Graded Pop Quiz Revision

Primary definition of marketing?

• Selling as many products as possible to any customer

• Identifying customer needs and satisfying them profitably

• Creating the most expensive ads for a brand

  
  

• Reducing the price of goods to beat all competitors

Set of arrangements that allows buyers and sellers to trade?

• A market

• A promotion

• A loyalty scheme

• A brand

First step a business should take to identify customer needs?

• Start a social media campaign

  
  

• Lower the prices of existing goods

• Carry out market research

• Hire more customers service staff

Which type of market involves selling raw materials like oil and copper?

• Consumer goods market

• Service market

• Niche market

• Commodity market

Why might a business chose to use social media for marketing?

• Having to meet customer needs

• Establish a brand through two way communication

• Because it is the only way to perform market research

• To ensure they remain product oriented

Which of the following is an advantage of mass marketing?

• Low levels of competition

• Focusing specifically on a small group with unique needs

• Higher prices can always be charged to every consumer

• Ability to exploit economies of scale for lower unit costs

A company focuses on developing new products based on engineering capabilities before knowing if people want them, they are:

• Product-oriented

• Market oriented

• Niche marketing

• Customer relationship focused

What does it mean when a market is decided as "dynamic"?

• Never changes and remains stable

• Constantly changing, or even disappearing

• Only focused on the internet

• Market where only one business operates

A business notices a decline in sales despite having a high quality product. Which market change is most likely responsible if customers are moving towards eco- friendly packaging?

• Increased competition from new arrivals

• A sudden increase in consumer incomes

• Changing social habits and environmental concerns

• Failure to use digital marketing

Why might a small firm prefer niche marketing over mass marketing?

• Because niche market have the largest number of customers

• Avoid direct competition and focus on specific customer needs

• Because it allows them to produce products at the lowest price possible unit cost

• Removes the need for any market research analysis