Business Degree Marketing Principles 1

Question 1

What are the traditional '4 Ps' of the marketing mix?

Accepted Answer

Product, Price, Place, Promotion

Answer

The 4 Ps framework — Product, Price, Place, and Promotion — are the core elements marketers use to bring a product to market.

Question 2

What is 'market segmentation'?

Accepted Answer

Dividing a broad market into distinct subgroups of consumers

Answer

Market segmentation divides a total market into groups sharing similar needs, characteristics, or behaviors to target them more effectively.

Question 3

What is a 'unique selling proposition' (USP)?

Accepted Answer

The distinct benefit that makes a product stand out from competitors

Answer

A USP is the specific benefit or quality that differentiates a product from its competitors and motivates consumers to choose it.

Question 4

What is 'brand equity'?

Accepted Answer

The added value a brand name gives to a product beyond its functional attributes

Answer

Brand equity is the premium value consumers place on a product due to its brand name, built through recognition, loyalty, and positive associations.

Question 5

Which research method gathers data through surveys, questionnaires, or structured interviews?

Accepted Answer

Quantitative research

Answer

Quantitative research collects numerical data through standardized tools like surveys, enabling statistical analysis of consumer behavior.

Business Degree Practice Test