Understanding the Marketing Mix and Customers

What are the four elements of the marketing mix?

• Product, Price, Place, Promotion

• Product, Price, People, Process

• Product, Price, Packaging, Promotion

• Product, Price, Place, People

Who is considered an entrepreneur?

• Someone who works for a large corporation

• Someone who starts and runs their own business

• Someone who invests in the stock market

• Someone who manages a team within a company

Which of the following is a characteristic of a sole trader?

• Limited liability

• Shared decision-making

• Unlimited liability

• Separate legal identity

What is the primary purpose of market research?

• To increase production costs

• To understand customer needs and preferences

• To reduce the number of employees

• To create a new organisational structure

Which of the following is NOT a type of organisational structure?

• Hierarchical

• Flat

• Circular

• Triangular

What does the term 'target market' refer to?

• The competitors in the market

• The group of customers a business aims to sell to

• The suppliers of a business

• The employees of a business

Which of the following is a benefit of being a franchisee?

• Complete control over business decisions

• Established brand recognition

• No need to pay royalties

• Freedom to change the business model

What is a key advantage of a partnership over a sole trader?

• Limited liability

• Easier to raise capital

• More complex decision-making

• Higher taxes

Which of the following is an example of a demographic factor in market segmentation?

• Age

• Lifestyle

• Personality

• Brand loyalty

What is the role of promotion in the marketing mix?

• To determine the price of a product

• To inform and persuade customers

• To decide the location of a business

• To improve product quality