanationMarketing mix includes Product, Price, Place, Promotion, People, Process, and Physical evidence.
#6
Which of the following is NOT a component of the promotional mix?
Pricing
ExplanationPricing is not part of the promotional mix, which consists of advertising, sales promotion, public relations, and personal selling.
#7
Which pricing strategy involves setting a low initial price to attract customers, with the intention of raising it later?
Penetration pricing
ExplanationPenetration pricing starts with a low price to penetrate the market.
#8
What is the term used for the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors?
Market segmentation
ExplanationMarket segmentation involves dividing buyers based on their unique characteristics.
#9
What is the term for a marketing strategy that focuses on selling existing products to new markets?
Market development
ExplanationMarket development involves selling existing products in new markets.
#10
In the context of marketing, what does the AIDA model represent?
Attention, Interest, Desire, Action
ExplanationAIDA model represents the stages of customer engagement.
#11
Which of the following is a characteristic of a direct distribution channel?
Manufacturer sells directly to consumers
ExplanationDirect distribution involves manufacturers selling directly to consumers.
#12
What does the acronym CRM stand for in marketing?
Customer Relationship Management
ExplanationCRM refers to managing customer relationships to maximize profitability.
#13
Which of the following is NOT a characteristic of a well-defined marketing objective?
Vague
ExplanationWell-defined marketing objectives are clear and specific, not vague.
#14
Which of the following is NOT a factor influencing consumer behavior?
Geographical factors
ExplanationGeographical factors do not influence consumer behavior.
#15
Which of the following is a characteristic of a business-to-business (B2B) market?
Large number of buyers
ExplanationB2B markets involve a large number of buyers compared to consumer markets.
#16
What is the term for a marketing strategy that focuses on creating a unique product or service for a specific target market?
Market differentiation
ExplanationMarket differentiation involves creating unique products for specific markets.
#17
Which of the following is NOT a component of the external marketing environment?
Company culture
ExplanationCompany culture is an internal factor, not part of the external marketing environment.