CBO CBO Marketing & Customer Relations 1

Question 1

What does the marketing concept of 'target market' refer to?

Accepted Answer

A specific group of consumers most likely to purchase a product or service

Answer

The geographic region where a business operates

Answer

The total number of potential customers in a market

Answer

The pricing strategy used to attract buyers

Question 2

Which customer retention metric measures a customer's total expected revenue over the entire business relationship?

Accepted Answer

Customer lifetime value (CLV)

Answer

Net Promoter Score (NPS)

Answer

Customer acquisition cost (CAC)

Answer

Churn rate

Question 3

What is the primary purpose of a SWOT analysis in a marketing context?

Accepted Answer

To assess internal strengths and weaknesses alongside external opportunities and threats

Answer

To calculate return on advertising spend

Answer

To segment the customer base by demographics

Answer

To evaluate social media engagement metrics

Question 4

Which pricing strategy sets a product's price based on what competitors charge for similar products?

Accepted Answer

Competitive pricing

Answer

Cost-plus pricing

Answer

Value-based pricing

Answer

Penetration pricing

Question 5

What term describes the process of dividing a broad market into subgroups of consumers with common needs?

Accepted Answer

Market segmentation

Answer

Market penetration

Answer

Brand positioning

Answer

Channel distribution

Question 6

Which element of the traditional marketing mix refers to how a product or service is made available to customers?

Accepted Answer

Place (distribution)

Answer

Price

Answer

Promotion

Answer

Product