#1
Which of the following is NOT one of the 4Ps of marketing?
Position
ExplanationPosition is not one of the traditional 4Ps (Product, Price, Place, Promotion) in marketing.
#2
What is the term used for the group of customers a business seeks to serve?
Target market
ExplanationThe target market is the specific group of customers that a business aims to reach and serve.
#3
Which of the following is NOT a component of the marketing mix?
People
ExplanationPeople is not a traditional component of the marketing mix; the 4Ps are Product, Price, Place, and Promotion.
#4
What is the term used to describe the process of collecting and analyzing data about consumer preferences and purchasing behavior?
Market research
ExplanationMarket research involves gathering and analyzing data to understand consumer preferences and behaviors.
#5
Which of the following is NOT a type of market segmentation?
Hierarchical
ExplanationHierarchical is not a recognized type of market segmentation; common types include demographic, psychographic, and geographic.
#6
What is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors?
Segmentation
ExplanationSegmentation involves categorizing buyers based on their unique traits and preferences.
#7
Which marketing concept focuses on creating and maintaining customer relationships by delivering value and satisfaction?
Marketing concept
ExplanationThe marketing concept emphasizes customer value and satisfaction as the key to business success.
#8
In the AIDA model, what does 'AIDA' stand for?
Attention, Interest, Desire, Action
ExplanationAIDA represents the stages of the consumer journey: Attention, Interest, Desire, and Action.
#9
What is the term for a product that has high growth prospects but low market share?
Question mark
ExplanationA 'Question mark' in marketing is a product with high growth potential but low market share.
#10
Which stage of the product life cycle is characterized by a rapid increase in sales and profits?
Growth
ExplanationThe Growth stage of the product life cycle sees a surge in sales and profits as the product gains market acceptance.
#11
Which of the following is NOT a characteristic of a target market?
Inimitable
ExplanationInimitable is not a characteristic used to define a target market; rather, it refers to something that cannot be duplicated.