What is market segmentation?

• The process of dividing a broad customer base into sub-groups

• The process of creating a new product

• The process of pricing products

• The process of promoting products

Which of the following is NOT a characteristic typically looked for in market segmentation?

• Common needs

• Common interests

• Common geographical location

• Common income level

What does the marketing mix consist of?

• Product, price, promotion, place

• Product, price, people, process

• Price, place, promotion, packaging

• Product, price, promotion, packaging

Which element of the marketing mix refers to the amount charged for a product or service?

• Product

• Price

• Promotion

• Place

What is meant by 'place' in the marketing mix?

• The location where a product is manufactured

• The distribution channels used to deliver the product to consumers

• The physical store where products are sold

• The online presence of a company

Which of the following is an example of a convenience good?

• A washing machine

• A luxury car

• A packet of biscuits

• A designer handbag

Shopping goods are characterized by:

• Frequent purchases with little planning

• High involvement in the purchase decision process

• Being consumed quickly

• Low price points

Specialty goods require consumers to:

• Purchase them frequently without much thought

• Put in special effort to locate and purchase them

• Buy them at discounted prices only

• Avoid comparison shopping

What type of goods are typically used for personal consumption?

• Industrial goods

• Consumer goods

• Specialty goods

• Shopping goods

Which factor is NOT considered when fixing the price of a product?

• Demand for the product

• Competitors' prices

• Color of the product

• Consumer's ability to pay