Marketing Vocabulary Multiple Choice 3

What is credit card skimming?

• A legal way for businesses to process payments faster

• A method of reducing credit card debt

• The unauthorized collection of credit card data using hidden devices

• A technique used by banks to approve credit transactions

Crowdfunding is best described as:

• A way for large corporations to acquire smaller businesses

• A fundraising method where individuals contribute small amounts of money to support a project

• A process where companies raise capital through bank loans

• A government-funded investment program

What is the main purpose of a customer loyalty program?

• To encourage repeat purchases by offering rewards

• To collect confidential customer information for advertising

• To limit customer spending on high-priced items

• To track employee performance in customer service

Customer Relationship Marketing (CRM) focuses on:

• Acquiring new customers through aggressive advertising

• Building and maintaining long-term customer relationships

• Increasing the number of high-priority leads

• Improving employee performance in customer service

Which of the following is an example of data collection in marketing?

• Offering discounts to loyal customers

• Gathering customer feedback through surveys

• Reducing the price of a product to increase sales

• Designing a new company logo

How does a debit transaction differ from a credit transaction?

• Debit transactions require an interest payment

• Debit transactions immediately withdraw funds from a customer’s account

• Debit transactions involve taking out a loan

• Debit transactions are used only for online purchases

In economics, demand refers to:

• The ability of a business to set high prices

• The number of sellers competing in the market

• The willingness and ability of consumers to purchase goods and services

• The total profit a company earns in a year

Which of the following is a characteristic of a democratic management style?

• Managing and strengthening long-term relationships with customers

• Reducing company expenses by limiting customer interactions

• Selling only to high-income consumers

• Involving employees in decision-making processes

A democratic management style is characterized by:

• Employees having no role in decision-making

• Leaders making all decisions without input from employees

• Employee participation in business decisions and open communication

• Relying only on customer feedback for decision-making

Which of the following is an example of demographic data?

• The number of competitors in a market

• The spending habits of customers

• A customer’s age, gender, and income level

• The total number of sales in a company