Test: Enterprise Marketing- 2 - Commerce MCQ

The 8 Most important components of your brand:

• Brand Definition.
• Brand Values.
• Brand Promise.
• Brand Identity.
• Brand Differentiation.
• Market Position.
• Brand Messaging.
• Brand Experience.

The steps or stages taken in planning an advertising campaign; the steps include identifying the target market, establishing the advertising objectives, developing the advertising budget, developing the advertising strategies, selecting the appropriate media, and evaluating the advertising effectiveness.

Direct selling refers to selling products directly to the consumer in a non-retail environment (i.e. the sales process occurs at home, work, or at another non-store location). In fact, many home-based businesses incorporate direct selling to connect with consumers.
An example of a direct seller is Boeing. The company offers its products directly to potential customers – airlines. That means that a customer can buy a Coke from a third-party vendor, but not from the company's website.

Correct Match:

Correct Match:

Product, price, promotion, and place form the 4 Ps of the marketing mix. These are the key factors that are involved in the marketing of a good or service.
The marketing mix can be divided into four groups of variables commonly known as the four Ps:

• Product: The goods and/or services offered by a company to its customers.
• Price: The amount of money paid by customers to purchase the product.
• Place (or distribution): The activities that make the product available to consumers.
• Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product.

Producer → Agent/Broker → Wholesaler or Retailer → Customer (Three-level Channel) This distribution channel involves more than one intermediary before the product gets into the hands of the consumer. The middleman, known as the agent, assists with the negotiation between the manufacturer and the seller.

The term trademark refers to a recognizable insignia, phrase, word, or symbol that denotes a specific product and legally differentiates it from all other products of its kind. A trademark exclusively identifies a product as belonging to a specific company and recognizes the company's ownership of the brand.

• A sales strategy is defined as a documented plan for positioning and selling your product or service to qualified buyers in a way that differentiates your solution from your competitors.
• Sales strategies are meant to provide clear objectives and guidance to your sales organization.
• There are essentially four selling strategies: script-based selling, needs-satisfaction selling, consultative selling, and strategic partnering.

• A variable pricing strategy is a pricing method in which the price of a product may vary based on region, sales location, date, or other factors. “The price could change as you move from region to region,” he said. “There's no surprise in that. Two different sales locations could have different pricing.
• These are the four basic strategies, variations of which are used in the industry. Apart from the four basic pricing strategies: premium, skimming, economy or value and penetration there can be several other variations on these. A product is the item offered for sale. A product can be a service or an item.

Promotion: This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.
Promotion includes advertising, public relations, and promotional strategy.

• Below-the-line advertising is an advertising strategy where products are promoted in media other than mainstream radio or television.
• Below-the-line advertising campaigns include direct mail campaigns, trade shows, catalogs, and targeted search engine marketing.

• Ambient Advertising is about placing ads on unusual objects or in unusual places where you wouldn't usually expect to have an advertisement.
• Ambient advertising evolved as a concept because it has a lasting impact on the minds of consumers which makes it more effective.
• Examples are messages on the backs of car park receipts, on hanging straps in railway carriages, posters inside sports club locker rooms and on the handles of supermarket trolleys.

• An advertising agency, often referred to as a creative agency or an ad agency, is a business dedicated to creating, planning, and handling advertising and sometimes other forms of promotion and marketing for its clients.
• Advertising agencies use a wide range of advertising strategies to create marketing campaigns tailored to their clients' needs. Ad agencies work closely with the client to gather information and pitch their campaign ideas, followed by the creative process of actually making and distributing both print and online ads.

Personal selling is also known as face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product. It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale.
Examples include cars, office equipment (e.g. photocopiers) and many products that are sold by businesses to other industrial customers.

CRM stands for Customer Relationship Management, and it's a technology for managing and supporting customer relationships. CRM technology helps companies build and grow customer relationships across the entire customer lifecycle.

Good negotiations contribute significantly to business success, as they: help you build better relationships. deliver lasting, quality solutions, rather than poor short-term solutions that do not satisfy the needs of either party. help you avoid future problems and conflicts.
Negotiation holds the key to getting ahead in the workplace, resolving conflicts, and creating value in contracts. When disputes arise in business and personal relationships, it's easy to avoid conflict in an effort to save the relationship.

• Vendor management is a term that describes the processes organizations use to manage their suppliers, who are also known as vendors. Vendor management includes activities such as selecting vendors, negotiating contracts, controlling costs, reducing vendor-related risks and ensuring service delivery.
• Vendor managers facilitate and maintain relationships between your organization and vendors/partners, negotiating contracts, creating standards for the vendors, and finding the best available vendors.