Q. What does market segmentation involve?
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A.
Dividing a market into distinct groups of buyers
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B.
Creating a single marketing strategy for all customers
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C.
Increasing the price of products
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D.
Reducing the number of products offered
Solution
Market segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics.
Correct Answer:
A
— Dividing a market into distinct groups of buyers
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Q. What does the term 'positioning' refer to in marketing?
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A.
The location of a business
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B.
The way a product is perceived in the minds of consumers
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C.
The pricing strategy of a product
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D.
The distribution channels used
Solution
Positioning refers to the way a product is perceived in the minds of consumers relative to competing products.
Correct Answer:
B
— The way a product is perceived in the minds of consumers
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Q. What is a target market?
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A.
The entire market for a product
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B.
A specific group of consumers a business aims to reach
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C.
The competitors in the market
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D.
The suppliers of the product
Solution
A target market is a specific group of consumers that a business aims to reach with its products or services.
Correct Answer:
B
— A specific group of consumers a business aims to reach
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-
A.
The total sales of a brand
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B.
The value added to a product by having a well-known brand name
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C.
The cost of producing a brand
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D.
The number of products a brand offers
Solution
Brand equity is the value added to a product by having a well-known brand name, which can influence consumer purchasing decisions.
Correct Answer:
B
— The value added to a product by having a well-known brand name
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Q. What is the primary goal of marketing?
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A.
To increase production efficiency
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B.
To create customer satisfaction
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C.
To reduce operational costs
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D.
To enhance employee productivity
Solution
The primary goal of marketing is to create customer satisfaction by meeting their needs and wants.
Correct Answer:
B
— To create customer satisfaction
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Q. What is the purpose of a marketing plan?
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A.
To outline financial projections
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B.
To define marketing strategies and tactics
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C.
To manage human resources
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D.
To analyze competitors
Solution
The purpose of a marketing plan is to define marketing strategies and tactics to achieve business objectives.
Correct Answer:
B
— To define marketing strategies and tactics
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Q. Which of the following is a common method for conducting market research?
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A.
Surveys
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B.
Focus groups
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C.
Observations
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D.
All of the above
Solution
All of the above methods—surveys, focus groups, and observations—are common ways to conduct market research.
Correct Answer:
D
— All of the above
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Q. Which of the following is a key component of a marketing mix?
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A.
Human resources
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B.
Financial management
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C.
Product development
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D.
Place
Solution
Place is one of the key components of the marketing mix, referring to how a product is distributed and where it is sold.
Correct Answer:
D
— Place
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Q. Which of the following is NOT one of the 4 Ps of marketing?
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A.
Product
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B.
Price
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C.
Promotion
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D.
People
Solution
The 4 Ps of marketing are Product, Price, Promotion, and Place. 'People' is not one of them.
Correct Answer:
D
— People
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Q. Which pricing strategy involves setting a high price initially and then lowering it over time?
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A.
Penetration pricing
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B.
Skimming pricing
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C.
Competitive pricing
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D.
Value-based pricing
Solution
Skimming pricing involves setting a high price initially and then gradually lowering it to attract more price-sensitive customers.
Correct Answer:
B
— Skimming pricing
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Q. Which pricing strategy involves setting prices based on competitors' prices?
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A.
Cost-plus pricing
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B.
Value-based pricing
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C.
Competitive pricing
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D.
Dynamic pricing
Solution
Competitive pricing involves setting prices based on the prices of competitors' products.
Correct Answer:
C
— Competitive pricing
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