Marketing Concepts Quiz

What is an important function of marketing?

• To reduce costs

• To manage customer complaints

• To drive growth in sales and revenue

• To create new products

What can good marketing help to induce?

• Market saturation

• Customer loyalty

• Trial and promote word of mouth

• Higher prices

In mature markets, what is often more productive than fighting over market share?

• Expanding the market size

• Reducing prices

• Increasing advertising

• Launching new products

What is one of the best opportunities for growth according to the text?

• Expanding into new territories

• Diversifying product lines

• Growing the core

• Acquiring competitors

What does growing the core strengthen?

• Market share

• Brand’s credentials

• Product variety

• Customer complaints

What is a characteristic of perfect competition?

• Few sellers

• High control over prices

• Many consumers buying standardized products

• Differentiated products

In monopolistic competition, products are differentiated by what?

• Price only

• Quality, style, and brand name

• Availability

• Market share

What is a key feature of an oligopoly?

• Many sellers

• Few sellers with significant market control

• Identical products

• No control over prices

What defines a monopoly?

• Low barriers to entry

• Many sellers in the market

• One seller in the market

• High competition

What does customer-perceived value (CPV) measure?

• The difference between benefits and costs

• The number of customers served

• The market share of a company

• The total cost of production