The Market: Meeting Customer Needs

Which business had the highest market share in 2015?

• A) A

• B) B

• C) C

• D) D

Match the following products with their respective brands: 1) Pepsi 2) Heinz Beanz 3) Corn Flakes

• Pepsi

• Kellogg's

• Heinz Beanz

• PepsiCo

• Corn Flakes

• Heinz

Which of the following best describes 'Niche Marketing'?

• Targeting a broad audience

• Focusing on a specific segment

• Ignoring market segments

• Expanding market size

Match the following marketing concepts with their definitions:

• Markets that are constantly changing.

• Market Share

• The percentage of total sales a company holds

• Dynamic Markets

• The total sales volume in a market

• Market Size

In a dynamic market, companies must adapt to changes. Which of the following is NOT a characteristic of a dynamic market? (a)   .

• Stability
• Innovation

• Competition

Fill in the blank: Dynamic markets require companies to be ​ (a)  

• Constantly changing
• Static and unchanging
• Completely predictable
• Rigid and inflexible

What is Niche Marketing?

• Targeting a smaller segment of a larger market with specific needs and wants

• Selling into the largest part of the market with many similar products

• Offering products at a lower price

• Targeting a global audience.

In Mass Marketing, a business sells into the (a)   part of the market.

• smallest

• largest

• niche

• exclusive

Which of the following is a key feature of a mass market?

• A) Customers form a minority in the market

• B) Customer needs are very specific

• C) Associated with higher production output and capacity

• D) Success is usually associated with high-cost operations.

Match the following features with their descriptions:

• Potential for economies of scale

• General customer needs

• Less specific needs.

• Higher production output

• Success associated with market-leading brands

• Low-cost operation