Q. What does 'customer relationship management' (CRM) aim to achieve?
-
A.
To increase product prices
-
B.
To manage customer interactions and data
-
C.
To reduce marketing costs
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D.
To standardize customer service
Solution
Customer relationship management (CRM) aims to manage customer interactions and data to improve business relationships.
Correct Answer:
B
— To manage customer interactions and data
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Q. What does 'customer segmentation' involve?
-
A.
Dividing a market into distinct groups of buyers
-
B.
Combining all customers into one group
-
C.
Eliminating less profitable customers
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D.
Increasing prices for all customers
Solution
Customer segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics.
Correct Answer:
A
— Dividing a market into distinct groups of buyers
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Q. What does 'target market' refer to?
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A.
The total market for a product
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B.
A specific group of consumers a business aims to reach
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C.
The geographical area of sales
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D.
The demographic profile of all customers
Solution
The target market refers to a specific group of consumers that a business aims to reach with its products or services.
Correct Answer:
B
— A specific group of consumers a business aims to reach
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Q. What is a brand's equity?
-
A.
The financial value of a brand
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B.
The total sales of a brand
-
C.
The market share of a brand
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D.
The production cost of a brand
Solution
Brand equity refers to the financial value of a brand based on consumer perception and experiences.
Correct Answer:
A
— The financial value of a brand
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Q. What is a unique selling proposition (USP)?
-
A.
A feature that makes a product stand out
-
B.
A pricing strategy
-
C.
A distribution channel
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D.
A customer service policy
Solution
A unique selling proposition (USP) is a feature that makes a product stand out from its competitors.
Correct Answer:
A
— A feature that makes a product stand out
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Q. What is the primary focus of digital marketing?
-
A.
Traditional advertising methods
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B.
Online platforms and technologies
-
C.
In-store promotions
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D.
Television commercials
Solution
Digital marketing primarily focuses on using online platforms and technologies to reach consumers.
Correct Answer:
B
— Online platforms and technologies
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Q. What is the purpose of market segmentation?
-
A.
To increase production costs
-
B.
To identify different customer needs
-
C.
To standardize products
-
D.
To reduce marketing efforts
Solution
Market segmentation is used to identify different customer needs and tailor marketing strategies accordingly.
Correct Answer:
B
— To identify different customer needs
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Q. What is the role of social media in marketing?
-
A.
To replace traditional advertising
-
B.
To engage with customers and build brand loyalty
-
C.
To increase production speed
-
D.
To reduce marketing costs
Solution
Social media plays a crucial role in engaging with customers and building brand loyalty through interaction and content sharing.
Correct Answer:
B
— To engage with customers and build brand loyalty
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Q. Which of the following best describes 'brand equity'?
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A.
The cost of producing a brand
-
B.
The value added to a product by having a well-known brand name
-
C.
The total sales of a brand
-
D.
The market share of a brand
Solution
Brand equity refers to the value added to a product by having a well-known brand name, which can influence customer choice.
Correct Answer:
B
— The value added to a product by having a well-known brand name
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Q. Which of the following is a key component of the marketing mix?
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A.
Product
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B.
Profit
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C.
Process
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D.
People
Solution
The marketing mix consists of four key components: Product, Price, Place, and Promotion.
Correct Answer:
A
— Product
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Q. Which of the following is NOT a part of the promotional mix?
-
A.
Advertising
-
B.
Public relations
-
C.
Sales promotion
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D.
Supply chain management
Solution
Supply chain management is not part of the promotional mix; it focuses on the flow of goods and services.
Correct Answer:
D
— Supply chain management
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