Marketing, Competition, and the Customer Quiz

What is the role of the Marketing department in a business?

• Managing the production process

• Identifying and satisfying customer needs

• Handling the human resources of the business

• Managing the finance of the business

What is the advantage of selling to a mass market?

• High costs of advertising and promotion

• Total sales in these markets are very high

• Low levels of competition

• Standardized products that meet specific needs

What is a niche market?

• A small, usually specialized, segment of a much larger market

• A market with high levels of advertising and promotion

• A market with high competition

• A market with high sales potential

What is market segmentation?

• Standardizing products to meet specific needs

• Targeting a niche market

• Selling products to a mass market

• Breaking down a market into sub-groups with similar characteristics

What are the potential benefits of market segmentation to a business?

• Increased marketing expenditure

• Limited opportunities for growth

• Lower sales and profits

• Higher sales and profits

What factors should a business consider before choosing an appropriate method of segmentation?

• All of the above

• Cost of entering each segment

• Company image and brand image

• Detailed analysis of the market and the 'size' of each potential segment

What is one way of segmenting a market?

• By the shape of the product

• By the use of the product

• By the color of the product

• By the size of the product

What is the main role of marketing in identifying customer needs?

• To raise customer awareness

• To increase costs

• To find out what kind of products or services customers want

• To maintain customer loyalty

Why have some markets become more competitive?

• Decrease in global trade

• Limited access to international markets

• Decrease in consumer information

• Transportation improvements

What is the power and importance of changing customer needs?

• Businesses can ignore changing customer needs without consequences

• Businesses that respond to changing customer needs are likely to fail

• Businesses that research and respond to changing customer needs will be successful

• Changing customer needs have no impact on businesses