Marketing and Business Concepts Quiz

What is a discount store?

• A store that only sells luxury items

• A retail store competing on the basis of low prices and offering limited customer service

• A store that provides personalized customer service with high prices

• A store that sells only second-hand products

What does market share refer to?

• The number of stores a company owns

• The portion of total industry sales a company has in a specific market

• The number of employees a business has

• The total revenue of a business

Which of the following best describes the marketing mix?

• A company’s social media strategy

• A combination of product, place, promotion, and price

• A company’s logo and branding

• A method of advertising products only through television

What is marketing research?

• Posting advertisements on social media

• The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern

• Offering discounts to customers based on research

• Conducting interviews with employees about their work experience

Which of the following is an example of a medium in marketing?

• A clothing store’s grand opening event

• A company’s annual sales report

• Television, radio, or newspapers used to promote a product

• A customer review posted online

What does place (distribution) focus on in marketing?

• How to price a product to make the most profit

• Considerations for getting a product to the right place at the right time

• Creating advertisements to promote a product

• Identifying the most popular products in a store

What is pricing in marketing?

• A function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value

• A process of giving away free samples to attract customers

• The total cost of making a product

• A way of setting the same price for all products in a store

Which of the following describes product decisions in marketing?

• Deciding where to advertise a product

• Determining what goods, services, or ideas a business will offer its customers

• Choosing the employees who will sell a product

• Setting prices for products based on customer income levels

What does profit margin measure?

• The amount of profit made before paying expenses

• The number of products sold in a year

• The ratio of net profit (after taxes) divided by net sales, reflecting profit per dollar of sales

• The amount of money a company spends on advertising

What do promotion decisions focus on?

• Selecting the types of communications used to inform, persuade, or remind customers about products

• Setting up a company’s budget for advertising

• Choosing which products to sell in a store

• Determining how much money to spend on employees