Question 1

Two important questions underlying marketing strategy are: 'Who is our target market?' and 'What's our value proposition?'

Accepted Answer

These two questions are central to developing a successful marketing strategy. Identifying the target market helps in crafting messaging and promotional efforts, while defining the value proposition helps in creating a unique offering that resonates with the target audience.

Question 2

The ________ concept holds that consumers will favour products that are available and highly affordable.

Accepted Answer

The answer of The ________ concept holds that consumers will...

Question 3

Delighted customers,known as 'customer evangelists',are more likely to ________.
A)spread the word about their good experiences with a brand or product.
B)engage in repeat purchasing.
C)become willing brand partners.
D)All of the above.
E)None of the above.

Accepted Answer

Delighted customers who are also known as 'customer evangelists' are more likely to spread the word about their good experiences with a brand or product, engage in repeat purchasing, and even become willing brand partners. Therefore, all of the above options are correct.

Question 4

The societal marketing concept calls on marketers to balance consumer wants and desires,company profits and society's interest.

Accepted Answer

The statement correctly describes the societal marketing concept, which aims to create a win-win situation by satisfying consumer needs, generating profits for the company, and promoting societal well-being.

Question 5

The production concept and product concept are orientations that can lead to marketing myopia.

Accepted Answer

Both the production concept and product concept focus on the company's perspective rather than the customer's needs and wants. This can lead to a narrow focus on producing the product or improving the product, without considering changes in market demand or consumer preferences. This myopic view can hinder long-term success and growth of the company.

Question 6

The elements of the marketing mix are price,place,promotion and product.

Accepted Answer

The elements of the marketing mix are indeed price, place, promotion, and product. This concept is widely used in marketing strategies and planning.

Question 7

Customer-driven marketing considers only existing needs for existing markets.

Accepted Answer

Customer-driven marketing takes into consideration both existing needs as well as potential future needs in both existing and new markets. It focuses on identifying and meeting the needs and preferences of customers, while also striving to anticipate and stay ahead of market trends.

Question 8

The selling concept holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.

Accepted Answer

The selling concept emphasizes on aggressive selling and promotional activities to persuade consumers to buy the products, as it assumes that consumers are not likely to buy the products unless they are persuaded to do so.

Question 9

Amy's law office has developed a new format and wording for wills.Staff believe that they offer superior quality,performance and innovative features.Her law office is practicing the production concept.

Accepted Answer

Amy's law office is practicing the product concept, which focuses on improving and innovating products to attract customers, rather than the production concept, which emphasizes efficiency and wide availability.

Question 10

A marketing organisation's ________ proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

Accepted Answer

The answer of A marketing organisation's ________ proposition is the...

Question 11

The marketing task known as demarketing involves ________.
A)reducing demand,either temporarily or permanently
B)adopting a low price position for a product or brand
C)preventing competitors from imitating a product or brand
D)reducing the value embedded in a product or brand
E)eliminating the product from the offerings

Accepted Answer

Demarketing is the act of reducing demand for a product or service, either temporarily or permanently. This could be done for a variety of reasons, such as when demand exceeds supply, when there is a need to conserve resources, or when a company needs to shift its focus to a different product or market segment.

Question 12

Which customer question is answered by a company's value proposition?
A)'Why should I buy your brand rather than a competitor's?'
B)'How does your brand benefit me and society?'
C)'What are the costs and benefits of your brand?'
D)'What kind of experience will I have with products and services associated with this brand?'
E)'What are the benefits of being a loyal consumer of your brand?'

Accepted Answer

A company's value proposition typically outlines the unique benefits and advantages of their brand compared to competitors, directly addressing the question of why a customer should choose their brand over others.

Other choices such as B, C, D, and E may also be important considerations for customers, but they do not specifically address the question of why a customer should choose one brand over another.

Question 13

The ________ concept holds that consumers will favour products that offer the most quality,performance and innovative features.

Accepted Answer

The answer of The ________ concept holds that consumers will...

Question 14

The aim of ________ is not to completely destroy demand,but only to reduce or shift it to another time,or even another product.

Accepted Answer

The answer of The aim of ________ is not to...

Question 15

The ________ concept holds that achieving organisational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.

Accepted Answer

The answer of The ________ concept holds that achieving organisational...

Question 16

The art and science of choosing target markets and building profitable relationships with them is called ________.
A)marketing management
B)market positioning
C)market segmentation
D)selling
E)societal marketing

Accepted Answer

Marketing management involves the process of identifying potential markets, selecting target markets, and developing strategies to cultivate profitable relationships with those chosen segments.

Question 17

Product,price,place and promotion make up the elements of a firm's marketing mix.

Accepted Answer

This statement is true. Product, price, place, and promotion are the four main components of the marketing mix, which are used by companies to promote and sell their products or services.

Question 18

The elements of the extended marketing mix are price,place,promotion and product.

Accepted Answer

The extended marketing mix includes three additional elements beyond the original four (price, place, promotion, and product), which are people, processes, and physical evidence.

Question 19

The elements of the extended marketing mix are product,price,placement logistics and promotion plus people,process and physical evidence.

Accepted Answer

The extended marketing mix includes the traditional 4 Ps - product, price, placement, promotion - as well as 3 additional elements: people, process, and physical evidence. Therefore, statement A is true.

Question 20

Which of the following is the most likely result of a marketing strategy that attempts to serve all customers?
A)All customers will be delighted.
B)Customer-perceived value will be increased.
C)Customer evangelists will become unpaid salespersons for the service or product.
D)The company may need to follow up with a demarketing campaign.
E)A and B only.

Accepted Answer

Attempting to serve all customers is not realistic or feasible for any company as customer needs and preferences vary widely. This may result in a dilution of the brand or service that fails to effectively target any specific segment, leading to the need for a demarketing campaign to refocus efforts on a specific group of customers.

Quiz 1: Marketing: Creating and Capturing Customer Value