4.1. General quiz

Intangibility and the difficulty to mass produce are two features unique to the marketing of services.

• True

• False

The main objectives of a marketing department are to set the correct price for the customers, ensure adequate and effective promotion, and ensure that the right products are supplied to the right customers at the right time.

• True

• False

Marketing objectives for businesses may include targets of increased sales, market share, improved brand awareness, and the development of new products.

• True

• False

Marketing is about the use of strategies to meet the needs and wants of customers, usually in a profitable way.

• True

• False

Marketing involves an analysis and research of the market size, competitors, consumers, and market growth potential.

• True

• False

A market is traditionally made up of buyers and sellers coming together, physically or virtually, to exchange a good or a service at a mutually agreed price.

• True

• False

Market size describes the volume of all units sold in a particular market or the value of all goods sold by all firms in an industry.

• True

• False

The term "product" can refer to both physical goods and intangible services.

• True

• False

Market size measures the total size of an industry and is calculated by aggregating the sales (volume or value) of all firms competing within the market.

• True

• False

Market leaders are firms with large and dominant market share in an industry.

• True

• False