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Marketing objectives & strategy - self-test

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1

Marketing objectives

Marketing objectives are best defined as:

a)
b)
c)
d)
Yes, that's correct. Well done. A firm's marketing objectives are its marketing goals that have to fit within the overall corporate objectives of the business.No, that's not right. The correct answer is B. A firm's marketing objectives are its marketing goals that have to fit within the overall corporate objectives of the business. A is specific to the marketing department only and does not specify a period of time. C are the tactical (short term) objectives of the business and D refer to the long term (strategic goals) of a business that would include within them the specific marketing objectives.Your answer has been saved.
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2

Marketing objectives

Which of the following would NOT be part of a firm's marketing objectives?

a)
b)
c)
d)
Yes, that's correct. Well done. This is a characteristic of the market in which the business operates and is therefore NOT part of the firm's marketing objectives.No, that's not right. The correct answer is D, as this is a characteristic of the market in which the business operates. All of the others would normally form part of the marketing objectives of a business.Your answer has been saved.
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3

Product differentiation

A business normally aims to differentiate its products as this:

a)
b)
c)
d)
Yes, that's correct. Well done. This is a major determinant of a successful product. We, the consumers have to attach a value, with which we are satisfied and then we purchase the product.No, that's not right. The correct answer is C as this is a major determinant of a successful product. We, the consumers have to attach a value, with which we are satisfied and then we purchase the product. A is not part of product differentiation. B is referring to accounting and is therefore separate from product differentiation. D is also not a reason for product differentiation. Firms do not do things for the convenience of the government!Your answer has been saved.
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4

Niche product

Which of the following would feature as one of the ways in which a niche product could be established?

a)
b)
c)
d)
Yes, that's correct. Well done. This is part of the conventional way in which a niche product is launched and hopes to become a major feature of part of a market.No, that's not right. The correct answer is A as this is part of the conventional way in which a niche product is launched and hopes to become a major feature of part of a market. B might be used to tell the potential buyers that the product exists but as it is costly it might feature once the product has established a reasonable market share. C is a marketing trick and not normally used in the early stages of a niche products life cycle or even at all for niche products because of the cost. D is the very opposite of a niche product.Your answer has been saved.
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