FBLA Marketing and Advertising 1

Question 1

What are the 'Four Ps' of the marketing mix?

Accepted Answer

Product, Price, Place, Promotion

Answer

The Four Ps of marketing are Product, Price, Place, and Promotion — the core elements of any marketing strategy.

Question 2

What is 'market segmentation'?

Accepted Answer

Dividing a broad market into subgroups with shared characteristics

Answer

Market segmentation divides potential customers into groups based on shared characteristics such as demographics, behavior, or geography.

Question 3

Which type of advertising strategy targets existing customers to encourage repeat purchases?

Accepted Answer

Retention/relationship marketing

Answer

Retention or relationship marketing focuses on keeping current customers satisfied and loyal through personalized communication and loyalty programs.

Question 4

What is 'brand equity'?

Accepted Answer

The value a brand adds to a product beyond its functional benefits

Answer

Brand equity is the added value a well-known, trusted brand name gives a product, often allowing a premium price.

Question 5

What is 'demographic segmentation' in marketing?

Accepted Answer

Classifying customers by age, gender, income, and education

Answer

Demographic segmentation categorizes consumers using measurable population characteristics like age, gender, income, and education level.

FBLA - Future Business Leaders of America Practice Test