The Role of Marketing

The collective term for the buyers and sellers of a particular product

Which term describes firms with a dominant market share in an industry?

• Product orientated

• Commercial marketers

• Market orientated

• Market leaders

Intangible (non-physical) products, such as taxi rides, haircuts, visits to the cinema or theatre, and restaurants

A measure of the size of a business in comparison to others in the same industry, by calculating its proportion of the total value of sales revenue in the industry.

Which of the following is not a benefit from having a market-orientated approach for a business?

• Leads to more technical innovation at the business

• Makes the business less risky and more profitable

• Constant feedback from customers through ongoing market research helps the firm to adjust and adapt to changing consumer needs

• The chances of newly developed products failing are greatly reduced

Which type of marketing is often used by not-for-profit organizations and businesses with a strong emphasis on corporate social responsibility?

• Social marketing

• Commercial marketing

• Market orientation

• Market research

Which of the following would not be of direct interest to marketing managers?

• Intensity of rivalry in the market

• Barriers to entry

• Production schedules

• Market size

The group or groups of customers that businesses aim their products at, e.g. females, children, high-income earners or a particular ethnic group of customers

Distribution channels that enable customers to conveniently buy the product, such as wholesalers, retailers, agents or vending machines.  

Which of the following does not directly apply to the marketing mix of physical goods?

• Price

• Process

• Place

• Product