CBA CBA Marketing & Customer Relations 1 — Questions and Answers
Question 1: What does the marketing concept known as the '4 Ps' include?
- People, Process, Performance, Promotion
- Product, Price, Place, Promotion (Correct answer)
- Planning, Positioning, Pricing, Packaging
- Product, Profit, Place, People
Correct answer: Product, Price, Place, Promotion
The traditional marketing mix consists of Product, Price, Place, and Promotion, collectively known as the 4 Ps.
Question 2: What is market segmentation?
- The process of setting a product's price based on competition
- Dividing a broad market into distinct subgroups of consumers with common needs or characteristics (Correct answer)
- Analyzing a company's share of total industry sales
- Creating a brand identity for a new product
Correct 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.
Question 3: Which metric measures the total revenue a business can expect from a single customer account throughout the business relationship?
- Customer acquisition cost (CAC)
- Net Promoter Score (NPS)
- Customer lifetime value (CLV) (Correct answer)
- Churn rate
Correct 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.
Question 4: What is the primary purpose of a SWOT analysis in marketing planning?
- To evaluate advertising campaign performance
- To assess a company's internal strengths and weaknesses alongside external opportunities and threats (Correct answer)
- To develop a social media content calendar
- To forecast quarterly sales revenue
Correct 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.
Question 5: What is 'brand equity' in marketing?
- The total monetary value of a company's advertising spend
- The added value a brand name gives to a product beyond its functional benefits (Correct answer)
- The percentage of market share held by a brand
- The cost associated with maintaining a company's trademark
Correct 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.
Question 6: 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?
- Growth
- Maturity
- Introduction (Correct answer)
- Decline
Correct answer: Introduction
The introduction stage of the product life cycle features slow sales growth and little to no profit due to high launch expenses.
CBA CBA Marketing & Customer Relations 1
What does the marketing concept known as the '4 Ps' include?