Marketing Principles Grade 12 (PRIM 121) Exams and Quizzes
AMA OED ANSWER1st Quarter Exam
Develop when governmental institutions become sellers and citizens assume the role of buyers.
Which of these is a market opportunity analysis step?
It identifies target customers, ascertains the needs of these customers, and then specifies how the product satisfies these needs.
Which of these is a key to improve your team's customer service skills?
SMART Marketing objective stands for:
It is a rather broad category that incorporates many forms of advertising and marketing.
A strong company will already have great customer relationships. But a smart company will always be asking this question.
The highest ranking executive in a company whose primary responsibilities include making major corporate decisions.
Which of the following is a Marketing Goal and Objective?
Best defined as the factors that influence a consumer's mind on the buying behavior they engage in.
2nd Quarter Exam
This is a type of research where the characteristics of the product that consumers like.
This is a type of research where reactions of consumers to the firm's communications are evident.
The focus of Business Marketing is on Industrial Goods or Capital Goods rather than Consumer Products or End Products.
When it comes to your customers you need to keep in mind the importance of this.
Ensure you convey to customers exactly what you mean.
Customer Service is the support you offer your customers.
They have sophisticated options to allow businesses to target users based on market segments.
Show total cost and total revenues at different levels of unit volume.
Can be thought of as a definition of what the organization is or what it does.
Uses buyers' perceptions of value rather than seller's costs to set price.
Week 1 Short Quiz and Learning Activities
The classical economist has assumed markets to be foreign wherein demanders and suppliers knew of each other presence.
Telemarketing is one of the most effective ways of convincing clients.
Includes requested calling and cold calling of consumers over the phone.
It offers an effective way to deliver content to current and prospective customers and can become a catalyst to drive your website along other traffic marketing assets.
It incorporates many forms of Advertising and Marketing. It is the most recognizable type of marketing.
Week 7 Short Quiz and Learning Activities
Represent the ability of online users to interact directly with each other, without the need for an intervening organization other than to facilitate the communication.
Prevailing philosophy and objectives of the political party or parties running the government, as well as laws and government regulations.
Why conduct market research?
Represents a mix between the internal and external forces that surround an organization and have an impact upon it.
The process of assessing the viability of a new good or service through research conducted directly with the consumer.
1st Quarter Exam
Develop when governmental institutions become sellers and citizens assume the role of buyers.
Which of these is a market opportunity analysis step?
It identifies target customers, ascertains the needs of these customers, and then specifies how the product satisfies these needs.
Which of these is a key to improve your team's customer service skills?
SMART Marketing objective stands for:
It is a rather broad category that incorporates many forms of advertising and marketing.
A strong company will already have great customer relationships. But a smart company will always be asking this question.
The highest ranking executive in a company whose primary responsibilities include making major corporate decisions.
Which of the following is a Marketing Goal and Objective?
Best defined as the factors that influence a consumer's mind on the buying behavior they engage in.
Sets the price for small companies.
Could be convention, trade shows, competition among sales people.
An organization's strategy combines all of its marketing goals into one comprehensive plan.
It is defined as the transportation of the product from the point of production or transshipment to the point or points where demand has been recorded.
Also called going-rate pricing.
A person, group or organization that has interest or concern in an organization.
In this field of transportation, more passengers are transferred, than loads.
Sets the price for large companies.
The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits.
It simplifies the pricing process; price competition may be minimized and is perceived as more fair to both buyers and sellers.
A simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that you face.
An assessment which allows you to determine how suitable a particular market is for your industry.
Seeks to determine whether an ad is communicating effectively.
A marketing research to assess the effect an advertisement or some other promotional activity is having, or has had, on sales.
It is the shifting of a load from a production site to where demand occurs.
Includes all business activities involved with the flow and transformation of goods and information of goods from raw materials to the consumer.
2nd Quarter Exam
A fundamental and complex part of a company's marketing efforts.
Relationship Marketing concentrates on selected customer.
It is an activity with well-defined responsibilities, deadlines and measurable results.
The process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action.
Purchase Decision would mean choosing buying alternative which includes product, package, store, method of purchase.
Relationship Marketing is more popularly known as Social Marketing when a firm takes care of its responsibility.
This is the entire size of the market for a product at a specific time.
The establishment of a Market Economy wrought marked changes in the social and economic structure.
It is objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
The four P's of Marketing: Product, Price, Promotion and Place.
Relationship with customers cannot change from time to time because it evolved under distinguished situations.
Companies must first look at demographic and historical data about their customers to understand who they are.
Psychographic segmentation uses people's lifestyle, activities, interests as well as opinions to define a market segment.
Enhance Customer Relationships.
There is no need to establish criteria for evaluation features the buyer wants or does not want.
This is the process of locating and describing potential customers.
The focus of Marketing Concept, 'The customer is king' determines what the consumer wants.
Marketing Environment represents a mix between the internal and external forces which surround an organization.
Includes all business activities involved with the flow and transformation of goods and information.
Smaller companies typically invest the most in carrying out sophisticated relationship marketing campaigns.
It is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts.
One of the main purposes of developing a marketing plan is to set the company on a specific path in marketing.
The mission of the customer service department is to retain and encourage increased business from customers.
This is a model for enhancing the components of your 'marketing mix'.
This is the combination of product, pricing, promotion, and distribution activities.
It involves the gathering of information about a particular market, followed by analysis of that information.
The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives.
It is defined as the transportation of the product from the point of production to where demand has been recorded.
An organization's strategy combines all of its marketing goals into one comprehensive plan.
Maslow hierarchy of needs covers: Physiological, Safety, Love and Belonging, Esteem, Self Actualization.
Your client relies on you for products and services regularly, and may come to you for associated items.
Relationship Marketing focuses on Customer Loyalty and Long Term Customer Engagement.
Market Segmentation is the process of defining and subdividing a large homogenous market into segments.
Primary information is the data that the company has collected directly or by a hired person/business.
Customer Service is the support you offer your customers.
Includes all the businesses/organizations who provide materials to its processing/manufacturing plans.
Narrow your target market to a manageable size to avoid appealing to too many target markets.
The classical economist has assumed markets to be foreign wherein demanders and suppliers knew of each other.
Strong Buyer Personality.
It is important to build effective customer relationships.
Business Market Research is the process of collecting data to determine if a product/service satisfies customers.
It is the creation and placement of paid messages to inform potential customers and solicit sales.
The process of analyzing market opportunities, selecting target markets, developing the marketing mix.
Branding is the final component of relationship marketing, forming long-term client relationships.
An estimated projection of costs required to promote a business' products or services.
Telemarketing is one of the most effective ways of convincing clients.
This provides the final goods to the end user/customer, ensuring customer satisfaction.
Interacting directly with customers means putting on special events or spending time chatting.
It is the shifting of a load from a production site to where demand occurs.
Week 1 Short Quiz and Learning Activities
The classical economist has assumed markets to be foreign wherein demanders and suppliers knew of each other presence.
Telemarketing is one of the most effective ways of convincing clients.
Includes requested calling and cold calling of consumers over the phone.
It offers an effective way to deliver content to current and prospective customers.
It incorporates many forms of Advertising and Marketing.
Week 7 Short Quiz and Learning Activities
Represent the ability of online users to interact directly with each other.
Prevailing philosophy and objectives of the political party or parties running the government.
Why conduct market research?
Represents a mix between the internal and external forces that surround an organization.
The process of assessing the viability of a new good or service through research.
Short Quiz 10
A classification that involves values, beliefs, interests and the like.
A type of market segmentation that relies on groups of consumers in a particular geographic area.
This type of market segmentation divides the population because of their behavior, usage and decision making pattern.
A type of market segmentation that is usually the most important criteria for identifying target markets.
Typically used with reference to social and cultural differences rather than biological ones.
Refers to the consumer's perception of a product or service in relation to its competitors.
A type of market segmentation that divides the target market based on socio-economic class, personality, or lifestyle preferences.
An element, feature, or factor that is liable to vary or change.
Means to divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable.
The money received, especially on a regular basis, for work or through investments.
Learning Activity 14
The process of dividing an entire market up into different customer segments.
The three ways to classify what the customer wants.
Target Marketing provides a focus to this.
They have sophisticated options to allow businesses to target users based on market segments.
They suggested a six-step question framework for successful positioning.
Short Quiz 11
A marketing strategy that can create an emotional attachment to your product in the mind of the consumer.
A distribution strategy that gives a specific retailer, or authorized dealer, the sole right to sell a product.
A way of presenting your business to your customers.
A distribution strategy that allows a product to be sold at a moderate number of sales outlets.
The process you use to make potential customers aware of your product or service and to influence them to buy it.
Person or firm that buys large quantity of goods from various producers or vendors, warehouses them, and resells to retailers.
A distribution strategy that seeks to make a product available at as many sales outlets as possible.
What a product does and how it appears to the senses.
A small alteration or movement made to achieve a desired fit, appearance, or result.
The reasons customers choose to buy a product.
Learning Activity 15
This method sets a product's price based on what it costs your business to provide it.
This method focuses on consumer demand-how much customers are willing to pay for a product.
Short Quiz 16
Strategic marketing planning is.
Often retains the barrier between strategists and implementers.
It is an advantage of Command Approach.
Created a surge in need for products and services that range drastically.
Which aspect contributes to strategic marketing planning?
Which of these is a phase in the strategic marketing process?
Which of these is a common mistake in the implementation phase?
The goal of top managers using this approach is to shape the organization's culture.
It focuses explicitly on implementation.
What is the primary benefit of strategic marketing plan?
Learning Activity 20
Marketing strategies are evaluated and selected at the top of the organization and forced downward.
The basic premise here is to modify the organization to ensure successful implementation.
Once you identify a target customer base, you can determine the potential success of a new product.
To perform this, look at the current costs involved with all aspects of your business.
Involves gathering data about your customers during or after check out and tabulating this information.
Short Quiz 17
A marketing perspective that emphasizes pushing the product.
When it comes to your customers you need to keep in mind the importance of this.
The process of getting the product to the consumer.
Doing this your target market can help set prices, guide promotional efforts, and decide distribution.
To understand your customers' needs and develop a plan that surrounds those needs.
Learning Activity 21
Original intellectual creations, including inventions, literary creations, and works of art.
The basic physical product and/or service that delivers those benefits.
The fundamental benefit or solution sought by customers.
The process of locating and describing potential customers.
The basic product and/or service plus any extra or unsolicited benefits to the consumer.
Short Quiz 18
Which of these is a key step in estimating market potential?
The entire size of the market for a product at a specific time.
What is a Sales Forecast?
A type of forecasting where sales is the estimated variable.
All potential buyers in a target market's submarkets are identified and then the estimated demand is added up.
What is the formula for Market Potential?
What is the final step in the marketing research process?
A qualitative form of research.
Which of these is a limitation of forecasting?
The specific characteristics that distinguish market segments according to the benefits sought by customers.
Learning Activity 22
The most important step in the market research process.
The specific characteristics that describe customers and their purchasing power.
The most specific type of research is causal research, which usually comes in the form of a field test or experiment.
The parameters used to distinguish one form of market behavior from another.
This form of research is used when the topic is not well defined or understood.
Long Quiz 5
A service offered by companies that focuses on the internal and external needs of a business's customers.
Carries the participative style of the consensus approach to the lower levels of the organization.
This is the process of locating and describing potential customers.
It describes business activities involved in accomplishing specific marketing objectives within a set period.
A strategy that recognizes the existence of several distinct market segments but focuses on only the most profitable segment.
It is the process of thinking about and organizing the activities required to achieve a desired goal.
Here, top managers and lower-level managers work together to evaluate and develop marketing strategies.
Business activities that direct the creation, development, and delivery of a bundle of satisfaction.
Involves checking out the new products or services offered by your competitors.
A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each.
Long Quiz 6
What are the marketing management functions?
The process of analyzing market opportunities, selecting target markets, developing the marketing mix.
Which of these are components of promotional mix?
Allows the company to gather information about their customers, competitors and environmental changes.
Which of these is a key issue of sales force?
The opening section of the marketing plan that presents a short summary of the main goals.
What is the first step in the Advertising Decision Process?
By definition, it is a subset of sales promotion.
What is the last step in the marketing control process?
It is an activity with well-defined responsibilities, deadlines and measurable results.
Frequently Asked Questions
What is the difference between Product Research and Advertising Research?
Product Research focuses on identifying the characteristics of a product that consumers like, while Advertising Research examines consumers' reactions to a firm's communications, such as advertisements.
What is the significance of Target Marketing?
Target Marketing involves concentrating marketing efforts on specific customer segments whose needs and desires closely match the product or service offerings, ensuring efficient resource allocation and higher customer satisfaction.
What are the 4Ps of Marketing?
The 4Ps of Marketing are Product, Price, Place, and Promotion, which form the core elements of a marketing mix to meet customer needs and achieve business objectives.
What is the role of a Corporate Mission in marketing?
A Corporate Mission defines what the organization is or does, providing a clear direction for marketing strategies and aligning all business activities toward a common goal.
Why is Market Segmentation important?
Market Segmentation divides a market into distinct groups with similar needs or characteristics, allowing businesses to tailor their marketing strategies to specific segments for better effectiveness and customer engagement.