IB-BM-SL: 4.1-Intro to Marketing Quiz

What is the primary objective of marketing?

• To satisfy customer requirements profitably

• To maximize shareholder dividends

• To reduce production costs

• To enhance employee satisfaction

Which of the following is NOT a common method for measuring market size?

• The potential number of customers

• Sales volume

• The number of employees in the industry

• Sales value

What is market orientation primarily focused on?

• Developing innovative products through R&D

• Meeting the specific needs and desires of customers

• Minimizing costs to increase profit margins

• Increasing market share by reducing prices

Which of the following is an advantage of market orientation?

• It is less expensive than product orientation.

• It guarantees the success of all products.

• It helps businesses adapt quickly to market trends.

• It reduces the need for skilled employees.

What is a significant disadvantage of market orientation?

• It limits a business’s ability to innovate.

• It focuses too heavily on R&D.

• It often results in unrepresentative market research data.

• It ignores the needs of the business in favor of customers.

What is product orientation primarily focused on?

• Meeting customer needs

• Advertising to increase sales

• Reducing costs to maximize profits

• Developing products based on company expertise

What is one risk of product orientation?

• It ignores the changing demands of the market.

• Competitors may easily copy the product.

• It requires minimal investment in R&D.

• Customers will always prefer market-oriented products.

A firm’s market share is best calculated by:

• Dividing the firm's sales revenue by the industry’s total sales revenue.

• Counting the total number of employees in the firm.

• Comparing the firm's number of products with competitors.

• Analyzing customer feedback data.

What term is used to describe the firm with the largest market share in an industry?

• Market challenger

• Market leader

• Market mover

• Market innovator

Which of the following is a common benefit of being the market leader?

• Higher production costs

• Reduced brand loyalty

• Economies of scale

• Increased barriers to entry for competitors