What is the purpose of marketing?

• To identify potential customers and their needs
• To make products as cheaply as possible
• To make a profit at any cost
• To provide employment opportunities

2. What is the term for gathering information about customers' needs and preferences?

• Pricing Strategies

• Product development

• Market research

• Promotion

3. What is the term for targeting a broad group of customers?

• Popular market

• Niche market

• International market

• Mass market

4. What are the four Ps of marketing?

• Place, price, product, people

• Place, price, product, promotion

• Price, premium, place, product

• People, promotion, place, price

5. In which stage of the product lifecycle do sales start to slow down?

• Maturity

• Growth

• Introduction

• Decline

6. What pricing strategy involves setting a low price to enter a market and gain market share?

• Penetration pricing
• Psychological pricing
• Promotional pricing
• Cost-plus pricing

7. What promotional method involves building relationships with the public through media coverage?

• Public relations
• Advertising
• Sales promotion
• Personal selling

8. What is NOT a cause that changes customer spending habits & behavior?

• Change in fashion

• Change in income

• Change in imports

• Change in economy

9. What is the term for creating new products or improving existing ones?

• Product development

• Market research

• Promotion

• Pricing strategies

10. What is a problem with entering new markets?

• New customers

• Increase sales

• Spreads risk

• Different laws & regulations