Y9 Business Studies - C14 The Market and Marketing

What is a market?

• A place where only goods are sold

• A type of advertising strategy

• A method of product development

• A place where buyers and sellers exchange products and services for money

What does marketing primarily focus on?

• Creating new products without research

• Distributing products to retailers

• Identifying, promoting, and selling products to satisfy customer wants

• Only selling products at a low price

What is a product-orientated business?

• A business that does not consider customer wants

• A business that prioritizes product quality and price before finding a market

• A business that only sells luxury items

• A business that focuses on market research first

What is the role of the marketing department?

• To manage the finances of the company

• To handle customer complaints

• To develop the company's website

• To increase sales revenue and profitability

What does SWOT analysis evaluate?

• Sales strategies

• Product statistics of a business

• Market trends

• Customer feedback

What is a market segment?

• A type of product

• A financial report

• A group of people with similar preferences for products

• A marketing strategy

What is the difference between mass market and niche market?

• Mass market has a large number of sales of a product

• Mass market involves specialized products

• Niche market targets a large audience

• Mass market has fewer sales than niche market

Which of the following is NOT a factor for market segmentation?

• Product design

• Age

• Income

• Lifestyle

What does the 'Product' in the marketing mix refer to?

• The design and quality of the product

• The location of the store

• The price of the product

• The advertising strategy

What is the purpose of market research?

• To reduce the marketing budget

• To increase production speed

• To identify consumer wants before developing a product

• To create new products without consumer input