MBA Marketing 1

Question 1

What are the 4 Ps of the traditional marketing mix?

Accepted Answer

Product, Price, Place, Promotion

Answer

The classic 4 Ps marketing mix framework — Product, Price, Place, and Promotion — provides the foundation for building a marketing strategy.

Question 2

What is market segmentation?

Accepted Answer

Dividing a broad market into distinct subgroups with common needs or characteristics

Answer

Market segmentation divides heterogeneous markets into homogeneous groups, allowing companies to tailor products and messages to specific customer needs.

Question 3

What does 'brand equity' refer to?

Accepted Answer

The added value a brand name provides to a product beyond its functional benefits

Answer

Brand equity is the premium value that consumers assign to a product because of its brand name, built through awareness, loyalty, and perceived quality.

Question 4

What is the difference between push and pull marketing strategies?

Accepted Answer

Push promotes to intermediaries to carry the product; pull stimulates consumer demand directly

Answer

A push strategy promotes products through the supply chain to intermediaries, while a pull strategy generates consumer demand that pulls the product through the channel.

Question 5

What is 'customer lifetime value' (CLV)?

Accepted Answer

The total net profit a company expects from a customer over the entire relationship

Answer

CLV estimates the total revenue (minus associated costs) a business can expect from a single customer account throughout the business relationship.

MBA - Degree Master of Business Administration Practice Test

MBA - Degree Master of Business Administration Practice Test

MBA Marketing 1