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Marketing is all about the following except:
recruiting the best sales people
building customer relationship
understanding the needs and wants of customers
meeting the needs and wants of customers
Which of these is NOT a function of the marketing department?
to find out customer requirements
to try to forecast future demand
to satisfy consumer demand profitably
to produce sufficient products to meet consumer demand
Which one of the following is a way to maintain consumer loyalty?
offer promotional prices to new consumers
reduce product quality but keep prices high
replace all existing brands with new brands
establish long-term relationship with consumers
Which one of the following is NOT a marketing objective?
raise awareness of a product
reduce the number of workers
increase revenue and profitability
target a new market
Which one of the following statement is the best definition for 'niche market'?
the amount of goods and services that customers are willing to buy
the special feature of a product that makes it stand out from all of its competitors
when a business aims their product at a small segment of the market to meet a customer need that is specialised
When a business aims their product at a very large market hoping many people will buy the product
One of the claimed benefits of niche marketing is:
it leads to high levels of output and low production costs
marketing can be focused on a distinct part of the market
consumer demand will always remain high
there will be no competitors selling into the same part of the market
Which one of the following statements is true for a mass market?
these products are usually specialised
these products are usually sold by small businesses
where there is a large number of sales of a product
where there is less competition for the product
One claimed benefit of a mass market is:
risks can be spread
high cost of marketing
products are not customised
Which one of the following is a limitation of mass market?
very high sales
economies of scale is possible
opportunities for business growth
standardised products or services
One possible benefit for a business if it increases consumer loyalty is:
the business will never have to advertise again
it will help to maintain a market share
consumers will buy the products of a business at any price
competitors will not be able to achieve consumer loyalty as well
Grade today's lesson.