S3 Business Quiz Booklet 1

What is desk research?

• Gathering new information by carrying out surveys, interviews, and observations.

• Looking at existing information which already exists in newspapers, internet websites.

• Gathering information through experiments.

• Collecting data from focus groups.

What is field research?

• Looking at existing information which already exists in newspapers, internet websites.

• Gathering new information by carrying out surveys, interviews, and observations.

• Collecting data from secondary sources.

• Analyzing historical data.

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

• To advertise products

• To ensure the business meets the demands, needs, and wants of customers

• To increase the price of products

• To reduce production costs

What does market segmentation involve?

• Combining different products into one

• Splitting consumers into different groups and marketing directly to those groups

• Reducing the number of products available

• Increasing the price of products for all consumers

What is the target market for a firm?

• The group of people they aim their products at

• The employees of the firm

• The suppliers of the firm

• The competitors of the firm

Which element of the marketing mix involves developing products that meet the needs of specific customers?

• Price

• Promotion

• Product

• Place

Which element of the marketing mix includes advertising?

• Product

• Price

• Promotion

• Place

What is branding?

• The process of selling products at a discount

• The name, symbol, design, or combination of these given to a product by the manufacturer to make it stand out

• The method of producing goods in large quantities

• The strategy of reducing production costs

What is an own brand?

• A product produced and sold by a retailer that bears the name of the retailer

• A product produced by a manufacturer and sold under a different name

• A product that is sold at a higher price due to its quality

• A product that is marketed internationally

What is one of the factors to consider when setting a price?

• Time and financial costs of designing the packaging

• Financial costs involved with creating the packaging

• Consumer pressure to use minimal materials

• All of the above