lesson 1 terms

Question 1

The cost customers pay for the product. Pricing strategies consider competition, demand, and perceived value.

choices:
price
product
promotion
place

Answer 1

Price -

Question 2

The goods or services a company offers to meet customer needs. It includes design, features, branding, and quality.

choices:
price
product
promotion
place

Answer 2

Product

Question 3

Where and how the product is distributed. It involves retail locations, online platforms, and supply chain logistics.

choices:
price
product
promotion
place

Answer 3

Place

Question 4

The methods used to communicate and market the product. This includes advertising, social media, and sales promotions.

choices:
price
product
promotion
place

Answer 4

promotion

Question 5

A basic requirement for survival, such as food, shelter, and clothing.

choices:
need
want
demand
supply

Answer 5

Need

Question 6

A desire shaped by culture and personal preferences, like wanting a specific brand of clothing or a luxury car.

choices:
need
want
demand
supply

Answer 6

Want

Question 7

A want backed by purchasing power; consumers must be willing and able to buy the product.

choices:
need
want
demand
supply

Answer 7

Demand

Question 8

The availability of goods or services in the market to meet consumer demand.

choices:
need
want
demand
supply

Answer 8

Supply

Question 9

Focuses on understanding and meeting customer needs. Companies conduct market research and tailor products to consumer preferences.

choices:
product orientation
production “ “
selling “ “
market “ “

Answer 9

Market Orientation

Question 10

Prioritizes product quality and innovation. Businesses believe that a superior product will naturally attract customers.

choices:
product orientation
production “ “
selling “ “
market “ “

Answer 10

Product Orientation

Question 11

Emphasizes efficiency and cost reduction. Companies aim to produce goods at scale, often focusing on affordability rather than customization.

choices:
product orientation
production “ “
selling “ “
market “ “

Answer 11

production orientation

Question 12

Centers on aggressive sales tactics. Businesses push products through advertising and promotions rather than responding to customer demand.

choices:
product orientation
production “ “
selling “ “
market “ “

Answer 12

Selling Orientation

Question 13

The process of exchanging information between businesses and consumers. In marketing, effective communication ensures that brand messages resonate with the target audience.

Answer 13

Communication

Question 14

A sector of the economy focused on producing goods or services. The marketing industry includes advertising, public relations, digital marketing, and consumer research.

Answer 14

Industry

Question 15

The environment where buyers and sellers interact. In marketing, understanding market dynamics—such as consumer behavior, competition, and demand—is essential for developing successful strategies.

Answer 15

Market

Question 16

The process of promoting and selling products or services. It involves market research, branding, advertising, and customer engagement to create value and drive sales.

Answer 16

Marketing

Question 17

People are more likely to trust and follow recommendations from experts or credible sources. Brands use endorsements, certifications, and expert opinions to establish authority.

Answer 17

Authority

Question 17

Consumers prefer to align their actions with past behaviors or commitments. Marketers encourage small commitments (like signing up for a newsletter) that lead to larger actions (like purchasing a product).

Answer 17

Consistency

Question 18

When people receive something of value, they feel inclined to return the favor. Businesses use free samples, discounts, or exclusive content to build customer loyalty.

Answer 18

Reciprocity

Question 19

Limited availability increases perceived value. Marketers create urgency with phrases like “Only a few left!” or “Limited-time offer!” to drive purchases.

Answer 19

Scarcity

Question 20

Goods are tangible products (e.g., clothing, electronics), while services are intangible offerings (e.g., consulting, healthcare). Both satisfy consumer needs.

Answer 20

Goods & Services

Question 21

The environment where buyers and sellers interact to exchange goods, services, or information. it can be physical (stores) or digital (e-commerce platforms).

Answer 21

Market

Question 22

A medium of exchange used to buy goods and services. It facilitates transactions and determines purchasing power.

Answer 22

Money

Question 23

The amount of money required to purchase a product or service. It reflects value, demand, and competition in the market.

Answer 23

Price

Question 24

People tend to follow the actions of others, assuming that if many people approve of something, it must be good. Marketers use customer reviews, testimonials, and popularity indicators (e.g., "Best Seller" or "Most Popular") to influence consumer decisions.

Answer 24

Consensus (Social Proof)

Question 25

Consumers are more likely to be persuaded by people or brands they like. This principle is why companies use celebrity endorsements, influencer marketing, and personalized customer interactions to build trust and appeal.

Answer 25

Liking

Question 26

Enhancing a product’s design or features to meet consumer needs. Example: Customizable furniture that allows buyers to choose colors and materials.

Answer 26

Form Utility

Question 27

Providing relevant details to help consumers make informed decisions. Example: Product descriptions, user manuals, and customer reviews.

Answer 27

Information Utility

Question 28

Making products available where consumers need them. Example: Online shopping platforms that allow purchases from anywhere.

Answer 28

Place Utility

Question 29

Simplifying the process of acquiring and using a product. Example: Flexible payment options or subscription services that make ownership easier.

Answer 29

Possession Utility

Question 30

Ensuring products are available when consumers need them. Example: Seasonal promotions or 24/7 customer service.

Answer 30

Time Utility

Question 31

The process of delivering products or services to consumers through various channels, such as retail stores, e-commerce platforms, or direct sales. It ensures accessibility and convenience for buyers.

Answer 31

Distribution

Question 32

The collection, analysis, and use of data to make informed marketing decisions. Businesses track consumer behavior, market trends, and competitor strategies to optimize their approach.

Answer 32

Marketing-Information Management

Question 33

The strategic process of identifying target markets, setting goals, and developing marketing strategies to achieve business objectives. It involves segmentation, positioning, and budgeting.

Answer 33

Market Planning

Question 34

The communication strategies used to inform, persuade, and remind consumers about a product or service. This includes advertising, public relations, sales promotions, and digital marketing.

Answer 34

Promotion

Question 35

Giving employees autonomy and decision-making power to improve efficiency, innovation, and customer service. Empowered employees feel valued, leading to better engagement and productivity.

Answer 35

Employee Empowerment

Question 36

Focuses on building long-term customer relationships rather than short-term sales. Businesses use loyalty programs, personalized communication, and excellent customer service to foster trust and retention.

Answer 36

Relationship Marketing

Question 36

Businesses integrate ethical practices into their marketing strategies, considering environmental, social, and economic impacts. Companies engage in sustainability efforts, fair trade, and community support to enhance brand reputation.

Answer 36

Social Responsibility

Question 37

Prioritizing aggressive sales tactics to drive revenue. This approach often involves promotions, discounts, and persuasive selling techniques to encourage immediate purchases.

Answer 37

Sales Emphasis

Question 37

The overall process of planning, executing, and evaluating marketing strategies to promote products or services. It includes research, branding, advertising, and customer engagement.

Answer 37

Marketing Phase

Question 38

Involves dividing a broad market into smaller, more defined groups based on characteristics like demographics, behavior, or needs. This helps businesses tailor their marketing efforts to specific customer segments.

Answer 38

Segmentation Phase

Question 38

Focuses on increasing a product’s market share within an existing market. Businesses use pricing strategies, promotions, and competitive positioning to attract more customers.

Answer 38

Market Penetration Phase

Question 39

After segmentation, businesses select the most valuable market segments to focus on. They develop customized marketing strategies to appeal to these groups effectively

Answer 39

Targeting Phase

Question 40

The market is divided into distinct customer groups based on demographics, psychographics, and purchasing behavior.

Answer 40

Segmentation Phase

Question 41

Businesses gather data on consumer behavior, competitors, and industry trends to inform decisions.

Answer 41

Market Research Phase

Question 42

Companies identify the most valuable segments to focus on and develop strategies tailored to them.

Answer 42

Targeting Phase

Question 43

Brands establish a unique identity and competitive advantage in the minds of consumers.

Answer 43

Positioning Phase

Question 44

Strategies are implemented to increase market share through pricing, promotions, and competitive tactics.

Answer 44

Market Penetration Phase

Question 44

Marketing performance is measured using analytics, and strategies are refined for optimization

Answer 44

Monitoring & Adjustment Phase

Question 44

Businesses deploy advertising, content marketing, social media, and sales campaigns to engage customers.

Answer 44

Marketing Execution Phase

Question 45

The process where buyers and sellers trade something of value, such as money for goods or services. Successful exchanges require mutual benefit and trust.

Answer 45

Exchange

Question 46

The combination of products, services, and experiences that businesses provide to satisfy customer needs. It includes tangible goods, digital solutions, and personalized services.

Answer 46

Market Offering

Question 46

The perceived benefit that customers receive from a product or service. It includes functional, emotional, and financial value, influencing purchasing decisions.

Answer 46

Marketing Value

Question 46

As industries evolve, businesses face increasing competition from new entrants, technological advancements, and shifting consumer preferences. Companies must innovate and differentiate to stay ahead.

Answer 46

Growing Competition

Question 47

A structured plan that businesses use to attract, engage, and retain customers. It involves market research, segmentation, positioning, and promotional tactics.

Answer 47

Marketing Strategy

Question 48

Companies prioritize customer needs by offering personalized experiences, responsive service, and tailored products. This approach enhances loyalty and long-term profitability.

Answer 48

Customer-Centric Strategies

Question 48

The balance between product availability (supply) and consumer desire (demand) determines pricing and market dynamics. Businesses must manage inventory efficiently to meet demand without overproducing.

Answer 48

Supply & Demand

Question 49

SMART stands for

Answer 49

Specific – Clearly define what you want to achieve. Measurable – Establish criteria to track progress. Attainable – Set realistic and achievable goals. Relevant – Ensure the goal aligns with broader objectives. Time-bound – Set a deadline for completion.

Question 50

The overall framework businesses use to promote, distribute, and sell products. It includes strategies, channels, and processes that connect companies with consumers.

Answer 50

Marketing System

Question 50

Involves collaboration between two or more companies at the same level in the supply chain to leverage shared resources and expand market reach. Example: A partnership between Coca-Cola and Nestlé to distribute ready-to-drink beverages.

Answer 50

Horizontal Marketing System

Question 50

A structured approach to marketing that aligns business goals with market opportunities. It involves market research, segmentation, targeting, and positioning to maximize competitive advantage.

Answer 50

Strategic Marketing System

Question 51

A coordinated system where businesses at different levels of the supply chain (manufacturers, wholesalers, retailers) work together to streamline distribution and improve efficiency. Example: Apple controlling its product manufacturing, distribution, and retail stores.

Answer 51

Vertical Marketing System

Question 52

A strategy that ensures all marketing channels (advertising, PR, social media, etc.) work together to deliver a consistent brand message. It enhances brand recognition and customer engagement.

Answer 52

Integrated Marketing Communication (IMC)

Question 53

The techniques businesses use to promote products, including digital marketing, influencer partnerships, content marketing, and traditional advertising.

Answer 53

Marketing Methods and Practices

Question 54

A long-term approach focused on market research, segmentation, and positioning to achieve business goals. It aligns marketing efforts with overall company objectives.

Answer 54

Strategic Marketing

Question 54

Short-term actions that support strategic goals, such as launching promotions, optimizing ad campaigns, or adjusting pricing strategies to drive immediate results.

Answer 54

Tactical Marketing