#1
Which of the following is a key component of a marketing strategy?
Product
ExplanationCentral offering around which marketing efforts revolve.
#2
Which of the following is a component of the marketing mix?
Price
ExplanationDetermining the monetary value of the product.
#3
What is the purpose of a marketing channel in a business strategy?
To deliver the product to the end consumer
ExplanationEnsuring the product reaches the intended audience.
#4
In the context of marketing, what does ROI stand for?
Return on Investment
ExplanationEvaluation of the profitability of marketing endeavors.
#5
Which of the following is an example of a psychographic variable?
Lifestyle preferences
ExplanationSegmentation based on interests, hobbies, and values.
#6
What is the primary goal of market segmentation in business?
To divide the market into distinct groups
ExplanationFacilitates targeted marketing and better understanding of customer needs.
#7
Which of the following is a demographic factor commonly used in market segmentation?
Gender
ExplanationClassification based on male and female distinctions.
#8
What does SWOT analysis stand for in the context of marketing strategy?
Strengths, Weaknesses, Opportunities, Threats
ExplanationAssessment of internal strengths and weaknesses, and external opportunities and threats.
#9
What is the significance of the product life cycle in marketing strategy?
It identifies the stages a product goes through in the market
ExplanationUnderstanding product development, growth, maturity, and decline.
#10
Which targeting strategy focuses on offering a product to a specific segment of the market?
Concentrated targeting
ExplanationNarrowing focus to a particular customer segment.
#11
What is the concept of a Unique Selling Proposition (USP) in marketing?
A distinctive feature that sets a product apart from its competitors
ExplanationHighlighting what makes a product unique and desirable.
#12
In the Ansoff Matrix, which strategy involves introducing new products to new markets?
Diversification
ExplanationExpanding both product and market dimensions.
#13
What is the concept of a 'Blue Ocean Strategy' in marketing?
Creating uncontested market space
ExplanationInnovation to create new demand and escape competition.
#14
What role does a positioning statement play in marketing strategy?
It communicates how a product is positioned in the minds of consumers
ExplanationDefines the unique value proposition and target market perception.
#15
What is guerrilla marketing?
A low-budget and unconventional marketing approach
ExplanationUnconventional, creative methods to achieve maximum impact with minimal resources.