Marketing Test

The individual or business that purchases the product

Customer

Individual who uses or consumes the product, regardless of who bought it.

Consumer

B2C

Consumer decisions are often influenced by emotions and advertising

B2B

Complex and lengthy with multiple approvals and rational decision making

Customer and consumer are sometimes the same person: true or false?

True

Market

A group of indiVisuals or organizations that share similar needs or wants, have the same financial capacity to purchase products, and are willing to engage in an exchange

What are goods?

Tangible items that have monetary value

What are services?

Intangible items that also have monetary value

What are needs?

Fundamental requirements essential for survival

What is UVP?

a statement of the benefits a company is promising to deliver to customers who buy its products or services, helping to differentiate the brand from competitors

What is promotion?

Creating awareness about your product through mass communication and encouraging people to buy it.

What is selling?

Motivating customers to buy a product or service by telling them how it fulfills customer needs.

What is product service management?

Designing, developing, and modifying the product or service to meet the customers’ ever-changing needs

What is market information management?

Gathering consumer data and using it to improve other marketing functions and facilitate critical business decisions.

What is pricing?

Setting the price for a product or a service to maximize the profit, keeping in view the consumers’ perception of the value, production price and the competitiors’ pricing.

What is channels?

Involves decisions regarding when and where the product should be made available and in which condition

What is market planning?

The process of organizing and defining the marketing aims of a company and gathering strategies and tactics to achieve them

How does competition between companies benefit consumers?

Companies strive to improve their products pricing, and overall costumer experience.

What is obsolescence?

Companies design products to become outdated or usable sooner than expected.

What is overconsumption?

Encouraging too much spending and excessive materialism

What is deceptive advertising?

Misleading promotional efforts includes, packaging and pricing or advertising a bargain that is out of stock or misrepresenting the product’s performance

What is puffery?

Exaggeration of a product-not illegal

What is marketing myopia?

Companies focus too much on their own products instead of understanding customer needs

What is Triple bottom line?

Measure’s a company’s performance not just by its financial profit, but also by its social and environmental impact

What are the 3 Ps of TBL?

People, profit, planet

What is utility?

How a product or service can benefit a consumer.

What is time utility?

Adding value to products by making them available when they’re needed.

What is place?

Selling e-commerce platforms

What is form utility?

Addin value producers to materials in the creation of finished goods and services

What is possession utility?

Adding value wen ownership of a product is transferred from the seller to the user

What is information utility?

Adding value to products by making information such as ingredients available to consumers