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Unit 2 - Identifying Markets Review #3
Test Description: Let's review what we learned in class
Instructions: Answer all questions to get your test result.
1) What is market share?
A
The total revenue generated by a company
B
The number of products a company manufactures
C
The total number of customers in a market
D
The percentage of the total market controlled by a company or product
2) What is the primary purpose of market segmentation?
A
To expand the size of the market
B
To reduce competition
C
To increase production costs
D
To target specific customer groups with tailored marketing efforts
3) What does a target market refer to?
A
The competitors in a given industry
B
The most profitable customers in a market
C
The entire population of potential customers
D
A specific group of consumers that a company aims its marketing efforts towards
4) Which of the following is NOT a common basis for market segmentation?
A
Demographic
B
Generic
C
Geographic
D
Psychographic
5) What is the term for the process of dividing a market into smaller, distinct groups based on certain characteristics or behaviors?
A
Market segmentation
B
Market penetration
C
Market analysis
D
Market expansion
6) Logistic is an element of
A
place
B
price
C
promotion
D
product
7) Which market is focused on selling products and services to other businesses?
A
Retail market
B
Target market
C
Consumer market
D
Organizational market
8) How is market share typically calculated?
A
Total revenue divided by the size of the target market
B
Total customers divided by total revenue
C
Total revenue divided by total customers
D
Total revenue of a company divided by the total revenue of the industry
9) What is the main goal of marketing efforts in the consumer market?
A
To target other businesses
B
To reach a broad audience
C
To create brand loyalty
D
To maximize market share
10) What is one advantage of effectively targeting a specific market segment?
A
Increase marketing efficiency
B
Increased competition
C
Less need for advertising
D
Lower market share
11) __________ involves dividing a market into smaller, distinct groups based on specific characteristics or behaviors.
A
Organizational market
B
Consumer market
C
Target market
D
Market segmentation
12) An organizational market primarily focuses on selling products and services to _______
A
market share
B
multiple target markets
C
individual consumers
D
businesses
13) The marketing mix elements of product, place, and price remain constant and do not change when targeting different segments of the market.
A
False. All elements change.
B
False. Place and price do not change.
C
False. Product and place do not change.
D
False. All elements do not change.
14) In market segmentation, demographic information includes all, except:
A
Marital Status
B
Age
C
Location
D
Gender
15) ______ is one element of the marketing mix that directly affects the consumer's perception of a product.
A
Price
B
Place
C
Promotion
D
Product
*select an answer for all questions
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