A market orientated business is one which does research before creating a new product

• True

• False

Market share is calculated by:

• Last years sales - this years sales / last years sales x 100

• Sales of a product x total market value / last years sales

• Sales of a product / total sales in the market x 100

• Total sales in the market / Sales of a product x 100

A product has a market share of 5%. Its sales are $5,000. Calculate the size of the total market

• $1,000

• $100,000

• $50,000

• 50%

A product has sales of $20,000, this represents a market share of 40%. Calculate the size of the total market.

• 10%

• $500

• $50,000

• $5,000

What is the market share of product A if it sells $40,000, and the total market sales are $160,000?

• 100%

• 40%

• 10%

• 25%

Which of the following would not usually be included in a marketing plan?

• A market analysis

• The resources required

• Organisation structure

• Budget

Which of the following key terms describes the process of identifying a group of consumers with similar needs?

• Segmentation

• Product life cycle

• Targeting

• Target market

When a business focuses on a relatively small segment of the market

• Segmentation

• Niche marketing

• Mass marketing

• USP

Which of the following methods of research would provide qualitative information?

• Focus group

• Observation

• A survey with multiple choice questions

Which sampling technique uses segmentation to target most suitable potential customers?

• Random

• Cluster

• Quota

• Convenience