Ch10. Marketing, competition and the customer

Which of the following statements about marketing might be considered the most important?

• Marketing involves coming up with an idea for a product that can be sold at a profit

• Marketing is identifying and then satisfying customer wants at a profit

• Marketing is all about selling as many of a business’s products as possible

• Marketing is about ensuring that a business earns a profit

An important role of marketing is to create a group of customers the business can sell its goods to. What is this known as?

• Market research

• Brand image

• Market orientation

• A customer base

Winnie spends around 20% of her income on shoes and clothing. Which of the following factors does not affect how much Winnie spends on shoes and clothing?

• Changes in Winnie’s income

• Changes in the price of shoes and clothing

• Changes in the price of other products Winnie spends her money on

• Changes in population size

The total number of consumers in a market is 4.6m. Of these, 22% live in the capital city and 56% are female. How many male consumers live in the capital city?

• Less than 300 000

• Between 300 000 and 400 000

• More than 450 000

• Between 400 000 and 450 000

Many businesses have developed their own websites and this has led to the development of e-commerce.

This has increased the size of markets but has also increased...

• costs

• competition

• advertising

• niche marqueting

Identifying and developing products for a small part of the whole market

• Niche marketing

• Mass marketing

• Geographic marketing

• Demographic segmentation

• Market segment

Identifying and developing products for the whole market

• Niche marketing

• Mass marketing

• Geographic marketing

• Demographic segmentation

• Market segment

Dividing a market according to the location of consumers

• Niche marketing

• Mass marketing

• Geographic marketing

• Demographic segmentation

• Market segment

Dividing a market according to the characteristics of the population

• Market segmentation

• Mass marketing

• Geographic marketing

• Demographic segmentation

• Market segment

A part of the whole market in which consumers have specific characteristics

• Market segmentation

• Mass marketing

• Geographic marketing

• Demographic segmentation

• Market segment