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- 1. Multiple Choice
Which of the following best describes market segmentation?Dividing a large market into a smaller sub-marketSelling goods for less than their production cost to maximise salesMaintaining long-term ties with customers to encourage repeat salesIdentifying the consumer groups most likely to buy a business's products - 2. Multiple ChoiceWhich of the following best describes a target market?Close competitors of a businessThe people who buy a business's productsGroups that do not buy a business's productsThe individuals at whom a business's marketing strategies are aimed
- 3. Multiple Choice
Define Promotion.
Any from of communication a business or organisation uses to inform, persuade, or remind.
The number of different product lines a manufactures or sells
The process of creating, growing, and manufacturing
- 4. Multiple ChoiceSetting and communicating the value of products and services. Setting the cost at the right level.PricePlacePromotionProduct
- 5. Multiple Choice
THE 4 P's - product, place, promotion, price
Branding
Promotional mix
Target marketing
Marketing mix
- 6. Multiple ChoiceHarley Davidson Motor Cycles stresses the quality of their machines and the image Harley’s create in the minds of their target market. This demonstrates a marketing focus onProductPlacePricePromotion
- 7. Multiple ChoiceWhat is the purpose of product differentiation?To simplify pricingTo target mass marketsTo minimise produtionTo target individual market segments
- 8. Multiple ChoicePackaging is an example of which of the following marketing strategies?PriceProductPlacePromotion
- 9. Multiple ChoiceWhich of the following statements most completely defines the term 'marketing'?Marketing is the distribution of goods and services from the wholesaler to the retailer so that they are available when the customer wants them.Marketing is a total system of interacting activities designed to plan, price, promote and distribute goods and services to present and potential customers.Marketing includes all those activities involved in the production and promotion of goods and services to the end customer.Marketing is any set of activities undertaken to produce and promote a range of goods and services to satisfy customers' needs.
- 10. Multiple Choice
USP stands for:
Unique Sale Position
Unique Sale Proposition
Unique Selling Proposition
Untitled Sales Promotion
- 11. Multiple Choice
The process of dividing a market of potential customers into groups based on different characteristics is called
Market Segmentation
Market Analysis
Demographics
Consumer identification
- 12. Multiple Choice
The term "Demographics" refers to
Grouping potential customers based on their beliefs and preferences
Grouping potential customers based on whether or not they have purchased a product in the past
Grouping potential customers using statistical data such as age, race and gender
Grouping potential customers based on where they live
- 13. Multiple Choice
Which of these is NOT a Demographic characteristic, or a statistical way of grouping people?
Age
Household Income
Race
Political preference
- 14. Multiple Choice
Segmenting a market based on customers' attitudes, opinions, and interests is called
Demographics
Psychographics
Geographics
Market Segmentation
- 15. Multiple Choice
Which of these answer includes ONLY examples of psychographics?
Interests, opinions, attitudes
Household income, beliefs, race
Age, geographical location, gender
Ethnicity, age, hobbies
- 16. Multiple Choice
When a business divides its market on the basis of where its customers live is called
geographic segmentation
demographic segmentation
psychographic segmentation
behavioral segmentation
- 17. Multiple Choice
Segmenting a market based on customers' buying habits is an example of
demographic segmentation
psychographic segmentation
behavioral segmentation
geographic segmentation
- 18. Multiple Choice
Targeting a group of potential consumers using psychographic characteristics might include using data about
music preferences
race
age
gender
- 19. Multiple Choice
Rapid increase in sales, cash flow problems, competitors attracted to the market is characteristic of which stage of the business life cycle?
Establishment
Growth
Maturity
Post-maturity
- 20. Multiple Choice
Challenges include new competitors, not getting too comfortable in the market and giving control over to reliable staff.
Growth
Post-maturity
Maturity
Establishment
- 21. Multiple Choice
The correct order of the business life cycle is
post-maturity, post-maturity, establishment, growth
maturity, post-maturity, establishment, growth
establishment, maturity, growth, post-maturity
establishment, growth, maturity, post-maturity
- 22. Multiple Choice
A strategy to meet the cash flow challenges at the Growth stage could include developing an effective credit policy
True
False
- 23. Multiple Choice
The price skimming consists of setting high prices and reducing them over time to maximize the long-term profit.
True
False
- 24. Multiple Choice
A clothing store puts all its products at 50% discount, due to the change of season. This is an example of:
Survival pricing
Price discrimination
Block pricing
Promotion
- 25. Multiple Choice
Which pricing strategy involves setting prices based on the costs for producing, distributing and selling the product plus a fair rate of return for its effort and risk?
Customer Value-Based Pricing
Competition-Based Pricing
Cost-Based Pricing
Dynamic Pricing
- 26. Multiple Choice
Which pricing strategy involves setting prices based on competitors’ strategies, costs, prices and market offerings?
Customer Value-Based Pricing
Competition-Based Pricing
Cost-Based Pricing
Dynamic Pricing
- 27. Multiple Choice
Term for a item that is intentionally priced below cost to draw people into the store
Loser Item
Sale
Discount Item
Loss Leader
- 28. Multiple Choice
What is the Pricing strategy being used when people think they are getting a bargain because price ends in an odd number?
Multiple Pricing
Odd-Even Pricing
Bundle Pricing
Mark Up Mark Up
- 29. Multiple Choice
Suggestive selling and group sales is a type of
personal selling
market campaign
brand
target market
- 30. Multiple Choice
Promotional message about a product paid for by an identified sponsor
product
market segmentation
suggestive selling
advertising
- 31. Multiple Choice
Specific offer designed to increase sales
repeat customers
publicity
sales promotion
ads
- 32. Multiple Choice
The name, logo, tone, tagline, typeface, and shape that create an appeal for a business
sales
loyalty program
publicity
brand identity
- 33. Multiple Choice
Successful organisations learn the preferences and behaviors of key customer segments through this process
market research
market segmentations
choosing only one target market
setting a price everyone can afford
- 34. Multiple Choice
Type of promotion that encourages a consumer to be a repeat buyer of a product, service or brand.
trending concept
a name brand or logo
A reader board
loyalty program
- 35. Multiple Choice
________ buy from wholesalers and sell to consumers.
retailers
wholesalers
distributors
consumers
- 36. Multiple Choice
What is a group of people who want a product and are able to buy it?
Market
Consumer market
Business Market
Producer
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