Principles Of Marketing Trivia

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Questions: 20 | Viewed: 28,777

1.

The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large is referred to as ____________. 

Answer: Marketing
Explanation:
Marketing refers to the process of creating, communicating, delivering, and exchanging offerings that are beneficial to the organization, its stakeholders, and society at large. It involves identifying customer needs, developing products or services to meet those needs, promoting and advertising them, and ultimately selling and delivering them to customers. Marketing encompasses various activities such as market research, product development, pricing, distribution, and customer relationship management. It is a strategic approach that aims to create value for both the organization and its customers by satisfying their needs and wants.
2.

What are the two central concerns of marketing?

Answer: Discovering and satisfying needs
Explanation:
The two central concerns of marketing are discovering and satisfying needs. This means that marketing involves identifying what customers want or need, and then creating products or services that fulfill those needs. By understanding and meeting customer needs, companies can attract and retain customers, ultimately leading to profits. This approach focuses on customer-centricity and ensuring that the products or services offered provide value and meet the desires of the target market.
3.

The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals reflects the ____________. 

Answer: Marketing concept
Explanation:
The idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organization's goals reflects the marketing concept. This concept emphasizes the importance of understanding and meeting the needs and wants of consumers in order to achieve long-term success. It recognizes that by satisfying consumer needs, organizations can build strong customer relationships, gain a competitive advantage, and ultimately achieve their own objectives.
4.

One of the more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a ______________. 

Answer: Target market
Explanation:
An organization directs its marketing program towards a specific group of potential consumers called the target market. This group is identified based on various factors such as demographics, psychographics, and behavior. By focusing on the target market, the organization can tailor its marketing strategies and messages to effectively reach and engage this specific group, increasing the likelihood of success in achieving its marketing objectives.
5.

The first objective in marketing is to discover consumer ___________. 

Answer: Needs
Explanation:
In marketing, the first objective is to uncover and understand the needs of consumers. By identifying and addressing these needs, businesses can create products or services that satisfy their target audience, leading to customer satisfaction and loyalty. Understanding consumer needs helps marketers tailor their strategies and offerings to meet specific demands, ultimately driving sales and business growth.
6.

Organizations that develop similar offerings, when grouped together, create a/an _____________.

Answer: Industry
Explanation:
When organizations that develop similar offerings are grouped together, they create an industry. An industry refers to a group of companies that produce similar products or offer similar services. These organizations may compete with each other within the industry, but they also share common characteristics, such as target customers and market trends. The concept of an industry helps to categorize and analyze businesses based on their similarities and provides insights into market dynamics and competition.
7.

The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself is referred to as ______________. 

Answer: Market share
Explanation:
Market share refers to the ratio of a firm's sales revenue to the total sales revenue of all firms in the industry, including the firm itself. It is a measure of the firm's competitiveness and market dominance. A higher market share indicates that the firm is capturing a larger portion of the market compared to its competitors. It is an important metric for businesses to assess their performance and evaluate their position in the industry.
8.

The marketing strategy of developing new products and selling them in new markets is referred to as _______________. 

Answer: Diversification
Explanation:
Diversification refers to the marketing strategy of developing new products and selling them in new markets. This strategy involves expanding a company's product line and entering new markets to reduce risk and increase growth opportunities. By diversifying, a company can reach a wider customer base and reduce its reliance on a single product or market. This strategy allows the company to explore new avenues for revenue generation and expand its business beyond its current offerings.
9.

What does 'Technology' refer to?

Answer: The inventions or innovations from applied science or engineering research
Explanation:
Technology refers to the inventions or innovations that are derived from applied science or engineering research. It encompasses the development and application of scientific knowledge to create practical solutions and advancements in various fields. This includes the creation of new devices, processes, and concepts that improve efficiency, productivity, and quality of life.
10.

The description of a population according to selected characteristics such as age, gender, ethnicity, income, and occupation is referred to as ___________. 

Answer: Demographics
Explanation:
Demographics refers to the description of a population based on various characteristics such as age, gender, ethnicity, income, and occupation. It involves analyzing and understanding the composition and distribution of these characteristics within a population. By studying demographics, researchers and marketers can gain insights into the preferences, needs, and behaviors of different groups, which can be useful for targeting specific audiences and making informed decisions in various fields such as marketing, public policy, and social sciences.
11.

The idea that organizations are part of a larger society and are accountable to that society for their actions is referred to as ______________. 

Answer: Social responsibility
Explanation:
Social responsibility refers to the concept that organizations have an obligation to act in ways that benefit society as a whole. It involves considering the impact of their actions on various stakeholders, including employees, customers, communities, and the environment. By being socially responsible, organizations acknowledge that they are not just profit-seeking entities, but also have a responsibility to contribute positively to the well-being of society. This can include actions such as implementing sustainable practices, supporting charitable causes, and promoting ethical behavior.
12.

A favorable attitude toward and consistent purchase of a single brand over time is referred to as _____________. 

Answer: Brand loyalty
Explanation:
Brand loyalty refers to the favorable attitude and consistent purchase of a single brand over time. It indicates a strong connection and commitment towards a particular brand, where consumers consistently choose and prefer that brand over others. This loyalty can be a result of positive experiences, trust, satisfaction, and a sense of identification with the brand. Brand loyalty is important for businesses as it leads to repeat purchases, increased customer retention, and positive word-of-mouth, ultimately contributing to the brand's success and profitability.
13.

Another name for the analysis of consumer lifestyle is ________________. 

Answer: Psychographics
Explanation:
Psychographics refers to the analysis of consumer lifestyle, which involves studying the psychological and behavioral characteristics of individuals to understand their preferences, motivations, and values. This approach goes beyond demographics or social statistics, which focus on objective data such as age, gender, income, or location. Psychographics provides insights into consumers' attitudes, interests, opinions, and lifestyle choices, helping businesses tailor their marketing strategies and offerings to specific target audiences based on their psychographic profiles.
14.

There are five stages in the purchase decision process. What is the first stage?

Answer: Problem recognition
Explanation:
The first stage in the purchase decision process is problem recognition. This is when the consumer becomes aware of a need or a problem that they want to solve. It could be triggered by an internal stimulus, such as realizing they are running out of a product, or an external stimulus, such as seeing an advertisement for a new product. Once the problem is recognized, the consumer moves on to the next stages of the process, which include information search, evaluation of alternatives, purchase decision, and post-purchase behavior.
15.

People to whom an individual looks as a basis for self-appraisal or as a source of personal standards are referred to as __________. 

Answer: Reference groups
Explanation:
Reference groups are people or groups that an individual looks to for guidance and comparison in order to form their own opinions, values, and behaviors. These groups serve as a basis for self-appraisal and provide personal standards for individuals. They can include family members, friends, colleagues, or any other group that an individual identifies with and seeks validation from. By observing and emulating the attitudes and behaviors of reference groups, individuals shape their own identities and make decisions about what is acceptable or desirable.
16.

The monetary value of all goods and services produced in a country during one year is referred to as  _______________. 

Answer: Gross domestic product
Explanation:
The correct answer is gross domestic product. Gross domestic product (GDP) is a measure of the total value of all goods and services produced within a country's borders in a specific time period, usually one year. It includes consumer spending, government spending, investment, and net exports. GDP is used to gauge the economic health and growth of a country.
17.

The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as _______________. 

Answer: Marketing research
Explanation:
Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. It involves gathering data and insights about customers, competitors, and market trends to make informed decisions and develop effective marketing strategies. Empirics refers to the use of empirical evidence in research, data mining is the process of discovering patterns in large datasets, and marketing tactics are specific actions taken to promote a product or service. Therefore, marketing research is the most appropriate term to describe the given process.
18.

Changing the place an offering occupies in consumers' minds relative to competitive products is referred to as _____________. 

Answer: Product repositioning
Explanation:
Product repositioning refers to the process of changing the position or perception of a product in the minds of consumers relative to its competitors. This can involve altering the product's features, target market, or marketing strategy to create a new and more favorable position in the market. It is a strategic move aimed at gaining a competitive advantage and attracting more customers.
19.

The place a product occupies in consumers' minds on important attributes relative to competitive products is referred to as _________________. 

Answer: Product positioning
Explanation:
Product positioning refers to the place a product occupies in consumers' minds on important attributes relative to competitive products. It is the process of creating an image or identity for a product in the minds of the target market. This involves identifying and promoting unique features and benefits that differentiate the product from competitors. Effective product positioning helps to establish a strong market position and competitive advantage.
20.

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or something else of value is referred to as _______________. 

Answer: A product
Explanation:
A product refers to a good, service, or idea that is offered to consumers in exchange for money or something else of value. It can be a tangible item, such as a physical product like a car or a smartphone, or an intangible service like a haircut or a software download. The term "product" encompasses both physical and non-physical offerings that satisfy consumer needs and desires.
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