5C & 5D Quiz

Since operating factors are in the external environment, a business has no control over how they may influence the success of its marketing strategy.

• True

• False

Answer explanation

Operating factors are factors within the external environment that a business has some control over.

Providing a great customer experience can help a business establish its customer base and brand identity.

• True

• False

Answer explanation

Ensuring that customers are provided with a great experience can improve existing and potential customers' perceptions of a business. Additionally, providing a great customer experience can also help a business establish a strong customer base.

A business should be aware of the marketing strategies used by its competitors as they are likely to have the same target market.

• True

• False

Answer explanation

If a business is aware of its competitors' marketing strategies, it can successfully differentiate its own marketing so it can be delivered more effectively to a similar target market.

In some cases, _____ will provide a business with marketing material that allows customers to easily identify products through recognisable logos and branding.

• competitors

• customers

• suppliers

• target markets

Having a customer-focused marketing strategy involves:

• prioritising customer needs and preferences.

• marketing aggressively to steal competitors' customers.

• growing a business' customer base.

• using focus groups to create a customer profile of consumers in its customer base.

What is customer value?

• The sales revenue from a business' customer base

• The customer profile demographic characteristic of income level

• An economic factor in the macro environment

• The satisfaction a consumer feels after purchasing a product

Customers, suppliers, and competitors are all examples of what?

• Macro environment factors

• Operating environment factors

• Internal environment factors

• Marketing environment factors

Business' have _____ control over operating factors.

• no

• some

• total

Business' have _____ control over macro factors.

• no

• some

• total

Disposable income is the income an individual has remaining after tax. What macro environment factor is disposable income?

• Economic

• Technological

• Legal

• Social