#1
1. What is the marketing mix also known as?
Four Ps
ExplanationA strategic combination of product, price, place, and promotion.
#2
6. What is the primary focus of relationship marketing?
Building and maintaining customer connections
ExplanationEmphasizing long-term customer engagement and loyalty.
#3
11. What is the purpose of a mission statement in business?
Defining the organization's purpose and values
ExplanationArticulating the fundamental objectives and guiding principles of an organization.
#4
16. In marketing, what is the 'unique selling proposition' (USP)?
A distinctive feature that sets a product apart from competitors
ExplanationHighlighting a specific aspect that makes a product or service stand out.
#5
21. What is the concept of 'cross-selling' in marketing?
Selling related or complementary products to existing customers
ExplanationOffering additional products or services to existing customers based on their previous purchases.
#6
2. Which of the following is NOT a stage in the product life cycle?
Maturity
ExplanationMaturity is indeed a stage in the product life cycle.
#7
3. What does SWOT analysis stand for in marketing?
Strengths, Weaknesses, Opportunities, Threats
ExplanationA strategic planning tool used to identify internal strengths and weaknesses, as well as external opportunities and threats.
#8
7. Which pricing strategy involves setting a high initial price to capitalize on early adopters?
Skimming pricing
ExplanationTargeting the market's most eager customers with a premium price before gradually lowering it.
#9
8. What is the 'product positioning' in marketing?
Creating a distinct image and identity in the minds of consumers
ExplanationCrafting a perception of a product or brand relative to competitors in consumers' minds.
#10
12. Which of the following is a characteristic of a monopolistic competition market structure?
Few sellers, differentiated products
ExplanationMany sellers offering similar but differentiated products.
#11
13. What is the concept of 'green marketing' focused on?
Environmental sustainability and responsible practices
ExplanationPromoting products or services based on their environmental benefits.
#12
4. In ethical decision-making, what does the 'utilitarian' approach emphasize?
Long-term consequences for the greatest good
ExplanationPrioritizing actions that maximize overall happiness or benefit.
#13
5. Which of the following is a key element of corporate social responsibility (CSR)?
Environmental sustainability
ExplanationOne aspect of CSR, focusing on minimizing environmental impact and promoting sustainable practices.
#14
9. According to the marketing concept, what should be the starting point for a company's activities?
Customer needs and wants
ExplanationPutting customer satisfaction at the forefront of business decisions.
#15
10. In business ethics, what is the concept of 'whistleblowing'?
Reporting illegal or unethical activities within an organization
ExplanationBringing attention to misconduct or wrongdoing within an organization.
#16
14. What is the role of a code of ethics in business?
Guiding decision-making based on moral principles
ExplanationProviding a framework for ethical decision-making and behavior.
#17
15. What does the acronym AIDA stand for in the context of marketing communication?
Attention, Interest, Decision, Action
ExplanationThe stages a consumer goes through in response to marketing stimuli.