D077 Concepts in Marketing, Sales, and Customer Contact - Set 2 - Part 1

Correct Answer: To analyze the internal and external factors affecting a business

SWOT analysis helps businesses understand their strengths, weaknesses, opportunities, and threats, providing a framework for making informed strategic decisions.

Correct Answer: Price

Price directly impacts a company’s revenue by determining what customers will pay for a product or service, influencing both sales volume and profitability.

Correct Answer: The varying degrees of cooperation and assertiveness in conflict styles

The Dual Concern Model illustrates how conflict management styles vary based on a person’s concern for others (cooperation) and for themselves (assertiveness).

Correct Answer: Market development

Market development focuses on introducing existing products into new geographic regions or customer segments to expand a company’s reach.

Correct Answer: During the first step of the sales process—qualifying

Closing begins with the qualifying step, as building rapport and trust lays the foundation for a successful close later in the sales process.

Correct Answer: Behavioral observation

Behavioral observation allows marketers to gain insights into customer actions and patterns without directly interacting with them, which can reveal unconscious preferences or behaviors.

Correct Answer: Product, price, promotion, and place

The controllable elements of the marketing mix are product, price, promotion, and place, which are directly influenced by a company’s decisions and strategies.

Correct Answer: Milk the product for cash while minimizing investment

Cash cows generate consistent revenue with minimal investment, as they have high market share but are in a low-growth industry.

Correct Answer: Bait and switch

Bait and switch is an unethical pricing tactic where a company advertises a low price to lure customers in, only to sell them a more expensive product.

Correct Answer: Undifferentiated marketing

Undifferentiated marketing uses one product or offer for the entire market, aiming to appeal to all segments without tailoring the marketing mix.

Correct Answer: Price

Price involves determining the cost of a product to the consumer, which influences both sales and profitability.

Correct Answer: To group customers with similar needs

Market segmentation involves dividing a market into distinct groups based on shared characteristics to better tailor marketing efforts to customer needs.

Correct Answer: A product with high market share and high growth potential

A star is a product in a fast-growing market with a high market share, and it has the potential to become a cash cow as the market matures.

Correct Answer: Post-purchase behavior

Post-purchase behavior occurs after the consumer has made a purchase, where they assess their satisfaction and the overall buying experience.

Correct Answer: Market penetration

Market penetration involves increasing sales of existing products to existing markets, typically through tactics like promotions or price adjustments.

Correct Answer: Control the flow of information in the buying process

Gatekeepers manage and control the information flow to decision-makers within an organization, influencing what details are considered during the buying process.

Correct Answer: Economic, social, and technological changes

PEST analysis examines the external macro-environmental factors that affect a business, including political, economic, social, and technological trends.

Correct Answer: Quantitative research

Quantitative research gathers numerical data that can be measured and statistically analyzed, making it ideal for testing hypotheses and making data-driven decisions.

Correct Answer: Price skimming

Correct Answer: Whether the pie is fixed or expandable

Distributive negotiation assumes a fixed pie that needs to be divided (win-lose), whereas integrative negotiation seeks to expand the pie so that both parties can benefit (win-win).