Marketing Knowledge Quiz

What is the definition of a market?

• A place where goods are manufactured

• A physical location for selling goods

• All buyers and sellers of a particular good

• A strategy used in product promotion

Which of the following best defines marketing?

• Advertising products to the public

• Selling as many products as possible

• The process of distributing goods to customers

• Identifying, anticipating and satisfying consumer needs profitably

Which of these is not a role of marketing in a business?

• Producing goods

• Maintaining customer loyalty

• Conducting market research

• Designing office spaces

How can a business maintain customer loyalty?

• Decreasing product quality

• Ignoring after-sales service

• Using loyalty card schemes

• Increasing product prices regularly

What does market research help a business to do?

• Reduce prices

• Identify customer needs

• Increase staff wages

• Open new factories

Gaining information on customers helps businesses to:

• Increase production costs

• Develop better products

• Lower employee motivation

• Reduce market share

Which of the following is not a method of satisfying customer needs?

• After-sales services

• Building customer relationships

• Producing unwanted goods

• Offering discounts

What is meant by 'market share'?

• The size of a company’s workforce

• The profit margin on a product

• The proportion of total sales in a market a company has

• The amount spent on marketing activities

If a company sells $300,000 worth of products in a $1,000,000 market, what is its market share?

• 15%

• 25%

• 30%

• 45%

One of the objectives of the marketing department is to:

• Train new employees

• Increase or maintain market share

• Manage production schedules

• Supervise financial reports