BBM Marketing Management 1

Question 1

What are the 4Ps of the traditional marketing mix?

Accepted Answer

Product, Price, Place, Promotion

Answer

The traditional marketing mix consists of Product, Price, Place (distribution), and Promotion — the four controllable variables used to satisfy customers.

Question 2

What is market segmentation?

Accepted Answer

Dividing a broad market into distinct subgroups with similar needs

Answer

Market segmentation divides a heterogeneous market into distinct groups of consumers who share similar characteristics, needs, or behaviors.

Question 3

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

Accepted Answer

Competitive positioning

Answer

Competitive positioning defines how a company wants customers to perceive its product relative to competing products in the target market.

Question 4

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

Accepted Answer

Identifying Strengths, Weaknesses, Opportunities, and Threats

Answer

SWOT analysis evaluates internal strengths and weaknesses alongside external opportunities and threats to inform strategic marketing decisions.

Question 5

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

Accepted Answer

Price skimming

Answer

Price skimming launches a product at a high price to capture maximum revenue from early adopters, then reduces the price over time.

BBM - Business Management Degree Practice Test

BBM - Business Management Degree Practice Test

BBM Marketing Management 1