Nature of marketing & market research Quiz

What is marketing?

• The process of producing goods only

• The process of identifying, anticipating and satisfying customer needs profitably

• The process of selling products at the highest price

• The process of manufacturing products efficiently

What is a mass market?

• A market focused on luxury goods only

• A small, specialized segment of consumers

• A large market with products aimed at many different customers

• A market that only exists online

Which best describes a niche market?

• A specialized market segment with specific customer needs

• A market that sells to everyone

• The largest possible market for a product

• A market with no competition

What is market segmentation?

• The process of selling products

• Dividing the market into groups with similar characteristics

• Creating new products

• Setting different prices

Which is NOT a common method of primary research?

• Focus groups

• Surveys

• Government statistics

• Observation

What is secondary research?

• Research conducted after primary research

• Using existing data collected by others

• Less important research

• Research done by competitors

Which is a source of secondary research?

• Customer interviews

• Focus groups

• Trade journals and magazines

• Direct observation

What characterizes qualitative data?

• Always presented in numbers

• Describes opinions and feelings

• Must be statistically analyzed

• Only collected through surveys

What is quantitative data?

• Data about customer opinions

• Data that cannot be measured

• Numerical data that can be measured

• Only descriptive information

What is market orientation?

• Focusing solely on production efficiency

• Focusing on customer needs before making products

• Selling whatever is produced

• Focusing only on profit margins