Business Degree Marketing Principles 2

Question 1

What is 'penetration pricing'?

Accepted Answer

Setting a low initial price to quickly gain market share

Answer

Penetration pricing sets a low introductory price to attract customers and capture market share quickly, with plans to raise prices later.

Question 2

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

Accepted Answer

Assessing internal strengths/weaknesses and external opportunities/threats

Answer

SWOT analysis evaluates an organization's Strengths, Weaknesses, Opportunities, and Threats to inform strategic decision-making.

Question 3

What is 'content marketing'?

Accepted Answer

Creating and distributing valuable content to attract and retain a target audience

Answer

Content marketing focuses on creating relevant, valuable content to attract a defined audience and drive profitable customer action.

Question 4

In the product life cycle, which stage is characterized by rapid sales growth and rising profits?

Accepted Answer

Growth

Answer

The growth stage features rapidly increasing sales, expanding market share, and growing profits as the product gains wider acceptance.

Question 5

What does 'positioning' mean in marketing?

Accepted Answer

Designing how a brand or product is perceived relative to competitors in consumers' minds

Answer

Positioning is the strategic process of defining how a brand occupies a distinct place in the target customer's mind relative to competitors.

Business Degree Practice Test