Unit 4 Intro to Marketing Quiz

What is the difference between marketing, promotion, and advertising?

• Advertising is a small part of marketing

• Promotion includes marketing and advertising

• Marketing includes promotion and advertising

• They are all the same

Which approach heavily relies on market research?

• Neither approach

• Both approaches

• Market orientation

• Product orientation

What is the main question that a market-oriented business asks?

• What to produce

• What to sell

• What to advertise

• What to innovate

Which company is an example of a market-oriented business?

• Samsung

• Microsoft

• Coca-Cola

• Apple

What does a product-oriented approach rely on?

• Promotion

• Advertising

• Innovation

• Market research

What is the main benefit of a successful product-oriented approach?

• High market power

• Quick response to market changes

• Low competition

• High market share

What is the formula for calculating market share?

• Firm's sales - Total sales

• Total sales / Firm's sales

• Firm's sales / Total sales

• Firm's sales * Total sales

Why do organizations aim for higher market share?

• To increase market size

• To establish market rules

• To reduce competition

• To increase market power

What does market growth measure?

• Increase in market share

• Increase in market power

• Increase in customer numbers

• Increase in market size

How can market size be measured?

• By market share

• By volume or value

• By customer satisfaction

• By market power