BBM Marketing Management

Question 1

What are the 4Ps of the traditional marketing mix?

Accepted Answer

Product, Price, Place, Promotion

Answer

Product, Price, Promotion, People

Answer

Price, Place, People, Process

Answer

Product, Place, People, Physical Evidence

Question 2

What is market segmentation?

Accepted Answer

Dividing a broad market into distinct subgroups with similar needs

Answer

Setting prices based on market conditions

Answer

Analyzing competitor marketing strategies

Answer

Selecting the most profitable customers to serve

Question 3

Which concept describes positioning a product in the minds of consumers relative to competitors?

Accepted Answer

Competitive positioning

Answer

Market segmentation

Answer

Brand equity

Answer

Market penetration

Question 4

What is a 'SWOT analysis' used for in marketing?

Accepted Answer

Identifying Strengths, Weaknesses, Opportunities, and Threats

Answer

Analyzing financial statements

Answer

Setting marketing budgets

Answer

Measuring customer satisfaction

Question 5

Which pricing strategy sets an initial high price then gradually lowers it?

Accepted Answer

Price skimming

Answer

Penetration pricing

Answer

Cost-plus pricing

Answer

Competitive pricing

Question 6

What is the purpose of a marketing plan?

Accepted Answer

To outline marketing objectives, strategies, and tactics for achieving business goals

Answer

To track employee performance in the marketing department

Answer

To set the annual IT and software budget

Answer

To document customer complaints and resolutions