CBA Marketing & Customer Relations Flashcards
6 cards from real CBA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CBA Marketing & Customer Relations flashcards as text
What does the marketing concept known as the '4 Ps' include?
Answer: Product, Price, Place, Promotion
The traditional marketing mix consists of Product, Price, Place, and Promotion, collectively known as the 4 Ps.
What is market segmentation?
Answer: Dividing a broad market into distinct subgroups of consumers with common needs or characteristics
Market segmentation divides a heterogeneous market into smaller, more homogeneous groups to allow for targeted marketing strategies.
Which metric measures the total revenue a business can expect from a single customer account throughout the business relationship?
Answer: Customer lifetime value (CLV)
Customer lifetime value (CLV) estimates the total net profit a company expects to earn from its entire relationship with a customer.
What is the primary purpose of a SWOT analysis in marketing planning?
Answer: To assess a company's internal strengths and weaknesses alongside external opportunities and threats
A SWOT analysis evaluates an organization's Strengths, Weaknesses, Opportunities, and Threats to inform strategic marketing decisions.
What is 'brand equity' in marketing?
Answer: The added value a brand name gives to a product beyond its functional benefits
Brand equity represents the premium value that a recognizable brand name adds to a product compared to a generic equivalent.
In the context of the product life cycle, which stage is characterized by slow sales growth and minimal profit as the product is introduced to the market?
Answer: Introduction
The introduction stage of the product life cycle features slow sales growth and little to no profit due to high launch expenses.