#1
Which of the following best defines marketing?
Creating customer value and satisfaction
ExplanationMarketing is about creating value and satisfaction for customers.
#2
What is the marketing concept?
A focus on customer needs and satisfaction
ExplanationThe marketing concept revolves around prioritizing customer needs and satisfaction.
#3
In marketing, what does ROI stand for?
Return on Investment
ExplanationROI stands for Return on Investment, measuring the profitability of marketing efforts.
#4
What is the primary goal of relationship marketing?
To build long-term relationships with customers
ExplanationRelationship marketing focuses on establishing enduring connections with customers.
#5
What is a unique selling proposition (USP)?
A characteristic of a product that stands out from competitors
ExplanationUSP is a distinctive product feature that sets it apart from competitors.
#6
What does CRM stand for in marketing?
Customer Relationship Management
ExplanationCRM stands for Customer Relationship Management, emphasizing the management of customer interactions.
#7
Which of the following is NOT one of the four P's of marketing?
Power
ExplanationPower is not one of the traditional four P's of marketing, which are Product, Price, Place, and Promotion.
#8
What is the primary aim of market orientation?
To understand and meet customer needs
ExplanationMarket orientation focuses on comprehending and fulfilling customer needs.
#9
What does SWOT analysis stand for in marketing?
Strengths, Weaknesses, Opportunities, Threats
ExplanationSWOT analysis involves assessing Strengths, Weaknesses, Opportunities, and Threats for strategic planning.
#10
Which of the following is a characteristic of a market-driven organization?
Anticipates and meets customer needs
ExplanationA market-driven organization anticipates and fulfills customer needs proactively.
#11
What is the purpose of market segmentation?
To divide a market into distinct groups with common needs
ExplanationMarket segmentation aims to categorize the market into groups with similar needs for targeted strategies.
#12
What is the difference between marketing and sales?
Marketing focuses on promoting products, while sales involves actually selling them
ExplanationMarketing is about promotion, while sales involve the actual selling of products or services.
#13
Which of the following statements about a product-oriented approach is true?
It emphasizes selling what the company makes, rather than what the market wants
ExplanationA product-oriented approach prioritizes selling what the company produces, not necessarily what the market demands.