3.1 Marketing, competition, and the customer

Open Ended

Outline two ways in which businesses can respond to market changes.

Multiple Choice

The market for organic foods belongs to the...

• Mass market

• Niche market

Multiple Choice

The North Face sells products designed for the...

• Mass market

• Niche market

Multiple Choice

Louis Vuitton sells products designe for the...

• Mass market

• Niche market

Multiple Select

Marketing is... (check all that apply)

• the same as advertising

• about building customer loyalty

• predicting changes in customer needs

• satisfying customer needs

Multiple Select

The benefits of selling to a niche market might include... (check all that apply)

• Building stronger customer relationships

• Reduced competition

• Easier to identify opportunities for expansion

• The ability to diversify risk

Multiple Select

The disadvantages of selling to a mass market might include... (check all that apply)

• Limited sales potential

• Reduced competition

• Lack of diversification

• Higher costs of advertising

Open Ended

Identify three reasons why consumer spending patterns might change.