Market and Marketing Quiz

What is a "market"?

• A place to buy and sell goods

• A person or group willing and able to spend money

• A collection of advertisements

• A business strategy

What is a "target market"?

• All customers a business wishes to reach

• A specific group of customers most likely to buy

• A marketing strategy that targets the highest income consumers

• None of the above

What is "mass marketing"?

• Marketing to a specific group of people

• Marketing to the entire market with a universal message

• Marketing that targets multiple countries

• None of the above

What are the advantages of mass marketing?

• High customization of products

• Focused market research

• Broad appeal and comprehensive broadcasting

• Lower costs due to limited audience

What are the disadvantages of mass marketing?

• Increased customer loyalty

• Wastage of resources on uninterested segments

• Highly targeted marketing strategies

• Easier customer acquisition

What is "Competition"?

• • Cooperation between businesses to set prices

• The absence of market rivals

• Rivalry between companies selling similar products

• The effort to reduce production costs

What is involved in "market segmentation"?

• Increasing product prices

• Combining all customers into one group

• Dividing people into groups based on common characteristics

• Focusing only on the geographic location

Why is market segmentation important?

• It reduces the quality of products

• It allows for targeted and effective advertising

• It ignores consumer preferences

• All of the above

Which are the four primary market segments?

• Geographic, Demographic, Psychographic, Behavioral

• Eastern, Western, Northern, Southern

• Age, Gender, Income, Occupation

• Product, Price, Place, Promotion

What is "geographic segmentation"?

• Dividing customers based on lifestyle choices

• Dividing customers based on geographic boundaries

• Marketing only to urban areas

• None of the above