,1. Multiple Choice: Which of the following is a key characteristic of
strategic marketing?
a) Product-focused
b) Sales-driven
c) Value creation
d) Price competition
Correct Answer: c) Value creation
Rationale: Strategic marketing focuses on long-term value
creation through customer relationships, rather than short-term
sales or price competition.
2. Fill-in-the-Blank: ____________ is the process of dividing a
market into distinct groups of buyers with different needs,
characteristics, or behaviors.
Correct Answer: Market segmentation
Rationale: Market segmentation allows marketers to tailor their
strategies to specific groups, improving the effectiveness of their
marketing efforts.
3. True/False: The marketing mix is only concerned with the
physical attributes of a product.
Correct Answer: False
, Rationale: The marketing mix, also known as the 4Ps (Product,
Price, Place, Promotion), encompasses a broader range of factors,
including non-physical attributes like brand image and services.
4. Multiple Response: Which of the following are components of a
SWOT analysis?
a) Strengths
b) Weaknesses
c) Opportunities
d) Threats
e) Objectives
Correct Answers: a) Strengths, b) Weaknesses, c)
Opportunities, d) Threats
Rationale: SWOT analysis is a strategic planning tool used to
identify and analyze the internal Strengths and Weaknesses, and
external Opportunities and Threats.
, Correct Answer: b) The internal decision-making process
Rationale: The 'black box model' in consumer behavior
represents the internal, psychological processes that lead to
purchasing decisions.
6. Fill-in-the-Blank: The perceived benefit versus the cost of a
product is known as the ____________.
Correct Answer: Value proposition
Rationale: The value proposition is a statement that summarizes
why a consumer should buy a product or use a service, highlighting
the unique value it provides.
7. True/False: Price elasticity of demand measures how sensitive
the quantity demanded is to a change in consumers' income.
Correct Answer: False
Rationale: Price elasticity of demand measures the
responsiveness of the quantity demanded to a change in price, not
income.
8. Multiple Response: Effective brand management involves:
a) Creating a strong brand identity
b) Maintaining consistent brand messaging
c) Diversifying brand portfolios
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