Week 17 summary sheet questions

Customers will buy products if they meet certain conditions. Which of the following is NOT one of those conditions according to the text?

• The products are conveniently located

• The products have a high-quality design

• The products are fairly priced

• The products are brought to their attention

What is the definition of a market as mentioned in the text?

• A place where products are displayed

• A set of arrangements that allow buyers and sellers to communicate and trade in goods and services

• A collection of advertisements and marketing strategies

• A group of businesses competing in the same industry

What is the primary goal of marketing according to the text?

• To create the highest quality product

• To identify and anticipate customer needs and satisfy them profitably

• To ensure the business has the largest market share

• To build the most effective advertising campaigns

Which of the following is NOT a practice businesses adopt to build customer relationships?

• Personalize communication

• Ignore customer complaints

• Build trust

• Connect regularly

Why do businesses want customers to be loyal?

• It increases the business's market share

• It saves the business money

• It allows for higher pricing of products

• It reduces the need for marketing

How can businesses retain existing customers?

• By offering loyalty cards

• By increasing product prices

• By limiting product availability

• By reducing communication with customers

What is product orientation?

• A business approach focusing on the needs of consumers when developing products

• The proportion of sales in a total market that a business or product has

• A business approach focusing on the design and manufacture of the product itself rather than the needs of the customers

• When a business sells the same products to all consumers and markets them in the same way

What is market orientation?

• A business approach focusing on the design and manufacture of the product itself rather than the needs of the customers

• The proportion of sales in a total market that a business or product has

• A business approach focusing on the needs of consumers when developing products

• When a business sells the same products to all consumers and markets them in the same way

How is market share calculated?

• (Total product or business sales / Total sales in the whole market) X 100

• (Total sales in the whole market / Total product or business sales) X 100

• (Total product or business sales - Total sales in the whole market) X 100

• (Total sales in the whole market - Total product or business sales) X 100

Which of the following is NOT a reason why a business would want to increase its market share?

• To charge higher prices

• To lower costs

• To have a higher profile

• To reduce the variety of products offered