Principles of Marketing (PRIM) Grade 11 Quizzes and Exams
AMA OED ANSWERShort Quiz 10
A classification that involves values, beliefs, interests and the like
A type of market segmentation that relies on the notion that groups of consumers in a particular geographic area may have specific product or service needs
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 making knowledge of demographic information crucial for many businesses
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 and have a growth
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 in a particular geographical area
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, but not everywhere, in a geographical area
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.
This method focuses on what the competition charges.
The percentage of a given market population that is buying a product or service from a particular business.
Set when a retailer wants to reduce the price of a product.
Long Quiz 3
Which of these is a type of a distribution strategy?
Which of this is a measurable statistic in demographic segmentation?
Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
Every marketing plan is unique because each business has these.
It can include gender, age, income, household size, geographic area and even various ethnic groups.
Which of these belong to the 4Ps of Marketing?
Involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offerings.
The process of creating a strong image in the mind of the consumer.
Helps you define the marketing elements for successfully positioning your market offer.
It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
What is the mathematical formula for the Markup Amount?
A pathway in which the product goes from the producer to one or more intermediaries before it reaches the consumer.
What are the basic market-segmentation strategies?
What do gaps symbolize in a positioning map?
A pathway in which a product goes from the producer straight to the consumer.
What is the mathematical formula for the Markdown Price?
Set when a retail store buys a product from a wholesaler, they add an additional amount to the wholesale cost to make a profit.
Which of these is a basic factor that affects market segmentation?
What are the things you should base your product on?
After segmenting a market and then targeting a consumer, you would proceed to position a product within that market.
What is the first question in the six-step question framework for successful positioning?
What is the mathematical formula for the Markup Price?
What are the segments according to monthly earnings?
The various ways that a product can reach the consumer.
It is based on the theory that the choices that people make when purchasing goods or services are reflections of their lifestyle preferences or socio-economic class.
Why is market segmentation and targeting necessary?
What is the last step in the six-step question framework for successful positioning?
A good place to start when you are thinking through your plans for a product or service, and it helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
A small unit within a large market comprising of like-minded individuals.
Why is it not feasible to go after all customers?
Short Quiz 12
Most common pricing mistake.
Which of these is a general pricing approach?
The prices a company sets influences the way consumers view the company and the quality of its products.
Businesses have to sell more than they spend to make profit and stay in business.
What's the mathematical formula for Markup Price?
The prices that competitors set for their products are an important consideration for small businesses that are introducing new products.
Dynamic pricing allows sellers to:
Small businesses often focus on innovate products that meet the needs of specific niche markets within larger markets.
Companies wishing to make a profit must exceed
What's the mathematical formula for Unit Cost?
Learning Activity 16
Show total cost and total revenues at different levels of unit volume.
The only element that produces revenues. It is flexible and can be changed quickly.
Uses buyers' perceptions of value rather than seller's costs to set price.
The intersection of the total revenue and total cost curves.
The process of creating a strong image in the mind of the consumer.
Short Quiz 13
Which of these is a category of sea carriers?
A major component of the total cost of logistics management of an enterprise.
The most decisive issue affecting the choice of the best of transportation means is
Its purpose is to deliver goods/services to the consumers.
What is the principle that Activity based costing is based on?
Which of these is an objective of efficient transport systems?
Which of these are mainly transported via air?
The logistics activities involved in SCM can be divided in
Which of these is characteristic of the philosophy of logistics management?
Which of these is an objective of customer service in terms of logistics?
Learning Activity 17
The management of multiple relationships across the supply chain.
They represent the most popular form of transportation.
They have the ability to transfer large amounts of product across long distances, by keeping the cost low.
Provides the final goods to the end user/customer, in a fashion ensuring customer satisfaction through high levels of customer service.
This way of transporting liquid and gas cargo appears in our country through our own factory facilities or companies that refine and exploit the products that are in liquid form.
Long Quiz 18
The final selection of these needs to consider target audience, budget, competitive response and each tool's purpose.
Usually targeted at the fence sitters and brand switchers.
What are the 4Ps of Marketing?
The major function of this office is to handle press releases, support product publicity, create and maintain the corporate image, handle matters with lawmakers, guide management with respect to public issues.
To support corporate and product branding activities is the direct responsibility of this.
Short Quiz 15
The findings of a SWOT analysis depend on
They generally relate to external factors
They are often internal to your organization.
What activity can help a company improve and maintain internal factors?
Company weakness may include which of the following?
Which of these is an aspect that cannot be controlled?
What does SWOT stand for?
To develop a strong marketing strategy, businesses need to understand
Which of these is an aspect that cannot be controlled?
Which of these aspects can be considered as external factors in SWOT Analysis?
Learning Activity 19
SWOT Analysis can be used to kick-off this.
What does SWOT stand for?
To improve your business overall standings, these must be clearly generated.
The foundation of a marketing plan.
What are the things you need to ensure when carrying out your analysis?
Long Quiz 4
External factors that cannot be controlled.
Another term for SWOT Analysis.
It is a marketing research to assess the effect an advertisement or some other promotional activity is having, or has had, on sales of the product being advertised.
Includes all the businesses/organizations that provide materials to its processing /manufacturing plans.
This provides the final goods to the end user/customer, in a fashion ensuring customer satisfaction through high levels of customer service.
Internal factors of the marketing SWOT analysis.
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, in order to satisfy the expectations of the production enterprise and the consumer.
Also called going-rate pricing.
A person, group or organization that has interest or concern in an organization. Stakeholders can affect or be affected by the organization's actions, objectives and policies.
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 of having or using the product or service.
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.
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.
Could be samples, coupons, free trial and demonstration.
The communication establishes through a direct channel without using any intermediaries.
Involves all sub-processes of the distribution, which add value to the product from the customer's perspective and reflect the speed and accuracy with which the order of a customer is delivered to him.
It is an assessment that allows you to determine how suitable a particular market is for your industry.
This seeks to determine whether an ad is communicating effectively. Called copy testing, it can be done before an ad is put into media and after it is printed or broadcast.
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 in such a way that all employees-top managers to janitors participate in making decisions that help the organization reach its objectives.
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 to lower levels where frontline managers and employees are expected to implement them.
The basic premise here is to modify the organization in ways that will ensure the successful implementation of the chosen marketing strategy.
Once you identify a target customer base, you can determine the potential success of a new product or service, the marketing methods needed to promote and sell it and the financial impact of a planned marketing strategy through prerelease group testing.
To perform this, look at the current costs involved with all aspects of your business including inventory, distribution and the current costs of your marketing strategies.
Involves gathering data about your customers during or after check out and then tabulating this information in a spreadsheet for comparison.
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 you set prices for your products and services, serve as guidance when you create promotional efforts to advertise your brand and help you decide how to distribute your products.
To understand your customers' needs and develop a plan that surrounds those needs.
Should describe the approach to creating customer awareness of product or service
Should include the most likely, best case, and worst case scenarios
By selecting particular verticals to present your offerings, it is important to consider your
Which of these can help increase organic growth?
The most effective way to grow and expand your business is by focusing on this
Learning Activity 21
Original intellectual creations, including inventions, literary creations, and works of art, that are protected by patents or copyrights.
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 that may prompt a purchase.
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. It represents the upper limits of the market for a product.
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, your hypothesis is not well defined, and your knowledge of a topic is vague.
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. It involves the creation and maintenance of a plan, such as psychological aspects that require conceptual skills.
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 from the creator to the targeted user.
Involves checking out the new products or services offered by your competitors, examining their marketing strategies and determining whether they are succeeding or failing with their businesses.
A strategy that recognizes different preferences of individual market segments and develops a unique marketing mix for each.
Involves the gathering of information about a particular market, followed by analysis of that information and estimation of projected costs and compare costs with benefits.
It is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set period.
A description of potential customers in a target market.
This is the process that the operational and managerial staff of a company goes through to create and implement effective marketing strategies.
A marketing control technique similar to testing research, but instead of gaining insight into future products and services, you evaluate customers' opinions of existing products or services and the marketing methods you currently use.
Emphasizes the product as the single most important part of the business.
In this step of the market research process, it is time to design your research tool.
Involves combining customer experiences with the overall direction the company wants and needs to take in order to succeed.
A description of potential customers in a target market.
It involves the gathering of information about a particular market, followed by analysis of that information and estimation of projected costs and compare costs with benefits.
Short Quiz 19
Something that can be used as a way to judge the quality or level of other, similar things
Should be stated as goals the company would like to reach during the plan’s term.
The organization where sales and marketing people are assigned to specific countries, regions, or districts.
A marketing control that involves looking at whether the company’s basic strategies are well matched to its opportunities
The sum of all activities involved in the chain of moving products from the producer to end-user.
A meeting at which a group of people engages in intensive discussion and activity on a particular subject or project.
This last section of the Marketing Plan outlines the control measures that will be used to monitor progress.
A series of actions or steps taken in order to achieve a particular end.
The organization where a functional specialist heads different marketing activities
A marketing control that involves checking ongoing performance against the annual plan and taking corrective action when necessary.
Learning Activity 23
The process of dividing the total market.
They stand at the center of the marketing process.
The process of designing strategies for profitably serving chosen segments better than the competition.
The set of controllable marketing variables that the firm blends to produce the response it wants in the target market.
The total amount of resources that a firm puts into the Marketing Mix in order to stimulate demand for its goods and services.
Short Quiz 20
Public Relations has great _______ because others write it
The issue with sales collateral
A fundamental and complex part of a company’s marketing efforts
A large outdoor advertising structure
The primary method of generating leads, closing sales and servicing accounts.
It is a unified, organized group of programs and promotional messages that have one theme or central idea.
The creation and placement of paid messages to inform potential customers and solicit sales of your product.
An estimated projection of costs required to promote a business' products or services.
A marketing program implements this.
It supplements Face-to-face selling
Learning Activity 24
The objective externally is to motivate customers to buy now. Internally, it motivates sales force to sell.
Should be designed to expose your product to the largest possible segment of your target market in the most effective, efficient way.
The standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy.
Some of the reasons for participation are to connect with key media players and editors, evaluate competition, talk with customers and prospects and sell products.
They need to be selected based on whom you are trying to reach, what you are trying to accomplish and how much you have to do it with.
Long Quiz 6
What are the marketing management functions?
The process of analyzing market opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort.
Which of these are components of promotional mix?
Allows the company to gather information about their customers, competitors and any environmental changes to determine the market opportunities.
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 and recommendations to be presented in the plan.
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.
A primary tool of B-to-B marketing.
What does a marketing plan do?
An estimated projection of costs required to promote a business' products or services.
Please select which of these is a type of advertising.
Its purpose is to find out who wants or needs your product and under what conditions will they buy it.
What is the final step in building a budget?
A written material represents and explains your product to potential customers.
When creating a media plan, which of these questions do you need to answer?
Can be formulated to meet the needs of the target market.
It includes advertising, direct marketing, branding, packaging, your online presence, printed materials, PR activities, sales presentations, sponsorships, trade show appearances and more.
Provides a stable base from which your company can enter the competitive marketplace.
Begins with actually differentiating the company's marketing offer so that it gives consumers more value than they are offered by the competition.
It is where a product manager develops a complete strategy for a product or brand.
The major tool for accomplishing strategic control.
It is where a specific market plan is developed for each specific market or customer.
What is the first step of the marketing process?
It involves planting commercially significant news in the media.
Which of these is an element to focus on when selecting media?
It uses marketing databases to track responses and results at a customer level.
Most companies enter a new market by serving
Second 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 to ensure that marketing objectives are attained
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. It represents the upper limits of the market for a product
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 is one which uses peoples lifestyle, their 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" It determines what the consumer wants, then produce the same and sell the same. Avoid having a dissatisfied customer.
Marketing Environment represents a mix between the internal and external forces which surround an organization and have an impact upon it, especially their ability to build and maintain successful relationships with target customers.
It includes all business activities involved with the flow and transformation of goods and information of goods from raw materials to the consumer
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 for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set period
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 to encourage increased business from customers by efficiently satisfying the needs of the customers.
This is a model for enhancing the components of your 'marketing mix' - the way in which you take a new product or service to market
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 and estimation of projected costs and compare costs with benefits
The process that turns marketing plans into marketing actions in order to accomplish strategic marketing objectives
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, in order to satisfy the expectations of the production enterprise and the consumer
An organization's strategy combines all of its marketing goals into one comprehensive plan
Maslow hierarchy of needs covers the following needs: Physiological, Safety, Love and Belonging, Esteem, Self Actualization
Your client relies on you for the products and services that you supply regularly, and she may start to come to you for items that seem associated with the product line but you do not sell.
Relationship Marketing is a facet of Customer Relationship Management (CRM) that focuses on Customer Loyalty and Long Term Customer Engagement.
Market Segmentation is the process of defining and subdividing a large homogenous market into clearly identifiable segments having seminal needs, wants or demand characteristics.
Primary information is the data that the company has collected directly or that has been collected by a person or business hired to conduct the research.
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. Many businesses make the mistake of trying to appeal to too many target markets.
The classical economist has assumed markets to be foreign wherein demanders and suppliers knew of each other presence.
Strong Buyer Personality
It is important to build effective customer relationships.
Business Market Research is the process of collecting data to determine whether a particular product / service will satisfy the needs of your customers.
It is the creation and placement of paid messages to inform potential customers and solicit sales of your product
The process of analyzing market opportunities, selecting target markets, developing the marketing mix, and managing the marketing effort
Frequently Asked Questions
What is market segmentation?
Market segmentation is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors who might require separate products or marketing mixes.
Why is SWOT analysis important in marketing?
SWOT analysis helps businesses identify internal strengths and weaknesses, as well as external opportunities and threats, providing a foundation for strategic planning and decision-making.
What are the 4Ps of marketing?
The 4Ps of marketing are Product, Price, Place, and Promotion. They represent the key elements of a marketing mix used to position a product or service in the market.
How does positioning affect a product's success?
Positioning defines how a product is perceived in the minds of consumers relative to competitors. Effective positioning can differentiate a product, making it more appealing to the target market.
What is the difference between direct and indirect distribution channels?
A direct distribution channel involves selling products directly from the producer to the consumer, while an indirect channel involves intermediaries like wholesalers or retailers.